Well-Maintained Triplex with
For Sale
$540,000
Pending
438 Leverington Avenue, Philadelphia, PA 19128
Triplex includes three 1-bedroom, 1-bath units, with one updated unit offering in-unit laundry and central air.
Property Size2,746 SF
Days on Market93
Property Features for 438 Leverington Avenue
General Information
Standard status
Pending
Size
2,746 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RSA5 - RESIDENTIAL
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,510
Amenities
central air conditioning
in-unit laundry
basement storage
rear yard access
No
Floor Plan - Traditional
No Pool
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Springer Realty Group
Listed By:
Sandy L Wine · License #RS292615
(215) 840-5679
Source:
Compass
Added: Jun 8
Changed: Aug 8
Last Checked: Aug 5 at 12:20PM
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 Springer Realty Group
Investment Insights
Based on property information with market context.
This well-maintained triplex offers three spacious 1-bedroom, 1-bath units. Each unit includes a living area and central air conditioning. Utilities are separately metered, with the landlord responsible only for water. The first-floor unit is currently vacant, while Unit 2 has been updated and features in-unit laundry.
The property includes exclusive basement access with direct access to the rear yard for the first-floor unit. On-street parking is available. The roof was replaced in 2018.
Located at 438 Leverington Avenue in Philadelphia’s 19128 area, the home is positioned for convenient access to shopping, dining, public transportation, major roadways, and nearby parks.
The property includes exclusive basement access with direct access to the rear yard for the first-floor unit. On-street parking is available. The roof was replaced in 2018.
Located at 438 Leverington Avenue in Philadelphia’s 19128 area, the home is positioned for convenient access to shopping, dining, public transportation, major roadways, and nearby parks.
Key Highlights
- Triplex with three 1‑bedroom, 1‑bath units.
- Unit 2 is updated and includes in‑unit laundry.
- Central air provided for year‑round comfort; no pool on the property.
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
$46,860
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
8.68%
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%
$937,200
$937.2K
Cap Rate 7%
$669,429
$669.4K
Cap Rate 9%
$520,667
$520.7K
Market Conditions
NOI Build-Up for 2,746 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
$70.8K $25.80/SF
− Vacancy
−$3.9K −$1.42/SF
EGI
$66.9K $24.38/SF
− OpEx
−$20.1K −$7.31/SF
NOI
$46.9K $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%
$937,200
Cap Rate 7%
$669,429
Cap Rate 9%
$520,667
Alternative Uses
Best Use
Multifamily LT 5
$669.4K
$585.8K – $781.0K
NOI $46,860 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$617.0K
$539.9K – $719.9K
NOI $43,193 @ 7.0% cap · market cap 8.00%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,284
Businesses Nearby
Explore this area
Business Placement
Demographics for 19128, PA
36,808
Population
19,006
Households
1.9
Avg Household Size
36
Median Age
55%
College-Educated
95%
High-School Grad
7.0 sq mi
ZIP Area
5,258
Density / Sq Mi
$89,639
Median Household Income
$64,861
Median Earnings
$1,563
Median Rent
$330,800
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 - Triplex includes three 1-bedroom, 1-bath units, with one updated unit offering in-unit laundry and central air.
Where is this triplex located?
The property is located at 438 Leverington Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Triplex with three 1‑bedroom, 1‑bath units.; Unit 2 is updated and includes in‑unit laundry.; Central air provided for year‑round comfort; no pool on the property.
