Updated Triplex With Shared
For Sale
$524,999
468 E WALNUT LANE, Philadelphia, PA 19144
Three separately metered apartments include central air, individual heating systems, basement laundry, and tenant storage.
Property Size2,640 SF
Days on Market48
Property Features for 468 E WALNUT LANE
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Triplex
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$50,400
Taxes and HOA fees
Annual Taxes
$3,600
Amenities
shared rear deck
coin-operated laundry
storage
central air conditioning
Building Details
Building Size
2,640 SF
Year Built
1910
Buildings
1
Listing Agency:
Keller Williams Realty Devon-Wayne
(610) 937-7122
Listed By:
Alexander Taggart Penn · License #RS352834
(610) 937-7122
Source:
Lizclarkrealestate
Added: Jul 13
Changed: Aug 18
Last Checked: Aug 28 at 6:35PM
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 Realty Devon-Wayne
Investment Insights
Based on property information with market context.
This legal triplex at 468 E Walnut Lane contains three updated apartments. The first-floor residence offers one bedroom and one bathroom with an oversized layout, while the upper units each provide two bedrooms and one bathroom. Improvements include new countertops and recessed lighting, and all three apartments have central air conditioning with separate heating systems and individual gas and electric meters.
A shared rear deck extends the common amenities, while the basement provides coin-operated laundry and additional storage. The property was built in 1910 and is located in Philadelphia, PA 19144.
A shared rear deck extends the common amenities, while the basement provides coin-operated laundry and additional storage. The property was built in 1910 and is located in Philadelphia, PA 19144.
Key Highlights
- Legal triplex with three separately metered apartments
- Unit mix includes one 1‑bedroom, 1‑bath apartment and two 2‑bedroom, 1‑bath apartments
- Central air conditioning and separate heating systems in all three units
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
$45,051
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
8.58%
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%
$901,020
$901.0K
Cap Rate 7%
$643,586
$643.6K
Cap Rate 9%
$500,567
$500.6K
Market Conditions
NOI Build-Up for 2,640 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
$68.1K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$64.4K $24.38/SF
− OpEx
−$19.3K −$7.31/SF
NOI
$45.1K $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%
$901,020
Cap Rate 7%
$643,586
Cap Rate 9%
$500,567
Alternative Uses
Best Use
Multifamily LT 5
$643.6K
$563.1K – $750.9K
NOI $45,051 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$593.2K
$519.1K – $692.1K
NOI $41,526 @ 7.0% cap · market cap 7.91%
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
Location Intelligence
Trade Area within ½ mile
904
Businesses Nearby
Explore this area
Business Placement
Demographics for 19144, PA
44,481
Population
23,583
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
3.6 sq mi
ZIP Area
12,356
Density / Sq Mi
$45,727
Median Household Income
$36,020
Median Earnings
$1,110
Median Rent
$224,600
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 - Three separately metered apartments include central air, individual heating systems, basement laundry, and tenant storage.
Where is this triplex located?
The property is located at 468 E WALNUT LANE Philadelphia, PA.
What is the asking price?
The asking price for this property is $524,999.
What are key features of this property?
This property features: Legal triplex with three separately metered apartments; Unit mix includes one 1‑bedroom, 1‑bath apartment and two 2‑bedroom, 1‑bath apartments; Central air conditioning and separate heating systems in all three units
