Three-Unit
New
For Sale
$690,000
648 N 38TH Street, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size2,191 SF
Lot Size0.03 Acres
Price / SF$314.92
Days on Market3
Property Features for 648 N 38TH Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Rooms
Basement
Subdivision
MANTUA
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
2,191 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
2143
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
2022
Number of units
3
Building materials
Concrete
Architectural style
Contemporary
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
Denise A Frazier · License #AB067937
(215) 421-3362
Added: Oct 6
Last Checked: Oct 8 at 4:06AM
MLS# PAPH2676604
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Completed in 2022, this contemporary triplex contains three residences, each with two bedrooms. The 2,191-square-foot building has a concrete structure, forced-air heating, central air conditioning and a basement. The site measures 0.03 acres.
The property is at 648 N 38th Street in Philadelphia, Pennsylvania. A tax abatement extends through 2035.
The property is at 648 N 38th Street in Philadelphia, Pennsylvania. A tax abatement extends through 2035.
Key Highlights
- Three residences, each with 2 bedrooms
- 2,191 square feet on a 0.03‑acre parcel
- Built in 2022 with contemporary design and concrete construction
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.
Property Analytics
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Current Use
Lease Details
3
Residential units
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
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 - A tax abatement through 2035 accompanies this recently built residential income property.
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 residences, each with 2 bedrooms; 2,191 square feet on a 0.03‑acre parcel; Built in 2022 with contemporary design and concrete construction
