704 N Preston St, Philadelphia, PA 19104

Property Description

UPDATED TRIPLEX IN WEST PHILADELPHIA | 3 UNITS | 5 BEDROOMS | 4 BATHROOMS | INCOME PRODUCING | NEAR DREXEL UNIVERSITY & UPENN Welcome to 704 N. Preston St., Philadelphia, PA 19104, a beautifully refreshed triplex offering an exciting combination of updated living space, rental income, flexibility, and an incredible location near Philadelphia's renowned universities and University City. This property has experienced significant improvements since its previous listing, creating an opportunity that is worth seeing in person. The front facade has been completely refreshed in a beautiful blue color, giving the property a distinctive and welcoming appearance. The rear yard has also been completely cleaned and improved, creating a more enjoyable outdoor space for residents. One of the most significant improvements is the first floor, which has been transformed into a spacious 3 bedroom, 2 bathroom residence. This unit is currently being successfully utilized as a furnished mid term rental through Airbnb, serving students and other guests seeking convenient housing close to Philadelphia's major universities. The property currently generates $4,365 per month in rental income, providing a current annualized rental figure of $52,380. Current Rent Roll Apt A generates $2,000 per month through Airbnb Apt B generates $1,250 per month Apt C generates $1,115 per month With three separate units, this property provides flexibility for an investor, owner occupant, or buyer looking to combine personal use with rental income. The first floor offers the opportunity to live in a spacious 3 bedroom, 2 bathroom residence while collecting rental income from the two additional units. Alternatively, an investor can continue utilizing the existing rental structure and explore additional opportunities for furnished, mid term, or traditional leasing. The second floor features a comfortable 1 bedroom apartment with a spacious living area, kitchen, and full bathroom. The third floor offers a studio style apartment with its own kitchen, living and sleeping space, and full bathroom. The property also features three electric meters and three electric water heaters, supporting the property's three unit configuration. The property is zoned RM 1 and has a forced air heating system. The main roof and porch roof were replaced in 2025. Location is another major advantage. Located just off Fairmount Avenue, 704 N. Preston St. places residents within convenient reach of Drexel University, the University of Pennsylvania, University City, the Philadelphia Museum of Art, Center City, public transportation, restaurants, retail, parks, and major Philadelphia roadways. The proximity to Drexel University and Penn makes this location particularly appealing for students, faculty, medical professionals, and others connected to the surrounding academic and employment centers. Easy access to I 95, I 76, and the Schuylkill Expressway also provides convenient transportation throughout Philadelphia and the surrounding region. The surrounding neighborhood has seen substantial reinvestment and new construction, creating an evolving residential environment with continued interest from homeowners and real estate investors. Whether you are searching for an owner occupied triplex, a Philadelphia investment property, a university area rental, or a flexible multi unit property with furnished rental potential, 704 N. Preston St. offers multiple possibilities.