Modern Triplex with Rooftop
For Sale
$799,900
924 N 15TH STREET, Philadelphia, PA 19130
Fully leased three-unit property with modern finishes, efficient utility responsibilities, and private outdoor space.
Property Size2,469 SF
Days on Market344
Property Features for 924 N 15TH STREET
General Information
Standard status
Active
Size
2,469 SF
Property subtype
Triplex
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA, 1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$60,000
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$2,249
Amenities
video-monitored intercom system
Building Details
Building Size
2,469 SF
Year Built
2017
Buildings
1
Stories
3
Listing Agency:
Realty Mark Associates - KOP
(215) 834-8897
Listed By:
LIN LIN DONG · License #RS345597
(215) 834-8897
Source:
Patmckennarealtors
Added: Sep 21, 2025
Changed: Aug 28
Last Checked: Aug 29 at 2:29PM
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 - KOP
Investment Insights
Based on property information with market context.
Completed in late 2017, this 2,469 SF triplex contains three contemporary apartments. The first-floor Unit A is a bi-level two-bedroom, two-bath residence; Unit B on the second floor offers one bedroom and one bathroom; and third-floor Unit C includes two bedrooms, one bathroom, and a private rooftop deck. All units feature open kitchens with quartz countertops, stainless steel appliances, French door refrigerators, 42-inch cabinets, and breakfast bars. Solid birch hardwood floors, Honeywell Wi-Fi-controlled thermostats, and a video-monitored intercom system are included throughout the property.
The building is fully leased, with tenants covering all utilities while ownership handles hallway lighting and sprinkler water. A 10-year tax abatement remains in place through 2027. The property is located at 924 N 15TH ST in Philadelphia’s Fairmount neighborhood, one block from Girard Avenue, near public transit, and minutes from I-76. The Philadelphia Museum of Art, restaurants, shops, and green spaces are within walking distance.
The building is fully leased, with tenants covering all utilities while ownership handles hallway lighting and sprinkler water. A 10-year tax abatement remains in place through 2027. The property is located at 924 N 15TH ST in Philadelphia’s Fairmount neighborhood, one block from Girard Avenue, near public transit, and minutes from I-76. The Philadelphia Museum of Art, restaurants, shops, and green spaces are within walking distance.
Key Highlights
- 2,469 SF triplex completed in late 2017
- Three‑unit layout: 2‑bedroom/2‑bath bi‑level, 1‑bedroom/1‑bath, and 2‑bedroom/1‑bath apartments
- Private rooftop deck serving the third‑floor unit
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
$42,133
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
5.27%
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%
$842,660
$842.7K
Cap Rate 7%
$601,900
$601.9K
Cap Rate 9%
$468,144
$468.1K
Market Conditions
NOI Build-Up for 2,469 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
$63.7K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$60.2K $24.38/SF
− OpEx
−$18.1K −$7.31/SF
NOI
$42.1K $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%
$842,660
Cap Rate 7%
$601,900
Cap Rate 9%
$468,144
Alternative Uses
Best Use
Multifamily LT 5
$601.9K
$526.7K – $702.2K
NOI $42,133 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$554.8K
$485.5K – $647.3K
NOI $38,836 @ 7.0% cap · market cap 4.86%
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
100%
Occupancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,649
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 - Fully leased three-unit property with modern finishes, efficient utility responsibilities, and private outdoor space.
Where is this triplex located?
The property is located at 924 N 15TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,469 SF triplex completed in late 2017; Three‑unit layout: 2‑bedroom/2‑bath bi‑level, 1‑bedroom/1‑bath, and 2‑bedroom/1‑bath apartments; Private rooftop deck serving the third‑floor unit
