Renovated Triplex with Private
New
For Sale
$489,000
4205 W GIRARD Avenue, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size2,281 SF
Lot Size0.04 Acres
Price / SF$214.38
Days on Market2
Property Features for 4205 W GIRARD Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Appliances
Energy Efficient Appliances, Dryer, Dishwasher, Washer, Microwave, Oven/Range - Gas
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
2,281 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
7085
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
private backyard
basement
Building Details
Year built
1915
Number of units
1
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
Justin Bresson · License #AB067569
(610) 613-7750
Added: Aug 28
Last Checked: Aug 29 at 11:06AM
MLS# PAPH2663202
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 2,281-square-foot masonry triplex contains three residential units with a 3-bedroom, 2-bedroom, and 1-bedroom configuration. The property was renovated in 2023, including plumbing, electrical, mechanical systems, and the roof. Each unit is leased, and the first floor connects to a large private backyard and basement. Central heating and central air provide building-wide climate control, while the appliance package includes washers, dryers, dishwashers, microwaves, and gas oven/ranges.
Built in 1915 on a 0.0367-acre lot, the property offers on-street parking and proximity to public transportation, I-76, Center City, Fairmount Park, Drexel University, University City, and the Philadelphia Zoo. The surrounding area includes substantial new development.
Built in 1915 on a 0.0367-acre lot, the property offers on-street parking and proximity to public transportation, I-76, Center City, Fairmount Park, Drexel University, University City, and the Philadelphia Zoo. The surrounding area includes substantial new development.
Key Highlights
- Fully leased triplex with 3‑bedroom, 2‑bedroom, and 1‑bedroom units
- Renovated in 2023 with updated plumbing, electrical, mechanical systems, and roof
- 2,281 square feet on a 0.0367‑acre lot
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three leased units include a private backyard, basement access, central heating, and central air conditioning.
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: Fully leased triplex with 3‑bedroom, 2‑bedroom, and 1‑bedroom units; Renovated in 2023 with updated plumbing, electrical, mechanical systems, and roof; 2,281 square feet on a 0.0367‑acre lot
