Two-Unit Bi-Level
For Sale
$549,000
1136 N 4TH STREET, Philadelphia, PA 19123
Tenant-occupied duplex with two bi-level residences, each offering two bedrooms in Northern Liberties.
Property Size1,802 SF
Days on Market1425
Property Features for 1136 N 4TH STREET
General Information
Standard status
Active
Size
1,802 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,724
Building Details
Building Size
1,802 SF
Year Built
1920
Listing Agency:
Fred R Levine Real Estate
Listed By:
Fred R Levine · License #RB043558A
(215) 465-3733
Source:
Patmckennarealtors
Added: Oct 9, 2022
Changed: Aug 28
Last Checked: Sep 1 at 11:22PM
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 Fred R Levine Real Estate
Investment Insights
Based on property information with market context.
This 1,802-square-foot duplex contains two bi-level residences, each configured with two bedrooms. The property is being offered with both units tenant occupied, providing an existing residential rental setup.
Located at 1136 N 4TH ST in Philadelphia’s Northern Liberties, the building includes staggered lease expirations. Unit A’s lease runs through 2/28/26, while Unit B’s lease continues through 11/30/25. Both residences are currently rented.
Located at 1136 N 4TH ST in Philadelphia’s Northern Liberties, the building includes staggered lease expirations. Unit A’s lease runs through 2/28/26, while Unit B’s lease continues through 11/30/25. Both residences are currently rented.
Key Highlights
- Two‑unit duplex with 1,802 SF of total property size
- Each residence is a bi‑level, two‑bedroom unit
- Both units are tenant occupied
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
$30,751
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
5.60%
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%
$615,020
$615.0K
Cap Rate 7%
$439,300
$439.3K
Cap Rate 9%
$341,678
$341.7K
Market Conditions
NOI Build-Up for 1,802 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
$46.5K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$43.9K $24.38/SF
− OpEx
−$13.2K −$7.31/SF
NOI
$30.8K $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%
$615,020
Cap Rate 7%
$439,300
Cap Rate 9%
$341,678
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.5K
NOI $30,751 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$404.9K
$354.3K – $472.4K
NOI $28,345 @ 7.0% cap · market cap 5.16%
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
Location Intelligence
Trade Area within ½ mile
3,393
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Tenant-occupied duplex with two bi-level residences, each offering two bedrooms in Northern Liberties.
Where is this duplex located?
The property is located at 1136 N 4TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,802 SF of total property size; Each residence is a bi‑level, two‑bedroom unit; Both units are tenant occupied
