Two-Unit Duplex with Central
For Sale
$450,000
406 PIERCE Street, Philadelphia, PA 19148
Multi-Family, PHILADELPHIA, PA
Property Size1,728 SF
Lot Size0.02 Acres
Price / SF$260.42
Days on Market18
Property Features for 406 PIERCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Interior features
Ceiling Fan(s), Wood Floors, Bathroom - Tub Shower
Appliances
Built-In Range, Built-In Microwave, Refrigerator, Stainless Steel Appliances
Subdivision
PENNSPORT
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,728 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
6252
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1960
Number of units
2
Building materials
Masonry
Listing Agency:
Keller Williams Real Estate - West Chester · Keller Williams Realty
(610) 399-5100
Listed By:
Deneen Sweeney · License #RS323144
(484) 888-3177
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 29 at 12:06AM
MLS# PAPH2659186
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.
Located at 406 Pierce Street in Philadelphia’s Pennsport neighborhood, this 1,728-square-foot duplex was built in 1960 on a 0.0177-acre lot. The two-unit layout includes a first-floor residence with two bedrooms, one full bathroom, a living room, kitchen, and private rear patio enclosed by a high fence.
The second-floor residence provides three bedrooms, one full bathroom, one half bathroom, and hardwood flooring in the living room and kitchen. Both kitchens feature ceramic tile backsplashes and stainless steel appliances, while both units have central air and forced-air heat. On-street parking is available.
The property is near Dickinson Square Park, restaurants, shopping, and public transportation. The second-floor unit currently includes one month-to-month occupant, with additional rooms available within the residence.
The second-floor residence provides three bedrooms, one full bathroom, one half bathroom, and hardwood flooring in the living room and kitchen. Both kitchens feature ceramic tile backsplashes and stainless steel appliances, while both units have central air and forced-air heat. On-street parking is available.
The property is near Dickinson Square Park, restaurants, shopping, and public transportation. The second-floor unit currently includes one month-to-month occupant, with additional rooms available within the residence.
Key Highlights
- Two‑unit duplex at 406 Pierce Street in Philadelphia’s Pennsport neighborhood
- 1,728 square feet on a 0.0177‑acre lot; built in 1960
- First‑floor unit has 2 bedrooms, 1 full bathroom, and a private rear patio
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
$29,488
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
6.55%
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%
$589,760
$589.8K
Cap Rate 7%
$421,257
$421.3K
Cap Rate 9%
$327,644
$327.6K
Market Conditions
NOI Build-Up for 1,728 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
$44.6K $25.80/SF
− Vacancy
−$2.5K −$1.42/SF
EGI
$42.1K $24.38/SF
− OpEx
−$12.6K −$7.31/SF
NOI
$29.5K $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%
$589,760
Cap Rate 7%
$421,257
Cap Rate 9%
$327,644
Alternative Uses
Best Use
Multifamily LT 5
$421.3K
$368.6K – $491.5K
NOI $29,488 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$388.3K
$339.8K – $453.0K
NOI $27,181 @ 7.0% cap · market cap 6.04%
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
2,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
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 - Separate residences offer flexible layouts, stainless steel appliances, and central heating and cooling.
Where is this duplex located?
The property is located at 406 PIERCE Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two‑unit duplex at 406 Pierce Street in Philadelphia’s Pennsport neighborhood; 1,728 square feet on a 0.0177‑acre lot; built in 1960; First‑floor unit has 2 bedrooms, 1 full bathroom, and a private rear patio
