Updated Frankford
For Sale
$229,000
Pending
1615 DYRE STREET, Philadelphia, PA 19124
Duplex with updated units, including fresh finishes and mechanical improvements, near Frankford Avenue.
Property Size1,564 SF
Days on Market45
Property Features for 1615 DYRE STREET
General Information
Standard status
Pending
Size
1,564 SF
Property subtype
Duplex
Building Details
Year Built
1945
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
HomeSmart Realty Advisors
(215) 604-1191
Listed By:
Deborah E Nye · License #RS313203
(610) 202-1141
Source:
Cummingsrealtors
Added: Jul 26
Changed: Aug 8
Last Checked: Aug 5 at 4:17AM
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 HomeSmart Realty Advisors
Investment Insights
Based on property information with market context.
This duplex offers two updated units with practical flexibility for investors or owner-occupants. Both units have been refreshed with fresh paint, new flooring, and mechanical improvements, along with cosmetic upgrades designed to support immediate occupancy.
The first-floor unit features a restored original tile fireplace and a brand-new kitchen, plus a flexible layout with the potential to create a separate efficiency or in-law space with its own private entrance. The second-floor unit provides three bedrooms and is currently configured for co-living, with the option to be rented as a traditional apartment.
Built in 1945, the property is located just steps from Frankford Avenue, with convenient access to public transportation, shopping, restaurants, and everyday conveniences. The total property size is 1,564 SF.
The first-floor unit features a restored original tile fireplace and a brand-new kitchen, plus a flexible layout with the potential to create a separate efficiency or in-law space with its own private entrance. The second-floor unit provides three bedrooms and is currently configured for co-living, with the option to be rented as a traditional apartment.
Built in 1945, the property is located just steps from Frankford Avenue, with convenient access to public transportation, shopping, restaurants, and everyday conveniences. The total property size is 1,564 SF.
Key Highlights
- Duplex in updated condition with fresh paint, new flooring, and mechanical improvements
- First‑floor unit includes restored original tile fireplace and brand‑new kitchen
- First‑floor layout offers potential separate efficiency or in‑law space with private entrance
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
$20,153
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
8.80%
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%
$403,060
$403.1K
Cap Rate 7%
$287,900
$287.9K
Cap Rate 9%
$223,922
$223.9K
Market Conditions
NOI Build-Up for 1,564 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
$31.0K $19.80/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$28.8K $18.41/SF
− OpEx
−$8.6K −$5.52/SF
NOI
$20.2K $12.89/SF
Area
ZIP 19124
Vacancy
7.03%
Lease Rate
$19.80 /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%
$403,060
Cap Rate 7%
$287,900
Cap Rate 9%
$223,922
Alternative Uses
Best Use
Multifamily LT 5
$287.9K
$251.9K – $335.9K
NOI $20,153 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$264.9K
$231.8K – $309.1K
NOI $18,544 @ 7.0% cap · market cap 8.10%
Theoretical Best
Specialty Retail
$899.6K
$787.2K – $1.05M
NOI $62,974 @ 7.0% cap · market cap 27.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,447
Businesses Nearby
Explore this area
Business Placement
Demographics for 19124, PA
68,766
Population
27,014
Households
2.5
Avg Household Size
33
Median Age
15%
College-Educated
80%
High-School Grad
5.1 sq mi
ZIP Area
13,484
Density / Sq Mi
$46,100
Median Household Income
$35,364
Median Earnings
$1,063
Median Rent
$155,000
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 - Duplex with updated units, including fresh finishes and mechanical improvements, near Frankford Avenue.
Where is this duplex located?
The property is located at 1615 DYRE STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Duplex in updated condition with fresh paint, new flooring, and mechanical improvements; First‑floor unit includes restored original tile fireplace and brand‑new kitchen; First‑floor layout offers potential separate efficiency or in‑law space with private entrance
