Duplex with Separate
For Sale
$390,000
1929 N GRATZ Street, Philadelphia, PA 19121
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size1,231 SF
Lot Size0.03 Acres
Price / SF$316.82
Days on Market141
Property Features for 1929 N GRATZ Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
1,231 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
7787
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2012
Floors in Building
2
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
nabila baba alaoui-jackson · License #RS344492
(215) 936-9386
Added: Mar 25
Changed: Jun 10
Last Checked: Aug 12 at 11:06PM
MLS# PAPH2598782
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 investor-ready duplex offers two separate living units in a single property. The building is described as having approximately 2,600+ square feet and provides flexible layouts intended to support either student housing or long-term tenants. Each unit is noted to include generous living space and separate utilities, which can simplify operations and tenant management. The property is currently vacant, giving an owner the ability to move directly into occupancy or plan a repositioning based on the next rental configuration.
The property is located at 1929 N Gratz Street in Philadelphia, PA 19121, in the Temple University area. The remarks indicate convenient access to public transportation and major development corridors, with proximity to Temple University described as just minutes away.
For buyers seeking a straightforward residential income asset, this duplex’s two-unit structure and separate utilities are practical starting points. Because the property is vacant, it may support a quick operational transition for an owner-occupant or an investor looking to implement their preferred leasing strategy without needing to work around existing in-place tenants. The combination of flexible layout description, unit separation, and immediate occupancy option is aligned with both student-oriented and longer-term rental plans, as reflected in the provided information.
The property is located at 1929 N Gratz Street in Philadelphia, PA 19121, in the Temple University area. The remarks indicate convenient access to public transportation and major development corridors, with proximity to Temple University described as just minutes away.
For buyers seeking a straightforward residential income asset, this duplex’s two-unit structure and separate utilities are practical starting points. Because the property is vacant, it may support a quick operational transition for an owner-occupant or an investor looking to implement their preferred leasing strategy without needing to work around existing in-place tenants. The combination of flexible layout description, unit separation, and immediate occupancy option is aligned with both student-oriented and longer-term rental plans, as reflected in the provided information.
Key Highlights
- Prime location near Temple University, a high‑demand rental area.
- Investor‑ready duplex with strong rental potential.
- Approximately 2,600+ square feet with flexible layouts.
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
$21,007
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
5.39%
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%
$420,140
$420.1K
Cap Rate 7%
$300,100
$300.1K
Cap Rate 9%
$233,411
$233.4K
Market Conditions
NOI Build-Up for 1,231 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
$31.8K $25.80/SF
− Vacancy
−$1.7K −$1.42/SF
EGI
$30.0K $24.38/SF
− OpEx
−$9.0K −$7.31/SF
NOI
$21.0K $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%
$420,140
Cap Rate 7%
$300,100
Cap Rate 9%
$233,411
Alternative Uses
Best Use
Multifamily LT 5
$300.1K
$262.6K – $350.1K
NOI $21,007 @ 7.0% cap · market cap 5.39%
Second Best
Apartment 5plus
$276.6K
$242.0K – $322.7K
NOI $19,363 @ 7.0% cap · market cap 4.96%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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?
Duplex - Vacant duplex with flexible unit layouts and separate utilities, positioned for immediate occupancy or repositioning.
Where is this duplex located?
The property is located at 1929 N GRATZ Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Prime location near Temple University, a high‑demand rental area.; Investor‑ready duplex with strong rental potential.; Approximately 2,600+ square feet with flexible layouts.
