Legal Triplex with In-Unit
New
For Sale
$825,000
417 S 16th St, Philadelphia, PA 19146
Three separate apartments include a vacant first-floor residence and two leased upper-level units.
Property Size2,472 SF
Price / SF$333.74
Days on Market6
Property Features for 417 S 16th St
General Information
Standard status
Active
Size
2,472 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/1BA bi-level, 1 x 1BR/1BA
Multifamily Units
3
Amenities
in-unit laundry
Building Details
Year Built
1800
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Elizabeth Convery
(215) 495-5040
Source:
Upgradebymichaud
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 14 at 1:36PM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Located at 417 S. 16th Street, this legal triplex contains 2,472 square feet and three separate residences. The first-floor apartment offers two bedrooms and one bathroom and is currently vacant. A bi-level second-floor apartment includes two bedrooms and one bathroom, while the third-floor apartment provides one bedroom and one bathroom. Each unit has in-unit laundry. The property was built in 1800.
The upper apartments feature hardwood floors, natural light, and well-maintained living areas. The first-floor residence has been recently painted and is ready for occupancy, leasing, or further improvement. The second-floor lease runs through December 2026, and the third-floor lease runs through February 2027. The property is in Center City near Rittenhouse Square, restaurants, shops, parks, and daily conveniences.
The upper apartments feature hardwood floors, natural light, and well-maintained living areas. The first-floor residence has been recently painted and is ready for occupancy, leasing, or further improvement. The second-floor lease runs through December 2026, and the third-floor lease runs through February 2027. The property is in Center City near Rittenhouse Square, restaurants, shops, parks, and daily conveniences.
Key Highlights
- Legal triplex with three separate residences
- 2,472 square feet with a 2‑bedroom, 1‑bath first‑floor unit
- Bi‑level 2‑bedroom, 1‑bath second‑floor apartment
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
$42,184
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
5.11%
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%
$843,680
$843.7K
Cap Rate 7%
$602,629
$602.6K
Cap Rate 9%
$468,711
$468.7K
Market Conditions
NOI Build-Up for 2,472 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
$63.8K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$60.3K $24.38/SF
− OpEx
−$18.1K −$7.31/SF
NOI
$42.2K $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%
$843,680
Cap Rate 7%
$602,629
Cap Rate 9%
$468,711
Alternative Uses
Best Use
Multifamily LT 5
$602.6K
$527.3K – $703.1K
NOI $42,184 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$555.5K
$486.0K – $648.1K
NOI $38,883 @ 7.0% cap · market cap 4.71%
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
Location Intelligence
Trade Area within ½ mile
19,747
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
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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 separate apartments include a vacant first-floor residence and two leased upper-level units.
Where is this triplex located?
The property is located at 417 S 16th St Philadelphia, PA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Legal triplex with three separate residences; 2,472 square feet with a 2‑bedroom, 1‑bath first‑floor unit; Bi‑level 2‑bedroom, 1‑bath second‑floor apartment
