Bi-Level Duplex with Private Outdoor
For Sale
Under Contract
$450,000
1613 N PHILIP Street, Philadelphia, PA 19122
Multi-Family, PHILADELPHIA, PA
Property Size1,620 SF
Lot Size0.02 Acres
Price / SF$277.78
Days on Market98
Property Features for 1613 N PHILIP Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Basement
Parking features
On Street
Interior features
Bathroom - Tub Shower, Combination Dining/Living, Combination Kitchen/Dining
Appliances
Dishwasher, Dryer, Oven/Range - Electric, Refrigerator, Washer
Subdivision
OLDE KENSINGTON
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active Under Contract
Size
1,620 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
4193
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Ductless
Building Details
Year built
1915
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Kurfiss Sotheby's International Realty
(215) 735-2225
Listed By:
Juliana Martell · License #AB069391
(856) 366-0224
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 9 at 1:06AM
MLS# PAPH2630318
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 legally zoned duplex contains 1620 square feet across two bi-level residences. The first unit has one bedroom and one bathroom, along with a renovated kitchen, dishwasher, central air, in-unit washer and dryer, laminate flooring, basement access, and a private patio. The second includes two bedrooms, one and a half bathrooms, a full kitchen, central air, in-unit laundry, laminate flooring, and a private deck. One residence is vacant, while the other is leased through June 29, 2027.
Built in 1915 with masonry construction, the property has electric baseboard heat, ductless cooling, and on-street parking. It is situated in Olde Kensington with access to Fishtown, Northern Liberties, and Center City. Nearby destinations include ReAnimator Coffee, Human Robot Brewery, Hancock Recreation Center, and the retail, dining, and nightlife along Front Street and Frankford Avenue.
Built in 1915 with masonry construction, the property has electric baseboard heat, ductless cooling, and on-street parking. It is situated in Olde Kensington with access to Fishtown, Northern Liberties, and Center City. Nearby destinations include ReAnimator Coffee, Human Robot Brewery, Hancock Recreation Center, and the retail, dining, and nightlife along Front Street and Frankford Avenue.
Key Highlights
- Legally zoned duplex with 1620 square feet of building area
- Two bi‑level residences: one 1‑bedroom/1‑bath unit and one 2‑bedroom/1.5‑bath unit
- One unit is vacant; the other is leased through June 29, 2027
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
$27,645
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
6.14%
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%
$552,900
$552.9K
Cap Rate 7%
$394,929
$394.9K
Cap Rate 9%
$307,167
$307.2K
Market Conditions
NOI Build-Up for 1,620 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
$41.8K $25.80/SF
− Vacancy
−$2.3K −$1.42/SF
EGI
$39.5K $24.38/SF
− OpEx
−$11.8K −$7.31/SF
NOI
$27.6K $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%
$552,900
Cap Rate 7%
$394,929
Cap Rate 9%
$307,167
Alternative Uses
Best Use
Multifamily LT 5
$394.9K
$345.6K – $460.8K
NOI $27,645 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,482 @ 7.0% cap · market cap 5.66%
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
3,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 bi-level units offer separate outdoor space, central air, in-unit laundry, and one currently vacant residence.
Where is this duplex located?
The property is located at 1613 N PHILIP Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Legally zoned duplex with 1620 square feet of building area; Two bi‑level residences: one 1‑bedroom/1‑bath unit and one 2‑bedroom/1.5‑bath unit; One unit is vacant; the other is leased through June 29, 2027
