Three-Unit Apartment
For Sale
$665,000
4122 Chester Avenue, Philadelphia, PA 19104
Legal three-unit multifamily building with fully occupied apartments and in-unit washer and dryer in each unit.
Property Size2,805 SF
Price / SF$237.08
Days on Market145
Property Features for 4122 Chester Avenue
General Information
Standard status
Active
Size
2,805 SF
Property subtype
Multi-Family
Zoning
RM1
Occupancy
100%
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,690
Amenities
Full,Unfinished
Natural Gas,Electric
Yes
Electric,Natural Gas
No
Estimated
2
No Pool
Public
U50
17.00 x 106.00
0.04
On Street
Brick/Mortar
152740.00
Building Details
Building Size
2,805 SF
Year Built
1930
Stories
3
Listing Agency:
Cummings & Co. Realtors
(856) 222-0077
Listed By:
Ryan LeBon · License #1540241
Source:
Thetristaterealestategroup
Added: Apr 7
Changed: Aug 28
Last Checked: Aug 29 at 6:21AM
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 Cummings & Co. Realtors
Investment Insights
Based on property information with market context.
Well-maintained, legal three-unit apartment building offered for sale in University City. The first-floor unit is a 3-bedroom, 1-bath layout and includes access to a full, unfinished basement and the backyard. The second-floor unit offers 2 bedrooms and 1 bath. The third-floor unit features 3 bedrooms and 2 full bathrooms. All units are currently fully occupied, and each unit includes a washer and dryer. Hardwood floors run throughout the building.
The property is situated near University of the Sciences and Penn, and is described as close to HUP, CHOP, Drexel, and Presby. SEPTA access is noted, with the Green Line hub one block away, and Center City is described as approximately 12 minutes by car or bike. Nearby amenities mentioned include Clark Park and its Farmers’ Market, as well as Fresh Grocer around 40th & Walnut.
The building is offered in “as-is” condition.
The property is situated near University of the Sciences and Penn, and is described as close to HUP, CHOP, Drexel, and Presby. SEPTA access is noted, with the Green Line hub one block away, and Center City is described as approximately 12 minutes by car or bike. Nearby amenities mentioned include Clark Park and its Farmers’ Market, as well as Fresh Grocer around 40th & Walnut.
The building is offered in “as-is” condition.
Key Highlights
- Legal 3‑unit apartment building (2 units with 3 bedrooms; 1 unit with 2 bedrooms)
- Each unit includes washer and dryer
- Units are fully occupied
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
$47,867
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
7.20%
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%
$957,340
$957.3K
Cap Rate 7%
$683,814
$683.8K
Cap Rate 9%
$531,856
$531.9K
Market Conditions
NOI Build-Up for 2,805 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
$72.4K $25.80/SF
− Vacancy
−$4.0K −$1.42/SF
EGI
$68.4K $24.38/SF
− OpEx
−$20.5K −$7.31/SF
NOI
$47.9K $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%
$957,340
Cap Rate 7%
$683,814
Cap Rate 9%
$531,856
Alternative Uses
Best Use
Multifamily LT 5
$683.8K
$598.3K – $797.8K
NOI $47,867 @ 7.0% cap · market cap 7.20%
Second Best
Apartment 5plus
$630.3K
$551.5K – $735.4K
NOI $44,121 @ 7.0% cap · market cap 6.63%
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
4,483
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 - Legal three-unit multifamily building with fully occupied apartments and in-unit washer and dryer in each unit.
Where is this triplex located?
The property is located at 4122 Chester Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $665,000.
What are key features of this property?
This property features: Legal 3‑unit apartment building (2 units with 3 bedrooms; 1 unit with 2 bedrooms); Each unit includes washer and dryer; Units are fully occupied
