Duplex with Attached
For Sale
Under Contract
$299,900
1224 S 20TH Street, Philadelphia, PA 19146
Multi-Family, PHILADELPHIA, PA
Property Size1,440 SF
Lot Size0.02 Acres
Price / SF$208.26
Days on Market255
Property Features for 1224 S 20TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
1
Parking features
Driveway, Garage - Attached, On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active Under Contract
Size
1,440 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
2330
Utilities
Heating system
Forced Air
Amenities
private deck
attached garage
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Real of Pennsylvania
(215) 367-5238
Listed By:
Harrisson Y. Li · License #RS377974
(267) 368-2788
Added: Dec 16, 2025
Changed: Aug 28
Last Checked: Aug 28 at 8:06PM
MLS# PAPH2567456
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,440-square-foot masonry duplex, built in 1920, contains two 2BR/1BA apartments. The first-floor residence includes basement access and is occupied, while the upper unit offers a private deck and is available for immediate occupancy. Both apartments are separately metered and operate on month-to-month terms. Forced-air heating serves the property, and parking includes an attached garage, driveway, and on-street options.
Located at 1224 S 20TH Street in Philadelphia, the property has SEPTA bus access to Center City. Nearby amenities identified for the area include Wharton Square Playground, cafes, restaurants, yoga studios, urgent care, and grocery options along Washington Ave. The property encompasses 0.0196 acres and is being offered in as-is condition.
Located at 1224 S 20TH Street in Philadelphia, the property has SEPTA bus access to Center City. Nearby amenities identified for the area include Wharton Square Playground, cafes, restaurants, yoga studios, urgent care, and grocery options along Washington Ave. The property encompasses 0.0196 acres and is being offered in as-is condition.
Key Highlights
- Two 2BR/1BA apartments in a duplex configuration
- First‑floor unit occupied; second‑floor unit ready for immediate occupancy
- Separately metered apartments with month‑to‑month terms
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
$24,573
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
8.19%
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%
$491,460
$491.5K
Cap Rate 7%
$351,043
$351.0K
Cap Rate 9%
$273,033
$273.0K
Market Conditions
NOI Build-Up for 1,440 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
$37.2K $25.80/SF
− Vacancy
−$2.0K −$1.42/SF
EGI
$35.1K $24.38/SF
− OpEx
−$10.5K −$7.31/SF
NOI
$24.6K $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%
$491,460
Cap Rate 7%
$351,043
Cap Rate 9%
$273,033
Alternative Uses
Best Use
Multifamily LT 5
$351.0K
$307.2K – $409.6K
NOI $24,573 @ 7.0% cap · market cap 8.19%
Second Best
Apartment 5plus
$323.6K
$283.1K – $377.5K
NOI $22,651 @ 7.0% cap · market cap 7.55%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,200
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
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?
Duplex - Two separately metered apartments include one occupied unit and another available for immediate occupancy.
Where is this duplex located?
The property is located at 1224 S 20TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Two 2BR/1BA apartments in a duplex configuration; First‑floor unit occupied; second‑floor unit ready for immediate occupancy; Separately metered apartments with month‑to‑month terms
