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    Turnkey Triplex Near Drexel & UPenn Title is generated by Realmo AI

    651 North 33rd Street, Philadelphia, PA 19104

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    For Sale
    $799,000

    Triplex near universities, renovated in 2017, with income potential.

    Type:Multi-Family / Fee Simple
    Property size:
    2,969 SF
    Price / SF:
    $269/SF
    Added:
    Jan 19, 2026
    Days on Market:
    135
    Last Refresh:
    Mar 13 at 1:08 pm

    Property Features for 651 North 33rd Street

    General Information

    Standard status
    Active
    Size
    2,969 SF
    Property subtype
    Multi-Family / Fee Simple

    Building Details

    Year Built
    1935

    We can help!

    Listing Contact
    Aaron Alexander Jones

    Listing agent Aaron Alexander Jones License #RS377443

    Listing office Iron Valley Real Estate Exton

    Listing date Jan 19, 2026

    Source Compass

    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 Iron Valley Real Estate Exton

    HighLights

    • High Income Potential: Historic gross annual income of $79,800 with a Net Operating Income (NOI) of $66,175.
    • Prime Location: Close proximity to Drexel & UPenn, ideal for student housing.
    • Versatile Unit 3: Spacious 5‑bedroom, 3‑bathroom unit with a self‑contained efficiency for maximizing rental income.
    • Turnkey Property: Comprehensively renovated in 2017, offering immediate cash flow with minimal management.
    • Tax Abatement: Remaining tax abatement period provides substantial cost savings for the next two years.
    • Flexible Occupancy: Unit 3 can be delivered vacant at settlement, allowing for various rental strategies.

    Overview

    This triplex presents an opportunity for investors, owner occupants, or parents of college students. Located near Drexel University and the University of Pennsylvania, the property offers the potential to house a student in one unit while generating income from the others. Unit 1 and Unit 2 each feature 2 bedrooms and 1 bathroom, and are currently occupied on yearly leases at $1450 per month. Unit 3 is a 5-bedroom, 3-bathroom unit, currently owner-occupied with individual room rentals. This unit includes a self-contained efficiency with its own mini kitchen and private bath. Historic room rental rates have been $900, $800, $700, $700, and $650 per month, providing a monthly income of $3,750 from this unit alone. The owner will be relocating upon sale, and Unit 3 can be delivered vacant at settlement, giving the new owner flexibility to continue the room rental model or lease the entire unit. The property was comprehensively renovated in 2017. The property provides immediate cash flow with tax savings. Historic gross annual income is $79,800 with annual operating expenses totaling approximately $13,602. The Net Operating Income (NOI) is $66,175. The property size is 2969 square feet. The remaining tax abatement period provides cost savings over the next two years.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $76.6k $25.80
    − Vacancy −$4.2k −$1.42
    EGI $72.4k $24.38
    − OpEx −$21.7k −$7.31
    NOI $50.7k $17.06
    2,969 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $723.8K
    $633.3K – $844.4K (±1% cap)
    NOI $50,666 @ 7.0% cap · market cap 6.34%
    Second Best
    Apartment 5plus
    $667.2K
    $583.8K – $778.4K (±1% cap)
    NOI $46,701 @ 7.0% cap · market cap 5.84%
    Theoretical Best
    —
    —
    same as Best Use
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.1901469
    Latitude
    39.9656729

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    FAQs

    What type of property is this?
    Triplex - Triplex near universities, renovated in 2017, with income potential.
    Where is this triplex located?
    The property is located at 651 North 33rd Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: High Income Potential: Historic gross annual income of $79,800 with a Net Operating Income (NOI) of $66,175.; Prime Location: Close proximity to Drexel & UPenn, ideal for student housing.; Versatile Unit 3: Spacious 5‑bedroom, 3‑bathroom unit with a self‑contained efficiency for maximizing rental income.
    (610) 850-3535
    We can help!
    Listing Contact
    Aaron Alexander Jones
    Real Estate License ID: RS377443
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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