Renovated Two-Unit
For Sale
$299,000
1817 Mifflin Street, Philadelphia, PA 19145
Two apartments offer updated kitchens, outdoor living areas, and convenient access to multiple public transportation routes.
Property Size1,326 SF
Price / SF$225.49
Days on Market236
Property Features for 1817 Mifflin Street
General Information
Standard status
Active
Size
1,326 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Additional Details
Cap Rate
9%
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,346
Amenities
backyard
deck
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Compass
(610) 745-3211
Listed By:
Matt Aragona · License #RS317907
(610) 745-3211
Source:
Compass
Added: Jan 6
Changed: Aug 29
Last Checked: Mar 25 at 11:08AM
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
Investment Insights
Based on property information with market context.
This renovated duplex includes two distinct apartments: a first-floor one-bedroom unit and a second-floor two-bedroom unit. Improvements include hardwood flooring, updated bathrooms, refreshed kitchens with new cabinetry and appliances, tiled surfaces, and luxury vinyl flooring. The lower apartment opens to a spacious backyard, while the upper residence includes a new outdoor deck. Basement systems include two new hot water tanks, newer heaters, and separate electric service.
The property is located at 1817 Mifflin Street in Philadelphia, near the 2, 17, and 79 bus lines and the Broad Street Subway Line. Nearby businesses include South Philadelphia Tab Room, Ultimo Coffee, and Second District Brewing Co. The property is described with a cap rate of 9 and may support an owner-occupant arrangement with one apartment available for rent.
The property is located at 1817 Mifflin Street in Philadelphia, near the 2, 17, and 79 bus lines and the Broad Street Subway Line. Nearby businesses include South Philadelphia Tab Room, Ultimo Coffee, and Second District Brewing Co. The property is described with a cap rate of 9 and may support an owner-occupant arrangement with one apartment available for rent.
Key Highlights
- Two‑unit duplex with one‑bedroom first‑floor and two‑bedroom second‑floor apartments
- Renovated kitchens and bathrooms with new appliances and updated finishes
- First‑floor unit includes backyard access; second‑floor unit has a new outdoor deck
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
$22,628
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
7.57%
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%
$452,560
$452.6K
Cap Rate 7%
$323,257
$323.3K
Cap Rate 9%
$251,422
$251.4K
Market Conditions
NOI Build-Up for 1,326 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
$34.2K $25.80/SF
− Vacancy
−$1.9K −$1.42/SF
EGI
$32.3K $24.38/SF
− OpEx
−$9.7K −$7.31/SF
NOI
$22.6K $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%
$452,560
Cap Rate 7%
$323,257
Cap Rate 9%
$251,422
Alternative Uses
Best Use
Multifamily LT 5
$323.3K
$282.9K – $377.1K
NOI $22,628 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$298.0K
$260.7K – $347.6K
NOI $20,857 @ 7.0% cap · market cap 6.98%
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
Location Intelligence
Trade Area within ½ mile
3,460
Businesses Nearby
Explore this area
Business Placement
Demographics for 19145, PA
47,079
Population
21,295
Households
2.2
Avg Household Size
38
Median Age
36%
College-Educated
89%
High-School Grad
4.8 sq mi
ZIP Area
9,808
Density / Sq Mi
$70,374
Median Household Income
$45,940
Median Earnings
$1,343
Median Rent
$290,100
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 - Two apartments offer updated kitchens, outdoor living areas, and convenient access to multiple public transportation routes.
Where is this duplex located?
The property is located at 1817 Mifflin Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with one‑bedroom first‑floor and two‑bedroom second‑floor apartments; Renovated kitchens and bathrooms with new appliances and updated finishes; First‑floor unit includes backyard access; second‑floor unit has a new outdoor deck
