Fully Leased
For Sale
$524,000
1705 W NORRIS STREET, Philadelphia, PA 19121
Two occupied residential units each provide four bedrooms and four bathrooms in the Temple University area.
Property Size2,394 SF
Price / SF$218.88
Days on Market9
Property Features for 1705 W NORRIS STREET
General Information
Standard status
Active
Size
2,394 SF
Property subtype
Duplex
Building Details
Year Built
2015
Listing Agency:
Keller Williams Main Line
(610) 520-0100
Listed By:
Sam A Akif · License #RS331003
(215) 617-6142
Source:
Cummingsrealtors
Added: Aug 27
Changed: Sep 3
Last Checked: Sep 2 at 4:59PM
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
Built in 2015, this duplex contains two residential units, both currently occupied. Each unit includes 4 bedrooms and 4 bathrooms, providing a consistent configuration across the property. The asset is located in the Temple University area of Philadelphia, where access to public transportation and nearby neighborhood amenities supports convenient daily living.
The property is positioned at 1705 W Norris Street in Philadelphia, PA 19121. With both units leased, the building offers an established occupancy profile for an owner seeking a residential income property. The matching unit layouts and four-bedroom configurations provide a straightforward operating structure, while the Temple University-area setting connects the property to an active local rental environment.
The property is positioned at 1705 W Norris Street in Philadelphia, PA 19121. With both units leased, the building offers an established occupancy profile for an owner seeking a residential income property. The matching unit layouts and four-bedroom configurations provide a straightforward operating structure, while the Temple University-area setting connects the property to an active local rental environment.
Key Highlights
- Both residential units are currently occupied
- Each unit includes 4 bedrooms and 4 bathrooms
- Built in 2015
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
$40,853
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
7.80%
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%
$817,060
$817.1K
Cap Rate 7%
$583,614
$583.6K
Cap Rate 9%
$453,922
$453.9K
Market Conditions
NOI Build-Up for 2,394 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
$61.8K $25.80/SF
− Vacancy
−$3.4K −$1.42/SF
EGI
$58.4K $24.38/SF
− OpEx
−$17.5K −$7.31/SF
NOI
$40.9K $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%
$817,060
Cap Rate 7%
$583,614
Cap Rate 9%
$453,922
Alternative Uses
Best Use
Multifamily LT 5
$583.6K
$510.7K – $680.9K
NOI $40,853 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$537.9K
$470.7K – $627.6K
NOI $37,656 @ 7.0% cap · market cap 7.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,097
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residential units each provide four bedrooms and four bathrooms in the Temple University area.
Where is this duplex located?
The property is located at 1705 W NORRIS STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $524,000.
What are key features of this property?
This property features: Both residential units are currently occupied; Each unit includes 4 bedrooms and 4 bathrooms; Built in 2015
