Duplex with Independent
For Sale
$899,000
1215 S 23RD STREET, Philadelphia, PA 19146
Two separately entered homes offer flexible occupancy, including short-term rental operation upstairs and private outdoor space below.
Property Size3,000 SF
Days on Market149
Property Features for 1215 S 23RD STREET
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$3,422
Amenities
private deck
private backyard
Building Details
Building Size
3,000 SF
Year Built
1915
Stories
2
Listing Agency:
Homestarr Realty
Listed By:
Joe Hill · License #RS344689
(215) 436-4768
Source:
Patmckennarealtors
Added: Apr 25
Changed: Sep 17
Last Checked: Sep 20 at 11:18AM
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 Homestarr Realty
Investment Insights
Based on property information with market context.
Built in 1915, this Philadelphia duplex contains two fully independent residences, each with its own entrance and approximately 1,500 square feet of living area. The upper home includes three bedrooms and three bathrooms, along with a private deck, and is currently furnished and operating as a short-term rental. Existing future bookings and established operating systems are in place. The lower residence provides two bedrooms, two bathrooms, and access to a private backyard, supporting owner occupancy or rental use.
The property is located at 1215 S 23RD STREET in Philadelphia’s Graduate Hospital / Point Breeze corridor. Approximately 7 years remain on the Philadelphia 10-Year Tax Abatement. The two-residence configuration provides separate living spaces and distinct outdoor features within a single multifamily property.
The property is located at 1215 S 23RD STREET in Philadelphia’s Graduate Hospital / Point Breeze corridor. Approximately 7 years remain on the Philadelphia 10-Year Tax Abatement. The two-residence configuration provides separate living spaces and distinct outdoor features within a single multifamily property.
Key Highlights
- Two independent residences with separate entrances
- Approximately 1,500 square feet per level
- Upper residence has 3 bedrooms, 3 bathrooms, and a private deck
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
$51,195
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
5.69%
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%
$1,023,900
$1.0M
Cap Rate 7%
$731,357
$731.4K
Cap Rate 9%
$568,833
$568.8K
Market Conditions
NOI Build-Up for 3,000 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
$77.4K $25.80/SF
− Vacancy
−$4.3K −$1.42/SF
EGI
$73.1K $24.38/SF
− OpEx
−$21.9K −$7.31/SF
NOI
$51.2K $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%
$1,023,900
Cap Rate 7%
$731,357
Cap Rate 9%
$568,833
Alternative Uses
Best Use
Multifamily LT 5
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$674.1K
$589.9K – $786.5K
NOI $47,189 @ 7.0% cap · market cap 5.25%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,263
Businesses Nearby
Explore this area
Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 separately entered homes offer flexible occupancy, including short-term rental operation upstairs and private outdoor space below.
Where is this duplex located?
The property is located at 1215 S 23RD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two independent residences with separate entrances; Approximately 1,500 square feet per level; Upper residence has 3 bedrooms, 3 bathrooms, and a private deck
