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    Bi-Level Duplex with Private Outdoor Space Title is generated by Realmo AI

    1613 N PHILIP Street, Philadelphia, PA 19122

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    For Sale
    $450,000

    MULTI_FAMILY - Other - PHILADELPHIA, PA

    Property size:
    1,620 SF
    Lot size:
    0.02 Acres
    Price / SF:
    $277/SF
    Added:
    Jun 4, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 7 at 10:06 am

    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
    Standard status
    Active
    Size
    1,620 SF
    Lot size
    0.02 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4193

    Utilities

    Heating system
    Electric (Heating), Baseboard
    Cooling system
    Ductless

    Building Details

    Year built
    1915
    Number of units
    2
    Building materials
    Masonry
    Architectural style
    Other

    We can help!

    Listing Contact
    Juliana Martell
    Juliana Martell

    Listing agent Juliana Martell License #AB069391

    Listing office Kurfiss Sotheby's International Realty 1631 Locust Street, New Hope, PA

    Listing date Jun 4, 2026

    MLS# PAPH2630318 Listing URL

    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.

    HighLights

    • Legally zoned duplex built in 1915 in Olde Kensington.
    • Unit 1: bi‑level 1‑bedroom, 1‑bath with renovated kitchen, dishwasher, and in‑unit washer/dryer.
    • Unit 1 currently vacant, with basement access and a large private patio.
    • Unit 2: bi‑level 2‑bedroom, 1.5‑bath with full kitchen, in‑unit washer/dryer, and private deck.
    • Unit 2 is leased through June 29, 2027 at $1,735/month to long‑term tenants.
    • Assumable FHA loan mentioned with approximate balance of $328,000 and 3.5% interest rate; heating is electric baseboard and cooling is ductless.

    Overview

    This legally zoned duplex offers two bi-level residences with in-unit laundry and central air. Unit 1 is a one-bedroom, one-bath layout that includes a renovated kitchen with a dishwasher, laminate flooring, in-unit washer and dryer, and basement access. Unit 1 also features a large private patio and is currently vacant, creating an owner-occupant option or flexibility for an investor. Unit 2 is a bi-level two-bedroom, one-and-a-half-bath unit with a full kitchen, laminate flooring, central air, in-unit washer and dryer, and a private deck. Unit 2 is currently leased through June 29, 2027.

    Located in Philadelphia’s Olde Kensington area at 1613 N Philip Street (19122), the property provides proximity to Fishtown, Northern Liberties, and Center City. The public remarks also note nearby amenities and walkable access to local spots and Front Street/Frankford Avenue.

    For a buyer seeking a live-in opportunity alongside rental support, this duplex combines a vacant unit ready to occupy with a longer-term lease in the second unit. The listing also highlights an assumable FHA loan with an approximate remaining balance of $328,000 at a 3.5% interest rate, which may be a meaningful financing consideration depending on eligibility and lender approval. The property is offered for sale at $450,000 and includes 1,620 square feet of total building area.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $41.8k $25.80
    − Vacancy −$2.3k −$1.42
    EGI $39.5k $24.38
    − OpEx −$11.8k −$7.31
    NOI $27.6k $17.06
    1,620 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $394.9K
    $345.6K – $460.8K (±1% cap)
    NOI $27,645 @ 7.0% cap · market cap 6.14%
    Second Best
    Apartment 5plus
    $364.0K
    $318.5K – $424.7K (±1% cap)
    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 local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.1388016
    Latitude
    39.9751854

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    FAQs

    What type of property is this?
    Duplex - Legally zoned duplex with one vacant unit for owner-occupancy and one leased unit through 2027.
    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 built in 1915 in Olde Kensington.; Unit 1: bi‑level 1‑bedroom, 1‑bath with renovated kitchen, dishwasher, and in‑unit washer/dryer.; Unit 1 currently vacant, with basement access and a large private patio.
    (856) 366-0224
    We can help!
    Listing Contact
    Juliana Martell
    Juliana Martell
    Real Estate License ID: AB069391
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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