Renovated Occupied
For Sale
$419,000
2233 N 16TH Street, Philadelphia, PA 19132
Multi-Family, PHILADELPHIA, PA
Property Size1,964 SF
Lot Size0.02 Acres
Price / SF$213.34
Days on Market122
Property Features for 2233 N 16TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Appliances
Refrigerator, Stove, Microwave, Washer, Dryer
Subdivision
PHILADELPHIA (NORTH)
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,964 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
1026
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Ductless
Amenities
laundry
Building Details
Year built
1915
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Eliakim Realty Inc
(267) 626-2398
Listed By:
Nestor F Colon · License #RM422846
(215) 200-1089
Added: May 1
Changed: Aug 21
Last Checked: Aug 30 at 2:06PM
MLS# PAPH2615192
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 at 2233 N 16th Street in Philadelphia contains two renovated bi-level units, each arranged with 3 bedrooms and 3 full bathrooms. Both residences are occupied under year-to-year leases. Improvements include new electrical and plumbing systems, ductless mini-split heating and cooling, contemporary kitchens with shaker cabinetry and quartz countertops, updated bathrooms, and laundry equipment.
The first unit includes full basement access, dedicated laundry, storage, and private use of the rear yard. Its layout can be configured as either a three-bedroom residence or a two-bedroom arrangement with a separate living room. The second unit spans the second and third floors, with a kitchen, living area, bedroom, bathroom, laundry closet, and two additional bedrooms with two bathrooms upstairs. The property includes a refrigerator, stove, microwave, washer, and dryer, and was built in 1915.
The first unit includes full basement access, dedicated laundry, storage, and private use of the rear yard. Its layout can be configured as either a three-bedroom residence or a two-bedroom arrangement with a separate living room. The second unit spans the second and third floors, with a kitchen, living area, bedroom, bathroom, laundry closet, and two additional bedrooms with two bathrooms upstairs. The property includes a refrigerator, stove, microwave, washer, and dryer, and was built in 1915.
Key Highlights
- Two occupied residential units with year‑to‑year leases
- 1,964 square feet on a 0.0235‑acre lot
- Each unit offers 3 bedrooms and 3 full bathrooms
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
$33,515
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
8.00%
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%
$670,300
$670.3K
Cap Rate 7%
$478,786
$478.8K
Cap Rate 9%
$372,389
$372.4K
Market Conditions
NOI Build-Up for 1,964 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
$50.7K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$47.9K $24.38/SF
− OpEx
−$14.4K −$7.31/SF
NOI
$33.5K $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%
$670,300
Cap Rate 7%
$478,786
Cap Rate 9%
$372,389
Alternative Uses
Best Use
Multifamily LT 5
$478.8K
$418.9K – $558.6K
NOI $33,515 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$441.3K
$386.2K – $514.9K
NOI $30,893 @ 7.0% cap · market cap 7.37%
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
Location Intelligence
Trade Area within ½ mile
2,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 19132, PA
33,926
Population
17,402
Households
1.9
Avg Household Size
37
Median Age
13%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
15,421
Density / Sq Mi
$30,974
Median Household Income
$30,300
Median Earnings
$1,055
Median Rent
$73,000
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 bi-level residences feature updated kitchens, bathrooms, laundry areas, and current tenant occupancy.
Where is this duplex located?
The property is located at 2233 N 16TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Two occupied residential units with year‑to‑year leases; 1,964 square feet on a 0.0235‑acre lot; Each unit offers 3 bedrooms and 3 full bathrooms
