Renovated Triplex with Modern
For Sale
$639,000
665 N UNION STREET, Philadelphia, PA 19104
University City multifamily property with stainless appliances, in-unit laundry, and high-efficiency HVAC.
Property Size2,860 SF
Days on Market106
Property Features for 665 N UNION STREET
General Information
Standard status
Active
Size
2,860 SF
Property subtype
Triplex
Units
Unit Mix
3 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,499
Amenities
stainless steel appliances
granite countertops
in-unit washer and dryer
recessed lighting
high-efficiency HVAC
Building Details
Building Size
2,860 SF
Year Built
1930
Year Renovated
2021
Listing Agency:
Victory Real Estate, LLC
(215) 709-6699
Listed By:
Leron K Grossman · License #RM423874
(215) 709-6699
Source:
Patmckennarealtors
Added: May 18
Changed: Aug 29
Last Checked: Aug 30 at 11:02PM
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 Victory Real Estate, LLC
Investment Insights
Based on property information with market context.
This 1930-built triplex contains 2,860 square feet and was completely renovated in 2021. The property includes three two-bedroom, one-bath apartments, each with an open living arrangement, modern kitchen, full stainless steel appliance package, granite countertops, recessed lighting, attractive flooring, private in-unit washer and dryer, and high-efficiency HVAC. One apartment also has an unfinished basement and direct access to the backyard.
Located in Philadelphia’s University City area, the property is near Drexel and UPenn. Professional management is in place, with the existing management company available to continue serving the property for a new owner if desired.
Located in Philadelphia’s University City area, the property is near Drexel and UPenn. Professional management is in place, with the existing management company available to continue serving the property for a new owner if desired.
Key Highlights
- Three two‑bedroom, one‑bath units within a 2,860‑square‑foot triplex
- Complete renovation completed in 2021
- Each apartment includes stainless steel appliances and granite countertops
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
$48,806
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
7.64%
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%
$976,120
$976.1K
Cap Rate 7%
$697,229
$697.2K
Cap Rate 9%
$542,289
$542.3K
Market Conditions
NOI Build-Up for 2,860 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
$73.8K $25.80/SF
− Vacancy
−$4.1K −$1.42/SF
EGI
$69.7K $24.38/SF
− OpEx
−$20.9K −$7.31/SF
NOI
$48.8K $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%
$976,120
Cap Rate 7%
$697,229
Cap Rate 9%
$542,289
Alternative Uses
Best Use
Multifamily LT 5
$697.2K
$610.1K – $813.4K
NOI $48,806 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$642.7K
$562.3K – $749.8K
NOI $44,986 @ 7.0% cap · market cap 7.04%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,420
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 - University City multifamily property with stainless appliances, in-unit laundry, and high-efficiency HVAC.
Where is this triplex located?
The property is located at 665 N UNION STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Three two‑bedroom, one‑bath units within a 2,860‑square‑foot triplex; Complete renovation completed in 2021; Each apartment includes stainless steel appliances and granite countertops
