Triplex with Vacant
For Sale
$724,900
788 South 2nd Street, Philadelphia, PA 19147
RM1-zoned triplex with two occupied units and an available third unit for flexible use.
Property Size2,113 SF
Price / SF$343.07
Days on Market151
Property Features for 788 South 2nd Street
General Information
Standard status
Active
Size
2,113 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,793
Amenities
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1915
Buildings
1
Listing Agency:
KW Empower
(609) 992-8248
Listed By:
Eric Land · License #RS363265
(609) 992-8248
Source:
Compass
Added: Apr 2
Changed: Aug 29
Last Checked: Aug 29 at 8:58PM
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 2,113-square-foot triplex, built in 1915, is legally zoned RM1 and includes three residential units. Units 1 and 2 are occupied, while Unit 3 is vacant, creating flexibility for an owner-occupant or a new tenant arrangement. The property offers a practical combination of existing occupancy and an available unit within a small multifamily format.
Located at 788 South 2nd Street in Philadelphia’s Queen Village, the property is near restaurants, coffee shops, boutique retail, and neighborhood parks. The address is within ZIP Code 19147 and the Philadelphia City School District.
Located at 788 South 2nd Street in Philadelphia’s Queen Village, the property is near restaurants, coffee shops, boutique retail, and neighborhood parks. The address is within ZIP Code 19147 and the Philadelphia City School District.
Key Highlights
- Three‑unit residential property with Unit 3 currently vacant
- 2,113 square feet of building area
- RM1 zoning supports the triplex classification
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
$36,058
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
4.97%
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%
$721,160
$721.2K
Cap Rate 7%
$515,114
$515.1K
Cap Rate 9%
$400,644
$400.6K
Market Conditions
NOI Build-Up for 2,113 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
$54.5K $25.80/SF
− Vacancy
−$3.0K −$1.42/SF
EGI
$51.5K $24.38/SF
− OpEx
−$15.5K −$7.31/SF
NOI
$36.1K $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%
$721,160
Cap Rate 7%
$515,114
Cap Rate 9%
$400,644
Alternative Uses
Best Use
Multifamily LT 5
$515.1K
$450.7K – $601.0K
NOI $36,058 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$474.8K
$415.5K – $553.9K
NOI $33,236 @ 7.0% cap · market cap 4.58%
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
4,605
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - RM1-zoned triplex with two occupied units and an available third unit for flexible use.
Where is this triplex located?
The property is located at 788 South 2nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $724,900.
What are key features of this property?
This property features: Three‑unit residential property with Unit 3 currently vacant; 2,113 square feet of building area; RM1 zoning supports the triplex classification
