Updated Two-Unit
For Sale
$525,000
10602 Cowden St Unit 1-2, Philadelphia, PA 19116
Brick income property with separate utilities, in-unit laundry, and renovated kitchens and baths.
Property Size2,584 SF
Price / SF$203.17
Days on Market253
Property Features for 10602 Cowden St Unit 1-2
General Information
Standard status
Active
Size
2,584 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
Building Details
Year Built
1960
Year Renovated
2023
Buildings
1
Construction
brick
Listing Agency:
United National Realty
Listed By:
Igor Baboshkin · License #10401272360
(718) 979-8000
Source:
Statenislandhomelistings
Added: Dec 27, 2025
Changed: Sep 2
Last Checked: Sep 6 at 9:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of United National Realty
Investment Insights
Based on property information with market context.
Built in 1960, this brick duplex contains two apartments, each offering 2 bedrooms and 1 full bath. Renovations completed between 2019-2023 include refreshed kitchens, bathrooms, appliances, and mechanical systems. Both units feature stainless steel appliances, dishwashers, full-size washer and dryer hookups, and separate utilities apart from water.
The property includes two unfinished basements that provide storage and flexible unfinished space, along with a detached metal shed and landscaped front and rear yards featuring rose bushes, fruit trees, berry bushes, and outdoor entertaining areas. A private driveway accommodates 4+ vehicles, with additional unrestricted street parking. Located 3 blocks from Route 1, the property also has pedestrian access to nearby shopping plazas and convenient proximity to supermarkets, fitness facilities, restaurants, medical offices, community amenities, and major retail destinations in Northeast Philadelphia.
The property includes two unfinished basements that provide storage and flexible unfinished space, along with a detached metal shed and landscaped front and rear yards featuring rose bushes, fruit trees, berry bushes, and outdoor entertaining areas. A private driveway accommodates 4+ vehicles, with additional unrestricted street parking. Located 3 blocks from Route 1, the property also has pedestrian access to nearby shopping plazas and convenient proximity to supermarkets, fitness facilities, restaurants, medical offices, community amenities, and major retail destinations in Northeast Philadelphia.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 full bath
- Renovations completed between 2019‑2023, including kitchens, baths, appliances, and mechanicals
- Separate utilities for each unit except water
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
$44,096
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
8.40%
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%
$881,920
$881.9K
Cap Rate 7%
$629,943
$629.9K
Cap Rate 9%
$489,956
$490.0K
Market Conditions
NOI Build-Up for 2,584 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
$66.7K $25.80/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$63.0K $24.38/SF
− OpEx
−$18.9K −$7.31/SF
NOI
$44.1K $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%
$881,920
Cap Rate 7%
$629,943
Cap Rate 9%
$489,956
Alternative Uses
Best Use
Multifamily LT 5
$629.9K
$551.2K – $734.9K
NOI $44,096 @ 7.0% cap · market cap 8.40%
Second Best
Apartment 5plus
$580.6K
$508.1K – $677.4K
NOI $40,645 @ 7.0% cap · market cap 7.74%
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
Highway access
Location Intelligence
Trade Area within ½ mile
724
Businesses Nearby
Explore this area
Business Placement
Demographics for 19116, PA
35,610
Population
14,166
Households
2.5
Avg Household Size
43
Median Age
36%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,848
Density / Sq Mi
$67,558
Median Household Income
$43,817
Median Earnings
$1,214
Median Rent
$321,400
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 - Brick income property with separate utilities, in-unit laundry, and renovated kitchens and baths.
Where is this duplex located?
The property is located at 10602 Cowden St Unit 1-2 Philadelphia, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 full bath; Renovations completed between 2019‑2023, including kitchens, baths, appliances, and mechanicals; Separate utilities for each unit except water
