Legal Triplex with Separate
New
For Sale
$549,000
523 DICKINSON STREET, Philadelphia, PA 19147
Three residential units provide an income-producing configuration with flexible occupancy options and individually metered utilities.
Property Size2,286 SF
Days on Market4
Property Features for 523 DICKINSON STREET
General Information
Standard status
Active
Size
2,286 SF
Property subtype
Triplex
Additional Details
Asking Price
$549,000
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,100
Building Details
Building Size
2,286 SF
Year Built
1915
Listing Agency:
EXIT Elevate Realty
Listed By:
Alex Lam · License #Rs351449
(267) 307-6347
Source:
Patmckennarealtors
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 5 at 8:37AM
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 EXIT Elevate Realty
Investment Insights
Based on property information with market context.
Located at 523 Dickinson Street in Philadelphia, this legal triplex contains three residential units and was built in 1915. Separate utility meters serve the units, supporting distinct utility management across the property. The first-floor apartment is occupied, while the second- and third-floor apartments are vacant and available for lease-up or owner occupancy.
The property is in the 19147 ZIP code, with access to Center City, Passyunk Square, shopping, restaurants, public transportation, and major roadways. Its three-unit layout accommodates an investor seeking a multifamily asset or a buyer interested in combining residence with rental use. The existing occupancy and two vacant units create a varied operating configuration without changing the property's established triplex design.
The property is in the 19147 ZIP code, with access to Center City, Passyunk Square, shopping, restaurants, public transportation, and major roadways. Its three-unit layout accommodates an investor seeking a multifamily asset or a buyer interested in combining residence with rental use. The existing occupancy and two vacant units create a varied operating configuration without changing the property's established triplex design.
Key Highlights
- Legal triplex with 3 residential units
- Separate utility meters for each unit
- First‑floor unit is currently occupied
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
$39,010
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
7.11%
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%
$780,200
$780.2K
Cap Rate 7%
$557,286
$557.3K
Cap Rate 9%
$433,444
$433.4K
Market Conditions
NOI Build-Up for 2,286 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
$59.0K $25.80/SF
− Vacancy
−$3.2K −$1.42/SF
EGI
$55.7K $24.38/SF
− OpEx
−$16.7K −$7.31/SF
NOI
$39.0K $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%
$780,200
Cap Rate 7%
$557,286
Cap Rate 9%
$433,444
Alternative Uses
Best Use
Multifamily LT 5
$557.3K
$487.6K – $650.2K
NOI $39,010 @ 7.0% cap · market cap 7.11%
Second Best
Apartment 5plus
$513.7K
$449.5K – $599.3K
NOI $35,958 @ 7.0% cap · market cap 6.55%
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
2,807
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
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 residential units provide an income-producing configuration with flexible occupancy options and individually metered utilities.
Where is this triplex located?
The property is located at 523 DICKINSON STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Legal triplex with 3 residential units; Separate utility meters for each unit; First‑floor unit is currently occupied
