Three-Unit Multifamily
For Sale
$699,000
4008 Baring Street, Philadelphia, PA 19104
Fully occupied units feature hardwood floors, stainless-steel appliances, and in-unit laundry.
Property Size3,141 SF
Price / SF$222.54
Days on Market531
Property Features for 4008 Baring Street
General Information
Standard status
Active
Size
3,141 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RSA5
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$12,259
Amenities
hardwood floors
stainless-steel appliances
in-unit washer and dryers
No Pool
Above Grade, Below Grade
Building Details
Year Built
2012
Listing Agency:
KW Empower
(215) 783-7779
Listed By:
Steven Onesti · License #RS372317
(215) 783-7779
Source:
Compass
Added: Mar 19, 2025
Changed: Aug 29
Last Checked: Aug 30 at 11:01PM
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 KW Empower
Investment Insights
Based on property information with market context.
This 3,141-square-foot triplex contains three residential units with a combined seven bedrooms. The configuration includes two two-bedroom, one-bathroom apartments and one three-bedroom, two-bathroom apartment. Built in 2012, the property is fully occupied and includes hardwood flooring, stainless-steel appliances, and washers and dryers within the units.
The property is located at 4008 Baring Street in Philadelphia’s 19104 area, within walking distance of the University of Pennsylvania and Drexel University. It is also situated in a Qualified Opportunity Zone and carries RSA5 zoning. The property is one of eight assets identified as available individually or as part of a full or partial portfolio, with additional portfolio properties located on Baring Street, N. Wiota Street, Budd Street, Swain Street, and N. 5th Street.
The property is located at 4008 Baring Street in Philadelphia’s 19104 area, within walking distance of the University of Pennsylvania and Drexel University. It is also situated in a Qualified Opportunity Zone and carries RSA5 zoning. The property is one of eight assets identified as available individually or as part of a full or partial portfolio, with additional portfolio properties located on Baring Street, N. Wiota Street, Budd Street, Swain Street, and N. 5th Street.
Key Highlights
- 3,141‑square‑foot triplex with 3 units and 7 bedrooms
- Unit mix includes two 2‑bedroom, 1‑bathroom units and one 3‑bedroom, 2‑bathroom unit
- Fully occupied property built in 2012
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
$53,601
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
7.67%
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%
$1,072,020
$1.1M
Cap Rate 7%
$765,729
$765.7K
Cap Rate 9%
$595,567
$595.6K
Market Conditions
NOI Build-Up for 3,141 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
$81.0K $25.80/SF
− Vacancy
−$4.5K −$1.42/SF
EGI
$76.6K $24.38/SF
− OpEx
−$23.0K −$7.31/SF
NOI
$53.6K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,072,020
Cap Rate 7%
$765,729
Cap Rate 9%
$595,567
Alternative Uses
Best Use
Multifamily LT 5
$765.7K
$670.0K – $893.4K
NOI $53,601 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$705.8K
$617.6K – $823.4K
NOI $49,406 @ 7.0% cap · market cap 7.07%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,324
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied units feature hardwood floors, stainless-steel appliances, and in-unit laundry.
Where is this triplex located?
The property is located at 4008 Baring Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,141‑square‑foot triplex with 3 units and 7 bedrooms; Unit mix includes two 2‑bedroom, 1‑bathroom units and one 3‑bedroom, 2‑bathroom unit; Fully occupied property built in 2012
