Renovated
For Sale
$229,900
234 W ERIE Avenue, Philadelphia, PA 19140
Multi-Family, PHILADELPHIA, PA
Property Size1,064 SF
Lot Size0.03 Acres
Price / SF$216.07
Days on Market100
Property Features for 234 W ERIE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,064 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
991
Utilities
Heating system
Forced Air
Building Details
Year built
1920
Number of units
1
Building materials
Masonry
Architectural style
Other
Listing Agency:
RE/MAX Select Group · RE/MAX International
(215) 335-6900
Listed By:
Marco A Troche · License #AB069365
(267) 255-8132
Added: May 28
Changed: Aug 19
Last Checked: Sep 4 at 12:06PM
MLS# PAPH2627412
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 renovated duplex contains two two-bedroom residences within a masonry-built property. Each unit has updated finishes, and the building is currently vacant, allowing a purchaser to determine future occupancy and leasing arrangements. Forced-air heating serves the property, while parking is available on the street.
Constructed in 1920, the building includes approximately 1,064 square feet on a 0.0257-acre lot. The property is located in Philadelphia, near public transportation, shopping, schools, and major roadways.
Constructed in 1920, the building includes approximately 1,064 square feet on a 0.0257-acre lot. The property is located in Philadelphia, near public transportation, shopping, schools, and major roadways.
Key Highlights
- Two updated 2‑bedroom units
- Delivered vacant for future leasing flexibility
- Approximately 1,064 square feet
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
$18,157
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
7.90%
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%
$363,140
$363.1K
Cap Rate 7%
$259,386
$259.4K
Cap Rate 9%
$201,744
$201.7K
Market Conditions
NOI Build-Up for 1,064 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
$27.5K $25.80/SF
− Vacancy
−$1.5K −$1.42/SF
EGI
$25.9K $24.38/SF
− OpEx
−$7.8K −$7.31/SF
NOI
$18.2K $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%
$363,140
Cap Rate 7%
$259,386
Cap Rate 9%
$201,744
Alternative Uses
Best Use
Multifamily LT 5
$259.4K
$227.0K – $302.6K
NOI $18,157 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$239.1K
$209.2K – $278.9K
NOI $16,736 @ 7.0% cap · market cap 7.28%
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
2,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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 vacant residences feature updated finishes and forced-air heating.
Where is this duplex located?
The property is located at 234 W ERIE Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two updated 2‑bedroom units; Delivered vacant for future leasing flexibility; Approximately 1,064 square feet
