Renovated-Kitchen
For Sale
$450,000
Pending
1613 North Philip Street, Philadelphia, PA 19122
Two-level residences include private outdoor areas, in-unit laundry, central air, and a mix of vacant and leased occupancy.
Property Size1,620 SF
Days on Market97
Property Features for 1613 North Philip Street
General Information
Standard status
Pending
Size
1,620 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RSA5
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,193
Amenities
No
Dishwasher, Dryer, Oven/Range - Electric, Refrigerator, Washer
Bathroom - Tub Shower, Combination Dining/Living, Combination Kitchen/Dining
No Pool
Deck(s)
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Kurfiss Sotheby's International Realty
Listed By:
Juliana Martell · License #AB069391
(856) 366-0224
Source:
Compass
Added: Jun 3
Changed: Sep 2
Last Checked: Aug 31 at 9:43PM
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 Kurfiss Sotheby's International Realty
Investment Insights
Based on property information with market context.
This 1,620 SF duplex, built in 1915, contains two bi-level residences with separate layouts and private outdoor space. The one-bedroom, one-bath unit has a renovated kitchen with dishwasher, central air, laminate flooring, basement access, and in-unit washer and dryer. It is vacant. The two-bedroom, one-and-a-half-bath unit includes a full kitchen, central air, laminate flooring, in-unit laundry, and a private deck; it is leased through June 29, 2027.
The property is located at 1613 North Philip Street in Philadelphia’s Olde Kensington area, within ZIP code 19122. Nearby context identified for the property includes Fishtown, Northern Liberties, Center City, Hancock Recreation Center, and commercial activity along Front Street and Frankford Avenue. Zoning is RSA5.
The property is located at 1613 North Philip Street in Philadelphia’s Olde Kensington area, within ZIP code 19122. Nearby context identified for the property includes Fishtown, Northern Liberties, Center City, Hancock Recreation Center, and commercial activity along Front Street and Frankford Avenue. Zoning is RSA5.
Key Highlights
- 1,620 SF duplex with two bi‑level residences
- One‑bedroom, one‑bath unit is vacant and features a renovated kitchen
- Two‑bedroom, one‑and‑a‑half‑bath unit 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-level residences include private outdoor areas, in-unit laundry, central air, and a mix of vacant and leased occupancy.
Where is this duplex located?
The property is located at 1613 North 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: 1,620 SF duplex with two bi‑level residences; One‑bedroom, one‑bath unit is vacant and features a renovated kitchen; Two‑bedroom, one‑and‑a‑half‑bath unit leased through June 29, 2027
