Renovated Two-Unit
For Sale
$585,000
122 S 46TH Street, Philadelphia, PA 19139
Multi-Family, PHILADELPHIA, PA
Property Size2,600 SF
Price / SF$225
Days on Market180
Property Features for 122 S 46TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,600 SF
Taxes and HOA fees
Tax Annual Amount
5196
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1925
Number of units
2
Building materials
Mixed
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Nadia T Bilynsky · License #RS311101
(267) 546-1718
Added: Mar 19
Changed: Sep 13
Last Checked: Sep 14 at 2:06PM
MLS# PAPH2596914
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 duplex contains 2600 square feet arranged as two self-contained residences. Each unit offers 3 bedrooms and 3 bathrooms, with renovated kitchens and bathrooms, refreshed flooring, and updated systems. Central air conditioning and electric baseboard heating serve the property, while parking is available on the street.
The property is located in University City, Philadelphia, near the University of Pennsylvania, Drexel, and Center City. Built in 1925, it provides a two-unit residential income configuration with separately functioning living spaces.
The property is located in University City, Philadelphia, near the University of Pennsylvania, Drexel, and Center City. Built in 1925, it provides a two-unit residential income configuration with separately functioning living spaces.
Key Highlights
- Two 3 bed / 3 bath units
- 2600 square feet across two self‑contained units
- Renovated kitchens, bathrooms, flooring, and systems
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
$44,369
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
7.58%
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%
$887,380
$887.4K
Cap Rate 7%
$633,843
$633.8K
Cap Rate 9%
$492,989
$493.0K
Market Conditions
NOI Build-Up for 2,600 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
$67.1K $25.80/SF
− Vacancy
−$3.7K −$1.42/SF
EGI
$63.4K $24.38/SF
− OpEx
−$19.0K −$7.31/SF
NOI
$44.4K $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%
$887,380
Cap Rate 7%
$633,843
Cap Rate 9%
$492,989
Alternative Uses
Best Use
Multifamily LT 5
$633.8K
$554.6K – $739.5K
NOI $44,369 @ 7.0% cap · market cap 7.58%
Second Best
Apartment 5plus
$584.2K
$511.2K – $681.6K
NOI $40,897 @ 7.0% cap · market cap 6.99%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,441
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two independent residences feature updated interiors, central air, and separate living arrangements.
Where is this duplex located?
The property is located at 122 S 46TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Two 3 bed / 3 bath units; 2600 square feet across two self‑contained units; Renovated kitchens, bathrooms, flooring, and systems
