Triplex With Rooftop
For Sale
$1,399,999
657 North 35th Street, Philadelphia, PA 19104
Three fully leased residences offer private bathrooms, in-unit laundry, and contemporary finishes suited to shared living.
Property Size5,500 SF
Price / SF$254.55
Days on Market424
Property Features for 657 North 35th Street
General Information
Standard status
Active
Size
5,500 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$2,469
Amenities
No
Cooktop, Dishwasher, Disposal, Dryer - Electric, Freezer, Humidifier, Washer, Stainless Steel Appliances
Wood Floors
24 hour security, Fire Detection System, Smoke Detector
36"+ wide Halls
No Pool
Above Grade, Below Grade
Building Details
Year Built
2021
Listing Agency:
Legacy Landmark Realty LLC
Listed By:
QUN ZHAO · License #RS361644
(215) 888-8883
Source:
Compass
Added: Jul 9, 2025
Changed: Aug 30
Last Checked: Aug 30 at 9:11PM
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 Legacy Landmark Realty LLC
Investment Insights
Based on property information with market context.
Completed in 2021, this RM1-zoned triplex at 657 North 35th Street contains 5,500 square feet across three residential units. The configuration includes two four-bedroom, four-bath residences and one five-bedroom, six-bath residence, totaling 13 bedrooms and 14 bathrooms. Every bedroom has an en-suite bathroom. Interior features include wood flooring, quartz countertops, stainless steel appliances, in-unit laundry, large closets, and 36"+ wide halls. Security and safety systems include 24 security cameras, fire detection, and smoke detectors.
The property has remained 100% leased and has five years remaining on its property tax abatement. The third floor provides access to a rooftop deck with skyline views. The address is in Philadelphia's 19104 area, with walkable and bike-friendly surroundings, bus transportation, proximity to the Philadelphia Zoo and Art Museum, and access to local highways.
The property has remained 100% leased and has five years remaining on its property tax abatement. The third floor provides access to a rooftop deck with skyline views. The address is in Philadelphia's 19104 area, with walkable and bike-friendly surroundings, bus transportation, proximity to the Philadelphia Zoo and Art Museum, and access to local highways.
Key Highlights
- Three‑unit residential building with 13 bedrooms and 14 bathrooms
- Unit mix includes two 4‑bedroom/4‑bath units and one 5‑bedroom/6‑bath unit
- 100% leased with five years remaining on property tax abatement
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
$93,857
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
6.70%
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%
$1,877,140
$1.9M
Cap Rate 7%
$1,340,814
$1.3M
Cap Rate 9%
$1,042,856
$1.0M
Market Conditions
NOI Build-Up for 5,500 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
$141.9K $25.80/SF
− Vacancy
−$7.8K −$1.42/SF
EGI
$134.1K $24.38/SF
− OpEx
−$40.2K −$7.31/SF
NOI
$93.9K $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%
$1,877,140
Cap Rate 7%
$1,340,814
Cap Rate 9%
$1,042,856
Alternative Uses
Best Use
Multifamily LT 5
$1.34M
$1.17M – $1.56M
NOI $93,857 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$1.24M
$1.08M – $1.44M
NOI $86,512 @ 7.0% cap · market cap 6.18%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,222
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 - Three fully leased residences offer private bathrooms, in-unit laundry, and contemporary finishes suited to shared living.
Where is this triplex located?
The property is located at 657 North 35th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Three‑unit residential building with 13 bedrooms and 14 bathrooms; Unit mix includes two 4‑bedroom/4‑bath units and one 5‑bedroom/6‑bath unit; 100% leased with five years remaining on property tax abatement
