Renovated Triplex
For Sale
$489,000
4205 W GIRARD AVENUE, Philadelphia, PA 19104
Fully leased residential property with updated major systems and private backyard and basement access for the first-floor unit.
Property Size2,281 SF
Days on Market8
Property Features for 4205 W GIRARD AVENUE
General Information
Standard status
Active
Size
2,281 SF
Property subtype
Triplex
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Gross Income
$52,200
Taxes and HOA fees
Annual Taxes
$7,085
Amenities
private backyard
basement
Building Details
Building Size
2,281 SF
Year Built
1915
Year Renovated
2023
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Main Line
Listed By:
Justin Bresson · License #AB067569
(610) 613-7750
Source:
Patmckennarealtors
Added: Aug 28
Changed: Aug 31
Last Checked: Sep 2 at 9:14PM
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
This fully leased triplex contains three residential units with a practical mix of layouts: one 3BR, one 2BR, and one 1BR apartment. Renovation work completed in 2023 included plumbing, electrical, mechanical systems, and the roof. The first-floor residence has access to a large private backyard and basement, adding useful outdoor and storage space. Built in 1915, the property is located at 4205 W Girard Avenue in Philadelphia, near public transportation, I-76, Center City, Fairmount Park, Drexel University, University City, and the Philadelphia Zoo. The surrounding corridor includes substantial new development, and active leases and lead-safe certifications are available upon request.
Key Highlights
- Three‑unit triplex with 3BR, 2BR, and 1BR unit mix
- Fully leased residential income property
- Renovated in 2023 with updated plumbing, electrical, mechanical systems, and roof
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
$38,925
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
7.96%
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%
$778,500
$778.5K
Cap Rate 7%
$556,071
$556.1K
Cap Rate 9%
$432,500
$432.5K
Market Conditions
NOI Build-Up for 2,281 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
$58.8K $25.80/SF
− Vacancy
−$3.2K −$1.42/SF
EGI
$55.6K $24.38/SF
− OpEx
−$16.7K −$7.31/SF
NOI
$38.9K $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%
$778,500
Cap Rate 7%
$556,071
Cap Rate 9%
$432,500
Alternative Uses
Best Use
Multifamily LT 5
$556.1K
$486.6K – $648.8K
NOI $38,925 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$512.6K
$448.5K – $598.0K
NOI $35,879 @ 7.0% cap · market cap 7.34%
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
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
855
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 leased residential property with updated major systems and private backyard and basement access for the first-floor unit.
Where is this triplex located?
The property is located at 4205 W GIRARD AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: Three‑unit triplex with 3BR, 2BR, and 1BR unit mix; Fully leased residential income property; Renovated in 2023 with updated plumbing, electrical, mechanical systems, and roof
