Three-Story Duplex with Finished
New
For Sale
$419,900
1506 W PORTER ST, Philadelphia, PA 19145
Two separately entered residences offer flexible owner-occupant or rental use with private utilities, central air, and in-unit laundry.
Property Size2,116 SF
Price / SF$198.44
Days on Market3
Property Features for 1506 W PORTER ST
General Information
Standard status
Active
Size
2,116 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
central air
washer/dryer in both units
indoor common area porch
Building Details
Buildings
1
Stories
3
Listing Agency:
Alpha Realty Group
(215) 463-0777
Listed By:
Grace G DeGregorio · License #RS278275
(215) 460-5147
Source:
Hostetterrealty
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 10:26AM
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 Alpha Realty Group
Investment Insights
Based on property information with market context.
This three-story duplex contains two bi-level one-bedroom units totaling 2,116 square feet. Unit 1 includes a full finished basement and rear yard, while Unit 2 was fully refurbished in 2026 with updated walls, paint, and rugs. Both residences have separate entrances, central air, individual utilities, and their own washer and dryer. The property also includes an indoor common porch, newer roofing, rebuilt front steps, and city views. The entire property underwent rehabilitation around 2010, with the second unit receiving a further refurbishment in 2026.
Located at 1506 W PORTER ST in Philadelphia, the property is steps from the Broad Street Line and within walking distance of Passyunk Ave, Marconi Park, the stadiums, and several dining and coffee establishments. Unit 1’s finished basement and rear yard add additional private space, while Unit 2 includes potential for a third-floor roof deck buildout as described in the property information.
Located at 1506 W PORTER ST in Philadelphia, the property is steps from the Broad Street Line and within walking distance of Passyunk Ave, Marconi Park, the stadiums, and several dining and coffee establishments. Unit 1’s finished basement and rear yard add additional private space, while Unit 2 includes potential for a third-floor roof deck buildout as described in the property information.
Key Highlights
- Two 1‑bedroom bi‑level units in a 3‑story duplex
- 2,116 square feet with separate entrances and utilities
- Unit 1 includes a full finished basement and rear yard
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
$36,109
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
8.60%
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%
$722,180
$722.2K
Cap Rate 7%
$515,843
$515.8K
Cap Rate 9%
$401,211
$401.2K
Market Conditions
NOI Build-Up for 2,116 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
$54.6K $25.80/SF
− Vacancy
−$3.0K −$1.42/SF
EGI
$51.6K $24.38/SF
− OpEx
−$15.5K −$7.31/SF
NOI
$36.1K $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%
$722,180
Cap Rate 7%
$515,843
Cap Rate 9%
$401,211
Alternative Uses
Best Use
Multifamily LT 5
$515.8K
$451.4K – $601.8K
NOI $36,109 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$475.5K
$416.1K – $554.7K
NOI $33,284 @ 7.0% cap · market cap 7.93%
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
2,976
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 separately entered residences offer flexible owner-occupant or rental use with private utilities, central air, and in-unit laundry.
Where is this duplex located?
The property is located at 1506 W PORTER ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $419,900.
What are key features of this property?
This property features: Two 1‑bedroom bi‑level units in a 3‑story duplex; 2,116 square feet with separate entrances and utilities; Unit 1 includes a full finished basement and rear yard
