Three-Unit Triplex Near
For Sale
$925,000
623 N 36TH STREET, Philadelphia, PA 19104
2020-built three-level property with a five-year tax abatement still in effect.
Property Size3,264 SF
Days on Market134
Property Features for 623 N 36TH STREET
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$2,320
Building Details
Building Size
3,264 SF
Year Built
2020
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Sam Pace & Associates
(610) 565-9040
Listed By:
Armand C Pace · License #RM061832B
(610) 565-9040
Source:
Patmckennarealtors
Added: Apr 20
Changed: Aug 29
Last Checked: Aug 31 at 12:51AM
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 Sam Pace & Associates
Investment Insights
Based on property information with market context.
Constructed in 2020, this three-level triplex includes a four-bedroom unit on the first floor and two three-bedroom units above. The property offers a clear unit configuration across its three floors, with bedroom counts of four, three, and three, respectively.
The property is located at 623 N 36th Street in Philadelphia and is within walking distance of Drexel University and the University of Pennsylvania. A five-year tax abatement remains in effect.
The property is located at 623 N 36th Street in Philadelphia and is within walking distance of Drexel University and the University of Pennsylvania. A five-year tax abatement remains in effect.
Key Highlights
- Three‑unit triplex built in 2020
- First‑floor unit includes 4 bedrooms
- Second‑floor unit includes 3 bedrooms
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
$55,700
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
6.02%
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%
$1,114,000
$1.1M
Cap Rate 7%
$795,714
$795.7K
Cap Rate 9%
$618,889
$618.9K
Market Conditions
NOI Build-Up for 3,264 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
$84.2K $25.80/SF
− Vacancy
−$4.6K −$1.42/SF
EGI
$79.6K $24.38/SF
− OpEx
−$23.9K −$7.31/SF
NOI
$55.7K $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%
$1,114,000
Cap Rate 7%
$795,714
Cap Rate 9%
$618,889
Alternative Uses
Best Use
Multifamily LT 5
$795.7K
$696.3K – $928.3K
NOI $55,700 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$733.4K
$641.8K – $855.7K
NOI $51,341 @ 7.0% cap · market cap 5.55%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,206
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
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 - 2020-built three-level property with a five-year tax abatement still in effect.
Where is this triplex located?
The property is located at 623 N 36TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Three‑unit triplex built in 2020; First‑floor unit includes 4 bedrooms; Second‑floor unit includes 3 bedrooms
