Renovated
New
For Sale
$675,000
608 S 48TH STREET, Philadelphia, PA 19143
Three updated apartments offer contemporary kitchens, refreshed bathrooms, stainless steel appliances, and new flooring.
Property Size3,450 SF
Days on Market7
Property Features for 608 S 48TH STREET
General Information
Standard status
Active
Size
3,450 SF
Property subtype
Triplex
Additional Details
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,806
Building Details
Building Size
3,450 SF
Year Built
1925
Listing Agency:
EXP Realty, LLC
Listed By:
Marcia Hurt · License #RS285848
(215) 681-3404
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 15 at 11:53AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1925, this three-unit residential income property has been updated across each apartment. Improvements include contemporary kitchens with new cabinetry and stainless steel appliances, refreshed bathrooms, new flooring, and fresh paint. The configuration provides three modern residences within a single triplex building.
The property is located at 608 S 48th Street in West Philadelphia, on a quiet, tree-lined block near Baltimore Avenue. Clark Park, dining, cafes, trolley service, and University City are all identified as nearby destinations, placing everyday services and transportation options within the surrounding area.
The property is located at 608 S 48th Street in West Philadelphia, on a quiet, tree-lined block near Baltimore Avenue. Clark Park, dining, cafes, trolley service, and University City are all identified as nearby destinations, placing everyday services and transportation options within the surrounding area.
Key Highlights
- Three‑unit triplex in West Philadelphia
- Contemporary kitchens with new cabinetry and stainless steel appliances
- Updated bathrooms, new flooring, and fresh paint throughout the apartments
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
$37,374
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
5.54%
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%
$747,480
$747.5K
Cap Rate 7%
$533,914
$533.9K
Cap Rate 9%
$415,267
$415.3K
Market Conditions
NOI Build-Up for 3,450 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
$57.5K $16.68/SF
− Vacancy
−$4.2K −$1.20/SF
EGI
$53.4K $15.48/SF
− OpEx
−$16.0K −$4.64/SF
NOI
$37.4K $10.83/SF
Area
ZIP 19143
Vacancy
7.22%
Lease Rate
$16.68 /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%
$747,480
Cap Rate 7%
$533,914
Cap Rate 9%
$415,267
Alternative Uses
Best Use
Multifamily LT 5
$533.9K
$467.2K – $622.9K
NOI $37,374 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$474.9K
$415.5K – $554.0K
NOI $33,242 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,774 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,105
Businesses Nearby
Explore this area
Business Placement
Demographics for 19143, PA
64,648
Population
31,391
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
91%
High-School Grad
3.1 sq mi
ZIP Area
20,854
Density / Sq Mi
$47,964
Median Household Income
$38,189
Median Earnings
$1,235
Median Rent
$152,000
Median Home Value
Check the figures for this property
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 - Three updated apartments offer contemporary kitchens, refreshed bathrooms, stainless steel appliances, and new flooring.
Where is this triplex located?
The property is located at 608 S 48TH 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‑unit triplex in West Philadelphia; Contemporary kitchens with new cabinetry and stainless steel appliances; Updated bathrooms, new flooring, and fresh paint throughout the apartments
