Two-Bedroom Residential Income
For Sale
$299,500
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 Market87
Property Features for 1638 N 2ND STREET Unit 2
General Information
Standard status
Active
Size
903 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Pennsport
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
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: Oct 31
Last Checked: Oct 30 at 7:17PM
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
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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 / Yr
$14,204
Cap Rate
4.74%
Suggested Prices Based on Cap Rates
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
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 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 4.74%
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 5.15%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,146
Businesses Nearby
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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
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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 $299,500.
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
