Fairmount Triplex: Turnkey
For Sale
$799,850
802 North 16th Street, Philadelphia, PA 19130
Three-unit property in Fairmount with modern finishes and strong rental income.
Property Size2,637 SF
Price / SF$303.32
Days on Market109
Property Features for 802 North 16th Street
General Information
Standard status
Active
Size
2,637 SF
Property subtype
Multi-Family / Fee Simple
Building Details
Year Built
1920
Listing Agency:
Realty Mark Associates
(215) 376-4444
Listed By:
Seth C Brodsky · License #RS314858
(215) 376-4444
Source:
Compass
Added: May 14
Changed: Jul 10
Last Checked: Jul 24 at 1:44PM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This three-unit property is located in Fairmount, Philadelphia. The property features three units, each finished with hardwood floors, granite countertops, and stainless steel appliances. Each apartment also has its own washer and dryer and laundry space. Unit 1, situated on the first floor and basement, features a bi-level layout with 3 bedrooms and 2 full bathrooms, and includes private access to a backyard. Unit 2, located on the second floor, is a 2-bedroom, 1-bathroom apartment. Unit 3, on the third floor, is a 2-bedroom, 1-bathroom unit with 260-degree views of the Philadelphia skyline. The property includes central air, a sprinkler system, and a roof with a 10-year warranty expiring in 2034. The property is located in Fairmount, providing walkable access to the Philadelphia Museum of Art, Fairmount Park, Whole Foods, and restaurants, with commuter access to Center City. The property has three separately metered units. The property size is 2637 square feet.
Key Highlights
- Turnkey triplex in desirable Fairmount location, offering immediate rental income potential or owner‑occupancy with mortgage offset.
- Unit 1 features a rare and desirable bi‑level layout with 3 bedrooms, 2 bathrooms, and private backyard access.
- Unit 3 boasts breathtaking 260‑degree views of the Philadelphia skyline.
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
$45,000
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
5.63%
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%
$900,000
$900.0K
Cap Rate 7%
$642,857
$642.9K
Cap Rate 9%
$500,000
$500.0K
Market Conditions
NOI Build-Up for 2,637 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
$68.0K $25.80/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$64.3K $24.38/SF
− OpEx
−$19.3K −$7.31/SF
NOI
$45.0K $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%
$900,000
Cap Rate 7%
$642,857
Cap Rate 9%
$500,000
Alternative Uses
Best Use
Multifamily LT 5
$642.9K
$562.5K – $750.0K
NOI $45,000 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$592.6K
$518.5K – $691.3K
NOI $41,479 @ 7.0% cap · market cap 5.19%
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
3,089
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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-unit property in Fairmount with modern finishes and strong rental income.
Where is this triplex located?
The property is located at 802 North 16th Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $799,850.
What are key features of this property?
This property features: Turnkey triplex in desirable Fairmount location, offering immediate rental income potential or owner‑occupancy with mortgage offset.; Unit 1 features a rare and desirable bi‑level layout with 3 bedrooms, 2 bathrooms, and private backyard access.; Unit 3 boasts breathtaking 260‑degree views of the Philadelphia skyline.
