Duplex with Six-Car
For Sale
$589,000
2137-39 E ANN ST, Philadelphia, PA 19134
Two structures provide separate entrances, individual utilities, residential apartments, and substantial garage capacity on a corner lot.
Property Size1,422 SF
Price / SF$414.21
Days on Market47
Property Features for 2137-39 E ANN ST
General Information
Standard status
Active
Size
1,422 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 1 x 2BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Buildings
2
Listing Agency:
RE/MAX Select Group
(215) 335-6900
Listed By:
Marco A Troche · License #RS309601
(267) 255-8132
Source:
Hostetterrealty
Added: Jul 20
Changed: Aug 28
Last Checked: Sep 2 at 3:49AM
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 RE/MAX Select Group
Investment Insights
Based on property information with market context.
This duplex property includes two separate structures on one lot. The main building contains a first-floor one-bedroom apartment and a second-floor two-bedroom apartment, each with its own entrance and separate utilities. A second structure adds another one-bedroom apartment along with a six-car garage and additional storage space above or behind the garage.
Situated at 2137-39 E Ann St in Philadelphia, the property occupies a corner lot with access to public transportation and major routes. The configuration supports multiple residential units along with substantial enclosed garage and storage space.
Situated at 2137-39 E Ann St in Philadelphia, the property occupies a corner lot with access to public transportation and major routes. The configuration supports multiple residential units along with substantial enclosed garage and storage space.
Key Highlights
- Two structures on one corner lot
- Main building includes 1‑bedroom and 2‑bedroom apartments
- Corner structure includes a 1‑bedroom apartment
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
$24,266
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
4.12%
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%
$485,320
$485.3K
Cap Rate 7%
$346,657
$346.7K
Cap Rate 9%
$269,622
$269.6K
Market Conditions
NOI Build-Up for 1,422 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
$36.7K $25.80/SF
− Vacancy
−$2.0K −$1.42/SF
EGI
$34.7K $24.38/SF
− OpEx
−$10.4K −$7.31/SF
NOI
$24.3K $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%
$485,320
Cap Rate 7%
$346,657
Cap Rate 9%
$269,622
Alternative Uses
Best Use
Multifamily LT 5
$346.7K
$303.3K – $404.4K
NOI $24,266 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$319.5K
$279.6K – $372.8K
NOI $22,367 @ 7.0% cap · market cap 3.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
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 structures provide separate entrances, individual utilities, residential apartments, and substantial garage capacity on a corner lot.
Where is this duplex located?
The property is located at 2137-39 E ANN ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Two structures on one corner lot; Main building includes 1‑bedroom and 2‑bedroom apartments; Corner structure includes a 1‑bedroom apartment
