Three-Unit Triplex with Updated
For Sale
$399,000
704 N PRESTON STREET, Philadelphia, PA 19104
Three separate residences include a three-bedroom first-floor apartment, a one-bedroom unit, and a studio.
Property Size1,896 SF
Days on Market17
Property Features for 704 N PRESTON STREET
General Information
Standard status
Active
Size
1,896 SF
Property subtype
Triplex
Zoning
RM 1
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR, 1 x studio
Multifamily Units
3
Additional Details
Gross Income
$52,380
Taxes and HOA fees
Annual Taxes
$3,544
Building Details
Building Size
1,896 SF
Year Built
1925
Listing Agency:
Real of Pennsylvania
Listed By:
Jania Daniels · License #RS330799
(315) 278-3879
Source:
Patmckennarealtors
Added: Sep 27
Changed: Oct 7
Last Checked: Oct 13 at 12:48AM
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 Real of Pennsylvania
Investment Insights
Based on property information with market context.
This 1925 triplex contains three apartments with a combined five bedrooms and four bathrooms. The first-floor residence has three bedrooms and two bathrooms and is used as a furnished mid-term rental through Airbnb. The second-floor apartment has one bedroom, a kitchen, living area, and full bathroom; the third-floor studio includes a kitchen, living and sleeping space, and full bathroom. The property has three electric meters, three electric water heaters, forced-air heat, and RM-1 zoning. The main and porch roofs were replaced in 2025, and the rear yard has been cleaned and improved.
At 704 N. Preston Street, the property is near Drexel University, the University of Pennsylvania, and University City. Fairmount Avenue, public transportation, and access to I-95, I-76, and the Schuylkill Expressway are also noted in the surrounding area.
At 704 N. Preston Street, the property is near Drexel University, the University of Pennsylvania, and University City. Fairmount Avenue, public transportation, and access to I-95, I-76, and the Schuylkill Expressway are also noted in the surrounding area.
Key Highlights
- Three apartments with a total of 5 bedrooms and 4 bathrooms
- First‑floor unit has 3 bedrooms and 2 bathrooms; used as a furnished mid‑term Airbnb rental
- Second‑floor apartment has 1 bedroom; third‑floor unit is a studio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,355
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$647,100
$647.1K
Cap Rate 7%
$462,214
$462.2K
Cap Rate 9%
$359,500
$359.5K
Market Conditions
NOI Build-Up for 1,896 SF
Gross rent
$48.9K $25.80/SF
− Vacancy
−$2.7K −$1.42/SF
EGI
$46.2K $24.38/SF
− OpEx
−$13.9K −$7.31/SF
NOI
$32.4K $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%
$647,100
Cap Rate 7%
$462,214
Cap Rate 9%
$359,500
Alternative Uses
Best Use
Multifamily LT 5
$462.2K
$404.4K – $539.3K
NOI $32,355 @ 7.0% cap · market cap 8.11%
Second Best
Apartment 5plus
$426.0K
$372.8K – $497.1K
NOI $29,823 @ 7.0% cap · market cap 7.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,271
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
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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 - Three separate residences include a three-bedroom first-floor apartment, a one-bedroom unit, and a studio.
Where is this triplex located?
The property is located at 704 N PRESTON STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three apartments with a total of 5 bedrooms and 4 bathrooms; First‑floor unit has 3 bedrooms and 2 bathrooms; used as a furnished mid‑term Airbnb rental; Second‑floor apartment has 1 bedroom; third‑floor unit is a studio
