Updated Triplex with Separate
For Sale
$595,000
673 N 11TH STREET, Philadelphia, PA 19123
Updated triplex with three separately metered units, including two currently occupied and gas forced-air heat.
Property Size2,694 SF
Price / SF$220.86
Days on Market59
Property Features for 673 N 11TH STREET
General Information
Standard status
Active
Size
2,694 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1915
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Michael R. McCann · License #AB049770L
(215) 709-4141
Source:
Cummingsrealtors
Added: Jul 7
Changed: Sep 3
Last Checked: Sep 2 at 5:20PM
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 KW Empower
Investment Insights
Based on property information with market context.
This well-maintained, updated triplex includes three separately metered units. Two units are currently occupied. Unit 1 is an oversized two-bedroom residence with a bright living room featuring soaring ceilings and a decorative fireplace mantel, an eat-in kitchen, a full bathroom, and a second bedroom at the rear, along with a bonus room that can support a variety of uses. Unit 1 provides access to an unfinished basement and a back patio. Unit 2 is an open, sunlit studio with high ceilings, crown molding, and a decorative fireplace mantel. Unit 3 is the largest, offering a bi-level layout with four bedrooms and one bathroom, including an open living room and kitchen and two bedrooms on each level.
The property is located at 673 N 11th Street in Philadelphia, with proximity to Fairmount Avenue, Broad Street, Spring Garden Street, Northern Liberties, public transit, I-676, and Center City. The surrounding area includes restaurants, cafes, entertainment, and new construction.
Utilities are provided by gas forced-air heat and individual gas water heaters for the units.
The property is located at 673 N 11th Street in Philadelphia, with proximity to Fairmount Avenue, Broad Street, Spring Garden Street, Northern Liberties, public transit, I-676, and Center City. The surrounding area includes restaurants, cafes, entertainment, and new construction.
Utilities are provided by gas forced-air heat and individual gas water heaters for the units.
Key Highlights
- Updated triplex (built 1915) with three separately metered units—two currently occupied
- Unit 1: oversized 2BR with eat‑in kitchen, full bath, bonus room, and rear access to the unfinished basement and back patio
- Unit 2: open, sunlit studio with high ceilings, crown molding, and decorative fireplace mantel
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
$45,973
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
7.73%
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%
$919,460
$919.5K
Cap Rate 7%
$656,757
$656.8K
Cap Rate 9%
$510,811
$510.8K
Market Conditions
NOI Build-Up for 2,694 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
$69.5K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$65.7K $24.38/SF
− OpEx
−$19.7K −$7.31/SF
NOI
$46.0K $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%
$919,460
Cap Rate 7%
$656,757
Cap Rate 9%
$510,811
Alternative Uses
Best Use
Multifamily LT 5
$656.8K
$574.7K – $766.2K
NOI $45,973 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$605.4K
$529.7K – $706.3K
NOI $42,375 @ 7.0% cap · market cap 7.12%
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
4,152
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Updated triplex with three separately metered units, including two currently occupied and gas forced-air heat.
Where is this triplex located?
The property is located at 673 N 11TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Updated triplex (built 1915) with three separately metered units—two currently occupied; Unit 1: oversized 2BR with eat‑in kitchen, full bath, bonus room, and rear access to the unfinished basement and back patio; Unit 2: open, sunlit studio with high ceilings, crown molding, and decorative fireplace mantel
