Two-Unit Masonry
New
For Sale
$524,000
1705 W NORRIS Street, Philadelphia, PA 19121
Multi-Family, PHILADELPHIA, PA
Property Size2,394 SF
Lot Size0.03 Acres
Price / SF$218.88
Days on Market2
Property Features for 1705 W NORRIS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,394 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
5456
Utilities
Cooling system
Central Air
Building Details
Year built
2015
Number of units
2
Building materials
Masonry
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
Sam A Akif · License #RS331003
(215) 617-6142
Added: Aug 28
Last Checked: Aug 29 at 10:06PM
MLS# PAPH2664834
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2015, this 2,394-square-foot duplex contains two occupied residential units, each configured with 4 bedrooms and 4 bathrooms. Masonry construction and central air provide the core building and comfort features, while on-street parking serves the property.
The property is located in the Temple University area of Philadelphia, with access to public transportation and surrounding neighborhood amenities. Its compact 0.0269-acre lot supports a focused two-unit rental configuration in an established urban setting.
The property is located in the Temple University area of Philadelphia, with access to public transportation and surrounding neighborhood amenities. Its compact 0.0269-acre lot supports a focused two-unit rental configuration in an established urban setting.
Key Highlights
- Two occupied units, each with 4 bedrooms and 4 bathrooms
- 2,394 square feet of building area
- Built in 2015 with masonry construction
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
Lease Details
2
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied rental asset with two four-bedroom, four-bathroom units and central air.
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: Two occupied units, each with 4 bedrooms and 4 bathrooms; 2,394 square feet of building area; Built in 2015 with masonry construction
