Remodeled Two-Unit
For Sale
$375,000
2032 S 22ND Street, Philadelphia, PA 19145
Multi-Family, PHILADELPHIA, PA
Property Size1,550 SF
Lot Size0.02 Acres
Price / SF$241.94
Days on Market47
Property Features for 2032 S 22ND Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,550 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
3348
Utilities
Heating system
Hot Water(Heating)
Cooling system
Window Unit(s)
Amenities
in-unit laundry
private outdoor area
basement storage
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Realty Mark Associates
(215) 376-4444
Listed By:
Kevin Le · License #RS349630
(267) 918-5234
Added: Jul 15
Changed: Aug 19
Last Checked: Aug 30 at 2:06AM
MLS# PAPH2646740
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 masonry duplex contains 1,550 square feet across two residential units, each configured with 2 bedrooms and 1 bathroom. Renovation work includes updated plumbing, electrical systems, sheetrock, insulation, flooring, kitchens, appliances, and bathrooms. One unit includes in-unit stacking laundry, rear outdoor space, and an unfinished basement, while the upper unit has a private entrance from S 22nd Street. The property was built in 1920 and uses hot-water heating with window-unit cooling.
Zoned RM1, the property is positioned near the Passyunk Avenue commercial corridor, the Broad Street Line subway, local parks, Center City, the Philadelphia Sports Complex, and Philadelphia International Airport. On-street parking is available. One unit is tenant-occupied, and the second unit has been renovated for future occupancy or use by an owner.
Zoned RM1, the property is positioned near the Passyunk Avenue commercial corridor, the Broad Street Line subway, local parks, Center City, the Philadelphia Sports Complex, and Philadelphia International Airport. On-street parking is available. One unit is tenant-occupied, and the second unit has been renovated for future occupancy or use by an owner.
Key Highlights
- 1,550‑square‑foot masonry duplex with two 2‑bedroom, 1‑bathroom units
- Extensive renovations completed in 2024 and 2025
- RM1 zoning supports the property's duplex configuration
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
$26,451
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
7.05%
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%
$529,020
$529.0K
Cap Rate 7%
$377,871
$377.9K
Cap Rate 9%
$293,900
$293.9K
Market Conditions
NOI Build-Up for 1,550 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
$40.0K $25.80/SF
− Vacancy
−$2.2K −$1.42/SF
EGI
$37.8K $24.38/SF
− OpEx
−$11.3K −$7.31/SF
NOI
$26.5K $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%
$529,020
Cap Rate 7%
$377,871
Cap Rate 9%
$293,900
Alternative Uses
Best Use
Multifamily LT 5
$377.9K
$330.6K – $440.9K
NOI $26,451 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$348.3K
$304.8K – $406.4K
NOI $24,381 @ 7.0% cap · market cap 6.50%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,973
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
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 - Two matching residential units provide flexible occupancy options in a compact masonry property.
Where is this duplex located?
The property is located at 2032 S 22ND Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 1,550‑square‑foot masonry duplex with two 2‑bedroom, 1‑bathroom units; Extensive renovations completed in 2024 and 2025; RM1 zoning supports the property's duplex configuration
