Duplex with Bi-Level
New
For Sale
$424,999
1812 W MASTER STREET, Philadelphia, PA 19121
Tenant-occupied property with separate metering, private outdoor space, and two distinct apartment layouts.
Property Size1,788 SF
Price / SF$237.70
Days on Market6
Property Features for 1812 W MASTER STREET
General Information
Standard status
Active
Size
1,788 SF
Property subtype
Duplex
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
2
Amenities
private oversized backyard
storage shed
full basement
hardwood flooring
exposed brick
modern kitchen
dishwasher
bi-level loft layout
skylights
washer and dryer
central air
separately metered
newer mechanicals
Building Details
Year Built
1915
Buildings
1
Tenancy
Multi
Listing Agency:
Realty Mark Cityscape
(215) 583-7777
Listed By:
Kevin Gov · License #10401382893
(267) 939-0147
Source:
Cummingsrealtors
Added: Aug 30
Changed: Sep 4
Last Checked: Sep 2 at 3:50PM
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 Realty Mark Cityscape
Investment Insights
Based on property information with market context.
Built in 1915, this legally zoned duplex contains two tenant-occupied apartments with separate metering, central air, newer mechanicals, and individual washers and dryers. The first-floor residence includes two bedrooms, one bathroom, a private oversized backyard, storage shed, full basement, hardwood floors, exposed brick, and a modern kitchen with a dishwasher and full appliance package. Upstairs, a bi-level loft-style apartment offers two large bedrooms, two full bathrooms, skylights, exposed brick, hardwood flooring, and ample living space.
The property is located at 1812 W Master Street in Philadelphia, approximately a 7-minute walk from the Broad Street Line. The surrounding area provides walking access to dining, shopping, and entertainment, with proximity to Francisville, Fairmount, and Temple University.
The property is located at 1812 W Master Street in Philadelphia, approximately a 7-minute walk from the Broad Street Line. The surrounding area provides walking access to dining, shopping, and entertainment, with proximity to Francisville, Fairmount, and Temple University.
Key Highlights
- Legally zoned duplex at 1812 W Master Street, Philadelphia, PA 19121
- Two tenant‑occupied apartments with separate metering, central air, and individual laundry
- First‑floor unit includes 2 bedrooms, 1 bathroom, full basement, shed, and oversized private backyard
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
$30,512
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
7.18%
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%
$610,240
$610.2K
Cap Rate 7%
$435,886
$435.9K
Cap Rate 9%
$339,022
$339.0K
Market Conditions
NOI Build-Up for 1,788 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
$46.1K $25.80/SF
− Vacancy
−$2.5K −$1.42/SF
EGI
$43.6K $24.38/SF
− OpEx
−$13.1K −$7.31/SF
NOI
$30.5K $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%
$610,240
Cap Rate 7%
$435,886
Cap Rate 9%
$339,022
Alternative Uses
Best Use
Multifamily LT 5
$435.9K
$381.4K – $508.5K
NOI $30,512 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$401.8K
$351.6K – $468.7K
NOI $28,124 @ 7.0% cap · market cap 6.62%
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
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,512
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 - Tenant-occupied property with separate metering, private outdoor space, and two distinct apartment layouts.
Where is this duplex located?
The property is located at 1812 W MASTER STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $424,999.
What are key features of this property?
This property features: Legally zoned duplex at 1812 W Master Street, Philadelphia, PA 19121; Two tenant‑occupied apartments with separate metering, central air, and individual laundry; First‑floor unit includes 2 bedrooms, 1 bathroom, full basement, shed, and oversized private backyard
