Three-Story Bi-Level
For Sale
$419,900
1506 W PORTER Street, Philadelphia, PA 19145
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size2,116 SF
Lot Size0.02 Acres
Price / SF$198.44
Days on Market86
Property Features for 1506 W PORTER Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Appliances
Washer, Dryer
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,116 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
5024
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Alpha Realty Group
(215) 463-0777
Listed By:
Grace G DeGregorio · License #RS278275
(215) 460-5147
Added: May 20
Changed: Jun 16
Last Checked: Aug 13 at 1:06AM
MLS# PAPH2622808
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-story duplex contains two bi-level one-bedroom units with bright, spacious layouts and separate entrances. Unit 1 includes a full finished basement and a rear yard, while Unit 2 has been fully remodeled, with walls, paint, and rugs refreshed in 2026. The property features an indoor common area porch shared by both units, and both units have central air and washer/dryer hookups. The entire duplex was rehabbed approximately in 2010, with newer roof and rebuilt front steps noted as part of the upkeep. Each unit has its own utility setup, supporting true separation.
The property is located at 1506 W Porter Street in Philadelphia, PA 19145. It is described as being steps to the Broad Street Line and within walking distance to Passyunk Ave, Marconi Park, and nearby stadiums. Public remarks also reference several nearby dining options, including Heavy Metal Sausage, Homegrown Coffee, L’Angolo, and Scannicchio’s BYOBs.
Designed to accommodate either an owner-occupant or a rental-focused buyer, this duplex offers flexibility with a live-in option in one unit and rental income from the other. With separate utilities, in-unit laundry, and recent updates to Unit 2, the layout supports straightforward day-to-day operation. The remarks also mention a possible third-floor roof deck concept for Unit 2.
The property is located at 1506 W Porter Street in Philadelphia, PA 19145. It is described as being steps to the Broad Street Line and within walking distance to Passyunk Ave, Marconi Park, and nearby stadiums. Public remarks also reference several nearby dining options, including Heavy Metal Sausage, Homegrown Coffee, L’Angolo, and Scannicchio’s BYOBs.
Designed to accommodate either an owner-occupant or a rental-focused buyer, this duplex offers flexibility with a live-in option in one unit and rental income from the other. With separate utilities, in-unit laundry, and recent updates to Unit 2, the layout supports straightforward day-to-day operation. The remarks also mention a possible third-floor roof deck concept for Unit 2.
Key Highlights
- Income‑producing duplex in a desirable location.
- Two bi‑level 1‑bedroom units with modern finishes and separate entrances.
- 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
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
756
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 - Turn-key duplex with two bi-level 1-bedroom units, central air, separate utilities, and in-unit washer/dryer.
Where is this duplex located?
The property is located at 1506 W PORTER Street 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: Income‑producing duplex in a desirable location.; Two bi‑level 1‑bedroom units with modern finishes and separate entrances.; Unit 1 includes a full finished basement and rear yard.
