Remodeled Two-Unit
For Sale
$460,000
2001 S NORWOOD STREET, Philadelphia, PA 19145
Two occupied units feature updated building systems and tenant-paid utilities.
Property Size1,530 SF
Days on Market503
Property Features for 2001 S NORWOOD STREET
General Information
Standard status
Active
Size
1,530 SF
Property subtype
Duplex
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,445
Building Details
Building Size
1,530 SF
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Homestarr Realty
(267) 242-9172
Listed By:
Gerald P Hill · License #RM421402
(267) 242-9172
Source:
Patmckennarealtors
Added: Apr 14, 2025
Changed: Aug 28
Last Checked: Aug 26 at 10:04AM
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.
This 1,530-square-foot duplex in Philadelphia’s West Passyunk neighborhood has undergone a substantial remodel. Improvements include new plumbing, HVAC systems, a roof replacement, and new flooring throughout. The property contains two residential units: one with 3 bedrooms and 2 baths, and another with 2 bedrooms and 1 bath.
Both units are occupied, and tenants are responsible for utilities, including water. The second unit is subject to a one-year lease. A tax abatement is also associated with the property. Located in West Passyunk, the duplex is near local shops, restaurants, and cultural attractions, with access to public transportation and major highways.
Both units are occupied, and tenants are responsible for utilities, including water. The second unit is subject to a one-year lease. A tax abatement is also associated with the property. Located in West Passyunk, the duplex is near local shops, restaurants, and cultural attractions, with access to public transportation and major highways.
Key Highlights
- 1,530‑square‑foot duplex in West Passyunk, Philadelphia
- Unit A includes 3 Bed/2 Bath; Unit B includes 2 Bed/1 Bath
- Recent updates include plumbing, HVAC systems, roof, and flooring
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
$26,109
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
5.68%
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%
$522,180
$522.2K
Cap Rate 7%
$372,986
$373.0K
Cap Rate 9%
$290,100
$290.1K
Market Conditions
NOI Build-Up for 1,530 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
$39.5K $25.80/SF
− Vacancy
−$2.2K −$1.42/SF
EGI
$37.3K $24.38/SF
− OpEx
−$11.2K −$7.31/SF
NOI
$26.1K $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%
$522,180
Cap Rate 7%
$372,986
Cap Rate 9%
$290,100
Alternative Uses
Best Use
Multifamily LT 5
$373.0K
$326.4K – $435.2K
NOI $26,109 @ 7.0% cap · market cap 5.68%
Second Best
Apartment 5plus
$343.8K
$300.8K – $401.1K
NOI $24,066 @ 7.0% cap · market cap 5.23%
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
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,973
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
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 - Two occupied units feature updated building systems and tenant-paid utilities.
Where is this duplex located?
The property is located at 2001 S NORWOOD STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: 1,530‑square‑foot duplex in West Passyunk, Philadelphia; Unit A includes 3 Bed/2 Bath; Unit B includes 2 Bed/1 Bath; Recent updates include plumbing, HVAC systems, roof, and flooring
