Residential Income Property with Central
For Sale
$429,900
Pending
3978 CARTERET DRIVE, Philadelphia, PA 19114
Built in 1978 with forced-air heating, natural gas service, and a full unfinished lower level.
Property Size1,912 SF
Days on Market157
Property Features for 3978 CARTERET DRIVE
General Information
Standard status
Pending
Size
1,912 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
1,912 SF
Year Built
1978
Listing Agency:
Keller Williams Real Estate Tri-County
(215) 464-8800
Listed By:
Joseph Cunningham · License #AB067130
(215) 464-8800
Source:
Tmft.kw
Added: Mar 28
Changed: Aug 29
Last Checked: Aug 30 at 1:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Real Estate Tri-County
Investment Insights
Based on property information with market context.
This residential income property was constructed in 1978 and includes central air, forced-air heating, and natural gas service. The property also features a full unfinished lower level and an attached exterior component. Its recorded property size is 1,912.
The property is located at 3978 Carteret Dr in Philadelphia, within Philadelphia County. Access is available from I-95 via the Academy Rd exit, followed by Academy Rd and Carteret Dr. The zoning designation is RSA4.
The property is located at 3978 Carteret Dr in Philadelphia, within Philadelphia County. Access is available from I-95 via the Academy Rd exit, followed by Academy Rd and Carteret Dr. The zoning designation is RSA4.
Key Highlights
- 1,912 property size
- Central air conditioning
- Forced‑air heating with natural gas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,075
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$601,500
$601.5K
Cap Rate 7%
$429,643
$429.6K
Cap Rate 9%
$334,167
$334.2K
Market Conditions
NOI Build-Up for 1,912 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$58.0K $30.36/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$54.7K $28.60/SF
− OpEx
−$24.6K −$12.87/SF
NOI
$30.1K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$601,500
Cap Rate 7%
$429,643
Cap Rate 9%
$334,167
Alternative Uses
Best Use
Apartment 5plus
$429.6K
$375.9K – $501.3K
NOI $30,075 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$466.1K
$407.9K – $543.8K
NOI $32,628 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
967
Businesses Nearby
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Built in 1978 with forced-air heating, natural gas service, and a full unfinished lower level.
Where is this residential income property located?
The property is located at 3978 CARTERET DRIVE Philadelphia, PA.
What is the asking price?
The asking price for this property is $429,900.
What are key features of this property?
This property features: 1,912 property size; Central air conditioning; Forced‑air heating with natural gas
