3-Unit
New
For Sale
$675,000
516 N PRESTON STREET, Philadelphia, PA 19104
Apartments offer in-unit laundry, gas ranges, hardwood and tile flooring, and individual heating and central air conditioning.
Property Size3,732 SF
Price / SF$180.87
Days on Market4
Property Features for 516 N PRESTON STREET
General Information
Standard status
Active
Size
3,732 SF
Property subtype
Triplex
Units
Unit Mix
1 x 4BR/2BA, 2 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
hardwood and ceramic tile flooring
modern kitchens
gas stoves
in-unit washers and dryers
individual heating
central air conditioning
private patio
Building Details
Year Built
2009
Listing Agency:
Compass Pennsylvania, LLC
(610) 822-3356
Listed By:
Jordan B Wiener · License #RS229414
(610) 996-6000
Source:
Cummingsrealtors
Added: Oct 6
Changed: Oct 9
Last Checked: Oct 7 at 2:26PM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This 3,732-square-foot triplex contains three apartments with a combined eight bedrooms. The bi-level unit has four bedrooms, two bathrooms, a kitchen, two living areas, and a private patio. Each of the other apartments has two bedrooms and one bathroom. Apartment features include hardwood and ceramic tile floors, gas ranges, in-unit washers and dryers, and individual heating and central air conditioning. HVAC systems in all three units are newer; other improvements include vinyl siding and a replacement water service line. Unit A has a newer dishwasher, while Unit C has a newer range and microwave.
The property is in West Powelton, near Drexel University, the University of Pennsylvania, and the University City Science Center. SEPTA service is available through multiple transportation options, and Center City is less than ten minutes away by car or bicycle.
The property is in West Powelton, near Drexel University, the University of Pennsylvania, and the University City Science Center. SEPTA service is available through multiple transportation options, and Center City is less than ten minutes away by car or bicycle.
Key Highlights
- Three apartments with a total of eight bedrooms
- Bi‑level four‑bedroom, two‑bath apartment with two living areas and a private patio
- Two additional apartments, each with two bedrooms and one bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,703
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,174,060
$1.2M
Cap Rate 7%
$838,614
$838.6K
Cap Rate 9%
$652,256
$652.3K
Market Conditions
NOI Build-Up for 3,732 SF
Gross rent
$113.3K $30.36/SF
− Vacancy
−$6.6K −$1.76/SF
EGI
$106.7K $28.60/SF
− OpEx
−$48.0K −$12.87/SF
NOI
$58.7K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,174,060
Cap Rate 7%
$838,614
Cap Rate 9%
$652,256
Alternative Uses
Best Use
Multifamily LT 5
$909.8K
$796.1K – $1.06M
NOI $63,686 @ 7.0% cap · market cap 9.43%
Second Best
Apartment 5plus
$838.6K
$733.8K – $978.4K
NOI $58,703 @ 7.0% cap · market cap 8.70%
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
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,208
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
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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 - Apartments offer in-unit laundry, gas ranges, hardwood and tile flooring, and individual heating and central air conditioning.
Where is this triplex located?
The property is located at 516 N PRESTON STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Three apartments with a total of eight bedrooms; Bi‑level four‑bedroom, two‑bath apartment with two living areas and a private patio; Two additional apartments, each with two bedrooms and one bathroom
