New Construction Duplex with Roof
For Sale
$649,900
1944 N 8TH Street, Philadelphia, PA 19122
MULTI_FAMILY - PHILADELPHIA, PA
Property Size2,838 SF
Lot Size0.02 Acres
Price / SF$228
Days on Market69
Property Features for 1944 N 8TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Dishwasher, Disposal, Dryer, Microwave, Oven/Range - Gas, Refrigerator, Washer
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
2,838 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
1822
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2019
Number of units
2
Building materials
Brick
Listing Agency:
JG Real Estate LLC
(215) 467-4100
Listed By:
Ariel L Morgenstein · License #AB067988
(215) 467-4100
Added: Jun 5
Changed: Jun 9
Last Checked: Aug 12 at 12:06AM
MLS# PAPH2623628
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 fully occupied new construction duplex offers two separate bi-level units under one roof. The property totals six bedrooms and six bathrooms across both units, with shared finishes that include hardwood flooring, recessed lighting, modern kitchens with stainless steel appliances, and in-unit laundry. Unit #1 is a three-bedroom, three-bath bi-level with a large private rear yard. Unit #2 is a three-bedroom, three-bath penthouse bi-level that includes a kitchen with dark cabinetry and quartz countertops, and modern bathrooms with tiled shower-tub combinations. A major amenity for the upper unit is a private roof deck that spans the full length of the building.
The duplex is located at 1944 N 8th St in Philadelphia, within walking distance to Temple University. The listing also notes remaining years on a tax abatement.
For investors or owner-occupants seeking a turnkey, campus-area rental setup, the two-unit configuration provides separate living spaces while maintaining consistent, contemporary interior updates. The presence of private outdoor areas with Unit #1’s rear yard and Unit #2’s roof deck can support tenant appeal, and the in-unit laundry and updated kitchens align with common renter expectations. With both units currently leased, this property is positioned for immediate rental use.
The duplex is located at 1944 N 8th St in Philadelphia, within walking distance to Temple University. The listing also notes remaining years on a tax abatement.
For investors or owner-occupants seeking a turnkey, campus-area rental setup, the two-unit configuration provides separate living spaces while maintaining consistent, contemporary interior updates. The presence of private outdoor areas with Unit #1’s rear yard and Unit #2’s roof deck can support tenant appeal, and the in-unit laundry and updated kitchens align with common renter expectations. With both units currently leased, this property is positioned for immediate rental use.
Key Highlights
- Fully occupied duplex at 1944 N 8th St with two separate bi‑level units totaling 6 bedrooms and 6 bathrooms
- Unit #1 is a 3BD/3BA bi‑level with a private rear yard and rents for $2,095/month
- Unit #2 is a 3BD/3BA bi‑level penthouse with a massive private roof deck and rents for $2,123/month
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
$48,430
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
7.45%
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%
$968,600
$968.6K
Cap Rate 7%
$691,857
$691.9K
Cap Rate 9%
$538,111
$538.1K
Market Conditions
NOI Build-Up for 2,838 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
$73.2K $25.80/SF
− Vacancy
−$4.0K −$1.42/SF
EGI
$69.2K $24.38/SF
− OpEx
−$20.8K −$7.31/SF
NOI
$48.4K $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%
$968,600
Cap Rate 7%
$691,857
Cap Rate 9%
$538,111
Alternative Uses
Best Use
Multifamily LT 5
$691.9K
$605.4K – $807.2K
NOI $48,430 @ 7.0% cap · market cap 7.45%
Second Best
Apartment 5plus
$637.7K
$558.0K – $744.0K
NOI $44,640 @ 7.0% cap · market cap 6.87%
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
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,796
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 - Fully occupied duplex with two bi-level units, in-unit laundry, and private outdoor space for tenants.
Where is this duplex located?
The property is located at 1944 N 8TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Fully occupied duplex at 1944 N 8th St with two separate bi‑level units totaling 6 bedrooms and 6 bathrooms; Unit #1 is a 3BD/3BA bi‑level with a private rear yard and rents for $2,095/month; Unit #2 is a 3BD/3BA bi‑level penthouse with a massive private roof deck and rents for $2,123/month
