Duplex With Separate
For Sale
$899,000
1215 S 23RD Street, Philadelphia, PA 19146
Multi-Family, PHILADELPHIA, PA
Property Size3,000 SF
Lot Size0.02 Acres
Price / SF$299.67
Days on Market143
Property Features for 1215 S 23RD Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Interior features
Ceiling Fan(s), Recessed Lighting, 2nd Kitchen, Bathroom - Stall Shower, Bathroom - Tub Shower, Bathroom - Walk-In Shower
Subdivision
POINT BREEZE
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
3,000 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
3422
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
private deck
private backyard
Building Details
Year built
1915
Number of units
2
Building materials
Masonry, Brick
Architectural style
Contemporary
Listing Agency:
Homestarr Realty
(215) 355-5565
Listed By:
Joe Hill · License #RS344689
(215) 436-4768
Added: Apr 25
Changed: Aug 24
Last Checked: Sep 14 at 10:06AM
MLS# PAPH2612632
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 3,000-square-foot duplex contains two self-contained residences, each with its own entrance. The upper home includes three bedrooms, three bathrooms, and a private deck; it currently operates as a short-term rental and may be delivered furnished. The lower home offers two bedrooms, two bathrooms, and access to a private backyard. Interior features include recessed lighting, ceiling fans, a second kitchen, and multiple shower configurations. Masonry and brick construction dates to 1915, with forced-air heating and central air conditioning.
The property is located at 1215 S 23RD Street in Philadelphia’s Graduate Hospital / Point Breeze corridor. On-street parking is available, and approximately 7 years remain on the Philadelphia 10-Year Tax Abatement. The upper residence has future bookings in place, while the lower unit can accommodate owner occupancy or additional rental use as described.
The property is located at 1215 S 23RD Street in Philadelphia’s Graduate Hospital / Point Breeze corridor. On-street parking is available, and approximately 7 years remain on the Philadelphia 10-Year Tax Abatement. The upper residence has future bookings in place, while the lower unit can accommodate owner occupancy or additional rental use as described.
Key Highlights
- Two independent residences within a 3,000‑square‑foot duplex
- Upper unit offers 3 bedrooms, 3 bathrooms, private deck, and furnished delivery option
- Lower unit includes 2 bedrooms, 2 bathrooms, and private backyard access
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
Lease Details
2
Residential units
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 accessed homes support independent occupancy and flexible rental arrangements.
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 within a 3,000‑square‑foot duplex; Upper unit offers 3 bedrooms, 3 bathrooms, private deck, and furnished delivery option; Lower unit includes 2 bedrooms, 2 bathrooms, and private backyard access
