Two-Bedroom Residential Income
For Sale
$325,000
1638 N 2ND STREET Unit 2, Philadelphia, PA 19122
Bi-level condominium with an open living plan, upgraded kitchen finishes, and in-unit laundry.
Property Size903 SF
Days on Market34
Property Features for 1638 N 2ND STREET Unit 2
General Information
Standard status
Active
Size
903 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$425
Amenities
in-unit washer/dryer
recessed lighting
hardwood floors
quartz countertops
stainless steel appliances
center island
frameless glass shower
Building Details
Building Size
903 SF
Year Built
2018
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Jason Katz · License #AB067966
(215) 527-8094
Source:
Patmckennarealtors
Added: Aug 7
Changed: Aug 28
Last Checked: Sep 8 at 12:38PM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
This 2018-built bi-level condominium at 1638 N 2nd Street, Unit 2, includes two bedrooms and two full baths plus a powder room. The interior combines hardwood flooring, recessed lighting, and an oversized front window with an open arrangement for living and dining. The kitchen is equipped with quartz countertops, stainless steel appliances, and a center island with seating. A washer and dryer are located within the unit.
The lower level includes a bedroom with its own closet and modern bathroom, while the upper bedroom features a walk-in closet with shelving and an en-suite bath. The upper-level bathroom includes floor-to-ceiling tile, a frameless glass shower, and chrome fixtures. The property is in Philadelphia’s Olde Kensington area, with Fishtown and Northern Liberties nearby, along with public transportation, coffee shops, restaurants, and bars.
The lower level includes a bedroom with its own closet and modern bathroom, while the upper bedroom features a walk-in closet with shelving and an en-suite bath. The upper-level bathroom includes floor-to-ceiling tile, a frameless glass shower, and chrome fixtures. The property is in Philadelphia’s Olde Kensington area, with Fishtown and Northern Liberties nearby, along with public transportation, coffee shops, restaurants, and bars.
Key Highlights
- Two‑bedroom, 2.5‑bath bi‑level condominium
- Built in 2018 at 1638 N 2nd Street, Unit 2
- Quartz kitchen countertops, stainless steel appliances, and center island
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
$14,204
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
4.37%
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%
$284,080
$284.1K
Cap Rate 7%
$202,914
$202.9K
Cap Rate 9%
$157,822
$157.8K
Market Conditions
NOI Build-Up for 903 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
$27.4K $30.36/SF
− Vacancy
−$1.6K −$1.76/SF
EGI
$25.8K $28.60/SF
− OpEx
−$11.6K −$12.87/SF
NOI
$14.2K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$284,080
Cap Rate 7%
$202,914
Cap Rate 9%
$157,822
Alternative Uses
Best Use
Apartment 5plus
$202.9K
$177.6K – $236.7K
NOI $14,204 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$220.1K
$192.6K – $256.8K
NOI $15,410 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,146
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bi-level condominium with an open living plan, upgraded kitchen finishes, and in-unit laundry.
Where is this residential income property located?
The property is located at 1638 N 2ND STREET Unit 2 Philadelphia, PA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑bedroom, 2.5‑bath bi‑level condominium; Built in 2018 at 1638 N 2nd Street, Unit 2; Quartz kitchen countertops, stainless steel appliances, and center island
