End-Row Triplex With Central
For Sale
$529,900
4019 SPRING GARDEN STREET, Philadelphia, PA 19104
Three apartments are separately metered, each with updated kitchens and bathrooms, plus hot air heat and central air.
Property Size3,100 SF
Days on Market59
Property Features for 4019 SPRING GARDEN STREET
General Information
Standard status
Active
Size
3,100 SF
Property subtype
Triplex
Additional Details
Sprinkler System
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,992
Amenities
central air conditioning
hardwood and tile flooring
newer kitchens and bathrooms
shared laundry room
fire sprinkler system
separate metering
Building Details
Building Size
3,100 SF
Year Built
1915
Listing Agency:
New Age Realty Group Inc
Listed By:
Christos Tzimoulis · License #RM423707
(215) 387-1002
Source:
Patmckennarealtors
Added: Jul 20
Changed: Sep 15
Last Checked: Sep 15 at 9:27AM
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 New Age Realty Group Inc
Investment Insights
Based on property information with market context.
This end-row triplex offers three separate apartments, with each floor configured as a 3-bedroom unit. The apartments include updated kitchens and bathrooms, with hardwood and tile flooring, and feature hot air heat plus central air conditioning. Access to the basement is available from the rear of the property, where the building mechanicals are located. A shared laundry room is situated on the first floor near the building entrance, and the building is equipped with a fire sprinkler system.
Units 1 and 3 are currently rented through 8/31/2027, while Unit 2 is scheduled to be vacant as of 8/1/2026. Each unit is separately metered.
The property is presented as a for-sale investment opportunity and is located near multiple universities, supporting long-term renter demand.
Units 1 and 3 are currently rented through 8/31/2027, while Unit 2 is scheduled to be vacant as of 8/1/2026. Each unit is separately metered.
The property is presented as a for-sale investment opportunity and is located near multiple universities, supporting long-term renter demand.
Key Highlights
- 1915‑built end‑of‑row triplex with three 3‑bedroom apartments
- Each unit has updated kitchens and bathrooms, with hot air heat plus central air conditioning
- Units 1 and 3 are rented through 8/31/2027; Unit 2 will be vacant as of 8/1/2026
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
$48,761
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
9.20%
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%
$975,220
$975.2K
Cap Rate 7%
$696,586
$696.6K
Cap Rate 9%
$541,789
$541.8K
Market Conditions
NOI Build-Up for 3,100 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
$94.1K $30.36/SF
− Vacancy
−$5.5K −$1.76/SF
EGI
$88.7K $28.60/SF
− OpEx
−$39.9K −$12.87/SF
NOI
$48.8K $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%
$975,220
Cap Rate 7%
$696,586
Cap Rate 9%
$541,789
Alternative Uses
Best Use
Multifamily LT 5
$755.7K
$661.3K – $881.7K
NOI $52,901 @ 7.0% cap · market cap 9.98%
Second Best
Apartment 5plus
$696.6K
$609.5K – $812.7K
NOI $48,761 @ 7.0% cap · market cap 9.20%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
4,762
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments are separately metered, each with updated kitchens and bathrooms, plus hot air heat and central air.
Where is this triplex located?
The property is located at 4019 SPRING GARDEN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: 1915‑built end‑of‑row triplex with three 3‑bedroom apartments; Each unit has updated kitchens and bathrooms, with hot air heat plus central air conditioning; Units 1 and 3 are rented through 8/31/2027; Unit 2 will be vacant as of 8/1/2026
