Renovated Two-Unit
For Sale
$224,000
34 N FRAZIER Street, Philadelphia, PA 19139
Multi-Family, PHILADELPHIA, PA
Property Size1,020 SF
Lot Size0.02 Acres
Price / SF$219.61
Days on Market236
Property Features for 34 N FRAZIER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Off Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,020 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
1942
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Silver and Oak Realty
(201) 630-0360
Listed By:
Sascha Alexander Edelkraut
(267) 399-8043
Added: Jan 15
Changed: Aug 19
Last Checked: Sep 8 at 7:06PM
MLS# PAPH2575392
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 two-unit duplex contains 1,020 square feet within a masonry building constructed in 1920. The first-floor apartment has 1 bedroom, 1 full bathroom, and a dedicated kitchen. Upstairs, the second unit provides 2 bedrooms, 1 full bathroom, and its own kitchen. A basement is also included.
Renovation work was completed with permits in 2017 and covered the plumbing, electrical, and HVAC systems. The property has hot water heating, central air conditioning, and off-street parking. Both apartments are currently occupied, providing an operating residential configuration with distinct unit layouts.
Renovation work was completed with permits in 2017 and covered the plumbing, electrical, and HVAC systems. The property has hot water heating, central air conditioning, and off-street parking. Both apartments are currently occupied, providing an operating residential configuration with distinct unit layouts.
Key Highlights
- Two‑unit duplex with both apartments currently occupied
- First‑floor unit includes 1 bedroom, 1 full bathroom, and a dedicated kitchen
- Second‑floor unit offers 2 bedrooms, 1 full bathroom, and its own kitchen
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
$17,406
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
7.77%
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%
$348,120
$348.1K
Cap Rate 7%
$248,657
$248.7K
Cap Rate 9%
$193,400
$193.4K
Market Conditions
NOI Build-Up for 1,020 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
$26.3K $25.80/SF
− Vacancy
−$1.5K −$1.42/SF
EGI
$24.9K $24.38/SF
− OpEx
−$7.5K −$7.31/SF
NOI
$17.4K $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%
$348,120
Cap Rate 7%
$248,657
Cap Rate 9%
$193,400
Alternative Uses
Best Use
Multifamily LT 5
$248.7K
$217.6K – $290.1K
NOI $17,406 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$229.2K
$200.6K – $267.4K
NOI $16,044 @ 7.0% cap · market cap 7.16%
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
2,294
Businesses Nearby
Explore this area
Business Placement
Demographics for 19139, PA
43,281
Population
23,896
Households
1.8
Avg Household Size
36
Median Age
22%
College-Educated
86%
High-School Grad
1.8 sq mi
ZIP Area
24,045
Density / Sq Mi
$38,701
Median Household Income
$34,796
Median Earnings
$1,110
Median Rent
$118,700
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 - Both apartments are occupied and include separate kitchens, with one- and two-bedroom layouts.
Where is this duplex located?
The property is located at 34 N FRAZIER Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $224,000.
What are key features of this property?
This property features: Two‑unit duplex with both apartments currently occupied; First‑floor unit includes 1 bedroom, 1 full bathroom, and a dedicated kitchen; Second‑floor unit offers 2 bedrooms, 1 full bathroom, and its own kitchen
