3-Unit New Construction
For Sale
$690,000
648 N 38TH STREET, Philadelphia, PA 19104
Completed in 2022, the property includes a tax abatement through 2035.
Property Size2,191 SF
Days on Market18
Property Features for 648 N 38TH STREET
General Information
Standard status
Active
Size
2,191 SF
Property subtype
Triplex
Site & Location
Neighborhood
West Philadelphia
Taxes and HOA fees
Annual Taxes
$2,143
Building Details
Building Size
2,191 SF
Year Built
2022
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Main Line
Listed By:
Denise A Frazier · License #AB067937
(215) 421-3362
Source:
Patmckennarealtors
Added: Oct 6
Changed: Oct 21
Last Checked: Oct 23 at 1:13PM
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 Keller Williams Main Line
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Investment Insights
Based on property information with market context.
At 648 N 38th Street in Philadelphia, this 2,191-square-foot triplex contains three residences, each configured with two bedrooms. The building was completed in 2022, and the property benefits from a tax abatement through 2035.
The three-unit configuration and consistent two-bedroom layout define the property’s residential offering. The tax abatement is an additional documented feature of the asset.
The three-unit configuration and consistent two-bedroom layout define the property’s residential offering. The tax abatement is an additional documented feature of the asset.
Key Highlights
- Three residential units, each with two bedrooms
- 2,191 square feet; built in 2022
- Tax abatement through 2035
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,389
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$747,780
$747.8K
Cap Rate 7%
$534,129
$534.1K
Cap Rate 9%
$415,433
$415.4K
Market Conditions
NOI Build-Up for 2,191 SF
Gross rent
$56.5K $25.80/SF
− Vacancy
−$3.1K −$1.42/SF
EGI
$53.4K $24.38/SF
− OpEx
−$16.0K −$7.31/SF
NOI
$37.4K $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 Rate 5%
$747,780
Cap Rate 7%
$534,129
Cap Rate 9%
$415,433
Alternative Uses
Best Use
Multifamily LT 5
$534.1K
$467.4K – $623.2K
NOI $37,389 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$492.3K
$430.8K – $574.4K
NOI $34,463 @ 7.0% cap · market cap 4.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,325
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
Frequently Asked Questions
What type of property is this?
Triplex - Completed in 2022, the property includes a tax abatement through 2035.
Where is this triplex located?
The property is located at 648 N 38TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $690,000.
What are key features of this property?
This property features: Three residential units, each with two bedrooms; 2,191 square feet; built in 2022; Tax abatement through 2035
