Renovated Duplex with
For Sale
$397,700
550 E Washington Ln, Philadelphia, PA 19144
Fully renovated two-unit property with separate utilities, independent HVAC, in-unit laundry, and off-street parking.
Property Size2,000 SF
Price / SF$198.85
Days on Market10
Property Features for 550 E Washington Ln
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
OCF Realty LLC - Philadelphia
Listed By:
Darcy K Scollin · License #RS291005
(215) 285-6198
Source:
Upgradebymichaud
Added: Aug 26
Changed: Aug 30
Last Checked: Sep 1 at 9:17PM
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 OCF Realty LLC - Philadelphia
Investment Insights
Based on property information with market context.
This Philadelphia duplex contains two separately metered apartments with independent electrical sub-panels, high-efficiency HVAC furnaces, central air conditioning, and dedicated laundry areas. The building received a permitted, inspected, and certified renovation that included new plumbing, insulated windows, newer roofing, hardwired smoke and fire alarms, fire-rated doors, and code-compliant separation between units. Lead-Safe Certifications are also in place.
The first-floor apartment offers two bedrooms and one bathroom. A bi-level second residence spans the second and third floors and includes three bedrooms and two full bathrooms. Both units have equipped kitchens and updated tile finishes, with bamboo and restored oak flooring across the apartments.
Additional utility and workspace areas include a 750 SF basement workshop and a garage workshop supplied by dedicated 20-amp circuits. The property also has an attached garage, private driveway, front off-street parking, and a concrete rear yard. It is located at 550 E WASHINGTON LN in Philadelphia, near schools, regional rail, bus service, and shopping.
The first-floor apartment offers two bedrooms and one bathroom. A bi-level second residence spans the second and third floors and includes three bedrooms and two full bathrooms. Both units have equipped kitchens and updated tile finishes, with bamboo and restored oak flooring across the apartments.
Additional utility and workspace areas include a 750 SF basement workshop and a garage workshop supplied by dedicated 20-amp circuits. The property also has an attached garage, private driveway, front off-street parking, and a concrete rear yard. It is located at 550 E WASHINGTON LN in Philadelphia, near schools, regional rail, bus service, and shopping.
Key Highlights
- Two‑unit duplex at 550 E WASHINGTON LN, Philadelphia, PA 19144
- 2‑bedroom, 1‑bath first‑floor apartment plus a 3‑bedroom, 2‑full‑bath bi‑level unit
- 750 SF basement workshop and garage workshop with dedicated 20‑amp circuits
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
$34,130
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
8.58%
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%
$682,600
$682.6K
Cap Rate 7%
$487,571
$487.6K
Cap Rate 9%
$379,222
$379.2K
Market Conditions
NOI Build-Up for 2,000 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
$51.6K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$48.8K $24.38/SF
− OpEx
−$14.6K −$7.31/SF
NOI
$34.1K $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%
$682,600
Cap Rate 7%
$487,571
Cap Rate 9%
$379,222
Alternative Uses
Best Use
Multifamily LT 5
$487.6K
$426.6K – $568.8K
NOI $34,130 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$449.4K
$393.2K – $524.3K
NOI $31,459 @ 7.0% cap · market cap 7.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
Explore this area
Business Placement
Demographics for 19144, PA
44,481
Population
23,583
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
3.6 sq mi
ZIP Area
12,356
Density / Sq Mi
$45,727
Median Household Income
$36,020
Median Earnings
$1,110
Median Rent
$224,600
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 - Fully renovated two-unit property with separate utilities, independent HVAC, in-unit laundry, and off-street parking.
Where is this duplex located?
The property is located at 550 E Washington Ln Philadelphia, PA.
What is the asking price?
The asking price for this property is $397,700.
What are key features of this property?
This property features: Two‑unit duplex at 550 E WASHINGTON LN, Philadelphia, PA 19144; 2‑bedroom, 1‑bath first‑floor apartment plus a 3‑bedroom, 2‑full‑bath bi‑level unit; 750 SF basement workshop and garage workshop with dedicated 20‑amp circuits
