Triplex with Private Fenced Rear
For Sale
$559,000
424 S 20TH STREET, Philadelphia, PA 19146
Fully vacant three-unit triplex with three 1-bedroom, 1-bath apartments and a fenced rear yard on the first floor.
Property Size1,440 SF
Days on Market86
Property Features for 424 S 20TH STREET
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$10,148
Building Details
Building Size
1,440 SF
Year Built
1800
Buildings
1
Tenancy
Multi
Listing Agency:
KW Empower
Listed By:
David Snyder · License #RS223144L
(215) 360-3236
Source:
Patmckennarealtors
Added: Jun 23
Changed: Sep 3
Last Checked: Sep 15 at 10:06AM
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 KW Empower
Investment Insights
Based on property information with market context.
424 S 20th Street is a fully vacant triplex with three separate 1-bedroom, 1-bath units. The building is being sold as-is and is in need of some rehab, offering an investor or owner-occupant the opportunity to update and customize. The first-floor apartment includes a private fenced-in rear yard, an especially valuable outdoor feature for a city tenant or owner-occupant.
A new roof has already been completed, giving the next owner a head start on capital improvements. Built in 1800, the property’s interior includes functional living space across all three units.
Located in Philadelphia’s Rittenhouse neighborhood, the address is positioned near Rittenhouse Square and surrounded by residential, dining, and shopping options, with convenient access to Center City offices, public transit, and 30th Street Station.
A new roof has already been completed, giving the next owner a head start on capital improvements. Built in 1800, the property’s interior includes functional living space across all three units.
Located in Philadelphia’s Rittenhouse neighborhood, the address is positioned near Rittenhouse Square and surrounded by residential, dining, and shopping options, with convenient access to Center City offices, public transit, and 30th Street Station.
Key Highlights
- Fully vacant triplex with three separate 1‑bedroom, 1‑bath units
- First‑floor unit includes a private fenced‑in rear yard
- New roof completed
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
$24,573
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
4.40%
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%
$491,460
$491.5K
Cap Rate 7%
$351,043
$351.0K
Cap Rate 9%
$273,033
$273.0K
Market Conditions
NOI Build-Up for 1,440 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
$37.2K $25.80/SF
− Vacancy
−$2.0K −$1.42/SF
EGI
$35.1K $24.38/SF
− OpEx
−$10.5K −$7.31/SF
NOI
$24.6K $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%
$491,460
Cap Rate 7%
$351,043
Cap Rate 9%
$273,033
Alternative Uses
Best Use
Multifamily LT 5
$351.0K
$307.2K – $409.6K
NOI $24,573 @ 7.0% cap · market cap 4.40%
Second Best
Apartment 5plus
$323.6K
$283.1K – $377.5K
NOI $22,651 @ 7.0% cap · market cap 4.05%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
15,087
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Fully vacant three-unit triplex with three 1-bedroom, 1-bath apartments and a fenced rear yard on the first floor.
Where is this triplex located?
The property is located at 424 S 20TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Fully vacant triplex with three separate 1‑bedroom, 1‑bath units; First‑floor unit includes a private fenced‑in rear yard; New roof completed
