New Construction
For Sale
$955,000
631 North Preston Street, Philadelphia, PA 19104
New construction quadplex completed in late 2024 with four units, including one unit with an outdoor roof deck.
Property Size3,703 SF
Price / SF$257.90
Days on Market145
Property Features for 631 North Preston Street
General Information
Standard status
Active
Size
3,703 SF
Property subtype
Multi-Family / Fee Simple
Zoning
CMX2
Additional Details
Opportunity Zone
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,233
Amenities
roof-deck
No
Dishwasher, Dryer - Electric, Microwave, Stainless Steel Appliances, Washer - Front Loading, Water Heater - High-Efficiency, Refrigerator, Oven/Range - Electric
Combination Kitchen/Living, Combination Dining/Living, Efficiency, Floor Plan - Open, Recessed Lighting
Level Entry - Main
No Pool
Above Grade, Below Grade
Building Details
Year Built
2024
Stories
3
Listing Agency:
Howard Hanna Real Estate Services
(267) 442-8218
Listed By:
Jurgen Aliaj · License #RS357236
(267) 442-8218
Source:
Compass
Added: Apr 2
Changed: Aug 8
Last Checked: Jul 22 at 2:58AM
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 Howard Hanna Real Estate Services
Investment Insights
Based on property information with market context.
631 N Preston is a newly constructed quadplex completed in late 2024, offering four residential units within a single building. The layout includes two 2-bedroom, 2-bath units on the second and third floors, with the third-floor unit featuring an outdoor roof deck. The first and lower level include two additional bi-level units: one with a 1-bedroom, 1-bath layout, and another currently set up as commercial space with the ability to be converted into a unit.
The property is located in Philadelphia County and described as being within a Qualified Opportunity Zone (QOZ). The listing also notes proximity to the University of Pennsylvania and Drexel University, along with nearby restaurants, public transportation, shopping centers, and Center City.
A 10-year tax abatement is included, as stated in the listing. Floor plans are available upon request.
The property is located in Philadelphia County and described as being within a Qualified Opportunity Zone (QOZ). The listing also notes proximity to the University of Pennsylvania and Drexel University, along with nearby restaurants, public transportation, shopping centers, and Center City.
A 10-year tax abatement is included, as stated in the listing. Floor plans are available upon request.
Key Highlights
- New construction quadplex completed late 2024 (year built 2024) with 4 total units
- Unit mix includes two 2‑bed, 2‑bath units plus two bi‑level units (one 1‑bed, 1‑bath and one commercial space that can be converted)
- Third‑floor unit features a massive outdoor roof‑deck
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
$63,191
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
6.62%
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%
$1,263,820
$1.3M
Cap Rate 7%
$902,729
$902.7K
Cap Rate 9%
$702,122
$702.1K
Market Conditions
NOI Build-Up for 3,703 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
$95.5K $25.80/SF
− Vacancy
−$5.3K −$1.42/SF
EGI
$90.3K $24.38/SF
− OpEx
−$27.1K −$7.31/SF
NOI
$63.2K $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%
$1,263,820
Cap Rate 7%
$902,729
Cap Rate 9%
$702,122
Alternative Uses
Best Use
Multifamily LT 5
$902.7K
$789.9K – $1.05M
NOI $63,191 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$832.1K
$728.1K – $970.8K
NOI $58,246 @ 7.0% cap · market cap 6.10%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - New construction quadplex completed in late 2024 with four units, including one unit with an outdoor roof deck.
Where is this quadplex located?
The property is located at 631 North Preston Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $955,000.
What are key features of this property?
This property features: New construction quadplex completed late 2024 (year built 2024) with 4 total units; Unit mix includes two 2‑bed, 2‑bath units plus two bi‑level units (one 1‑bed, 1‑bath and one commercial space that can be converted); Third‑floor unit features a massive outdoor roof‑deck
