Duplex with Private Roof
For Sale
$499,000
1255 N 23RD STREET, Philadelphia, PA 19121
A 2019 two-unit property pairs established rental occupancy with a vacant apartment available for leasing or owner use.
Property Size1,611 SF
Price / SF$309.75
Days on Market10
Property Features for 1255 N 23RD STREET
General Information
Standard status
Active
Size
1,611 SF
Property subtype
Duplex
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
private roof deck
Building Details
Year Built
2019
Listing Agency:
Keller Williams Main Line
(610) 520-0100
Listed By:
Zack Porrini · License #RS369580
(610) 469-4860
Source:
Cummingsrealtors
Added: Oct 13
Changed: Oct 21
Last Checked: Oct 20 at 10:53PM
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 Keller Williams Main Line
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Investment Insights
Based on property information with market context.
Built in 2019, this duplex contains two apartments: one with three bedrooms and two bathrooms, and another with two bedrooms and two bathrooms. The larger unit includes a private roof deck. A long-term tenant occupies the three-bedroom apartment, while the two-bedroom unit is vacant and can be leased or occupied by the owner.
The property has approximately three years remaining on a tax abatement. Tenants are responsible for all utilities.
The property has approximately three years remaining on a tax abatement. Tenants are responsible for all utilities.
Key Highlights
- Two apartments: one 3‑bedroom, 2‑bathroom unit and one 2‑bedroom, 2‑bathroom unit
- Private roof deck serves the 3‑bedroom apartment
- Long‑term tenant occupies the 3‑bedroom unit; the 2‑bedroom unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,492
Cap Rate
5.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$549,840
$549.8K
Cap Rate 7%
$392,743
$392.7K
Cap Rate 9%
$305,467
$305.5K
Market Conditions
NOI Build-Up for 1,611 SF
Gross rent
$41.6K $25.80/SF
− Vacancy
−$2.3K −$1.42/SF
EGI
$39.3K $24.38/SF
− OpEx
−$11.8K −$7.31/SF
NOI
$27.5K $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 Rate 5%
$549,840
Cap Rate 7%
$392,743
Cap Rate 9%
$305,467
Alternative Uses
Best Use
Multifamily LT 5
$392.7K
$343.7K – $458.2K
NOI $27,492 @ 7.0% cap · market cap 5.51%
Second Best
Apartment 5plus
$362.0K
$316.8K – $422.3K
NOI $25,340 @ 7.0% cap · market cap 5.08%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,137
Businesses Nearby
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Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - A 2019 two-unit property pairs established rental occupancy with a vacant apartment available for leasing or owner use.
Where is this duplex located?
The property is located at 1255 N 23RD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two apartments: one 3‑bedroom, 2‑bathroom unit and one 2‑bedroom, 2‑bathroom unit; Private roof deck serves the 3‑bedroom apartment; Long‑term tenant occupies the 3‑bedroom unit; the 2‑bedroom unit is vacant
