Bi-Level Duplex
For Sale
$415,000
1826 W NORRIS STREET, Philadelphia, PA 19121
Each apartment offers a four-bedroom layout with hardwood floors, central air and heat, and in-unit laundry.
Property Size1,839 SF
Days on Market175
Property Features for 1826 W NORRIS STREET
General Information
Standard status
Active
Size
1,839 SF
Property subtype
Duplex
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$40,000
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,208
Amenities
hardwood floors
central air and heat
in-unit washer and dryer
Building Details
Building Size
1,839 SF
Year Built
2014
Buildings
1
Listing Agency:
OCF Realty LLC - Philadelphia
Listed By:
Thaddeus Dynakowski III · License #3252654
(215) 995-3199
Source:
Patmckennarealtors
Added: Apr 1
Changed: Sep 19
Last Checked: Sep 21 at 7:25AM
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 OCF Realty LLC - Philadelphia
Investment Insights
Based on property information with market context.
Built in 2014, this duplex contains two oversized bi-level apartments, each with 4 bedrooms, 2 full bathrooms, and approximately 1,500 sq ft. Interior features include hardwood flooring, central air and heat, in-unit washer and dryer, and abundant natural light. Separate utilities serve the apartments, and the property has been maintained through a full-service property management company.
The property is located at 1826 W Norris Street in Philadelphia, near Temple University Main Campus. Nearby tenant amenities include Maxi's Pizza Subs & Bar, The Draught Horse, and Pub Webb, along with additional shopping and dining. Transit access includes the SEPTA Broad Street Line and multiple bus routes.
Unit B is scheduled to become vacant in July. The property may also be acquired with 1716 W Norris St and 1921 N Gratz St, which are identified as nearby portfolio properties within approximately two blocks.
The property is located at 1826 W Norris Street in Philadelphia, near Temple University Main Campus. Nearby tenant amenities include Maxi's Pizza Subs & Bar, The Draught Horse, and Pub Webb, along with additional shopping and dining. Transit access includes the SEPTA Broad Street Line and multiple bus routes.
Unit B is scheduled to become vacant in July. The property may also be acquired with 1716 W Norris St and 1921 N Gratz St, which are identified as nearby portfolio properties within approximately two blocks.
Key Highlights
- 2014‑built duplex with two bi‑level apartments
- Each unit includes 4 bedrooms, 2 full bathrooms, and approximately 1,500 sq ft
- Hardwood floors, central air and heat, and in‑unit washer and dryer
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
$31,382
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
7.56%
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%
$627,640
$627.6K
Cap Rate 7%
$448,314
$448.3K
Cap Rate 9%
$348,689
$348.7K
Market Conditions
NOI Build-Up for 1,839 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
$47.4K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$44.8K $24.38/SF
− OpEx
−$13.4K −$7.31/SF
NOI
$31.4K $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%
$627,640
Cap Rate 7%
$448,314
Cap Rate 9%
$348,689
Alternative Uses
Best Use
Multifamily LT 5
$448.3K
$392.3K – $523.0K
NOI $31,382 @ 7.0% cap · market cap 7.56%
Second Best
Apartment 5plus
$413.2K
$361.6K – $482.1K
NOI $28,927 @ 7.0% cap · market cap 6.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Each apartment offers a four-bedroom layout with hardwood floors, central air and heat, and in-unit laundry.
Where is this duplex located?
The property is located at 1826 W NORRIS STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 2014‑built duplex with two bi‑level apartments; Each unit includes 4 bedrooms, 2 full bathrooms, and approximately 1,500 sq ft; Hardwood floors, central air and heat, and in‑unit washer and dryer
