Updated Three-Unit
For Sale
$529,900
4019 SPRING GARDEN Street, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size3,100 SF
Lot Size0.05 Acres
Price / SF$170.94
Days on Market49
Property Features for 4019 SPRING GARDEN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Parking features
On Street
Subdivision
WEST POWELTON
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
3,100 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
7992
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
shared laundry room
central air conditioning
Building Details
Year built
1915
Number of units
3
Building materials
Masonry
Listing Agency:
New Age Realty Group Inc
Listed By:
Christos Tzimoulis · License #RM423707
(215) 387-1002
Added: Jul 20
Changed: Aug 19
Last Checked: Sep 6 at 2:06PM
MLS# PAPH2650330
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,100-square-foot masonry triplex, built in 1915, contains one three-bedroom apartment on each floor. Interior improvements include hardwood and tile flooring, updated kitchens and bathrooms, forced-air heat, and central air conditioning. Western-facing windows contribute natural light, while the basement houses the building mechanicals and is accessed from the rear.
The property includes a shared laundry room near the first-floor entrance and a fire sprinkler system. Each apartment is separately metered. Units 1 and 3 are leased through 8/31/2027, while Unit 2 is scheduled to be vacant on 9/1/2026. The building is near several universities and offers on-street parking.
The property includes a shared laundry room near the first-floor entrance and a fire sprinkler system. Each apartment is separately metered. Units 1 and 3 are leased through 8/31/2027, while Unit 2 is scheduled to be vacant on 9/1/2026. The building is near several universities and offers on-street parking.
Key Highlights
- Three 3‑bedroom apartments in a 3,100‑square‑foot triplex
- Built in 1915 with masonry construction
- Units 1 and 3 leased through 8/31/2027
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Masonry end-of-row building with separately metered apartments, shared laundry, and central air conditioning.
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: Three 3‑bedroom apartments in a 3,100‑square‑foot triplex; Built in 1915 with masonry construction; Units 1 and 3 leased through 8/31/2027
