Bi-Level Duplex with In-Unit
For Sale
$415,000
1826 W NORRIS Street, Philadelphia, PA 19121
Multi-Family, PHILADELPHIA, PA
Property Size1,839 SF
Lot Size0.02 Acres
Price / SF$225.67
Days on Market160
Property Features for 1826 W NORRIS Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
On Street
Subdivision
PHILADELPHIA (NORTHWEST)
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,839 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
7208
Utilities
Heating system
Forced Air, Heat Pump (Heating)
Cooling system
Central Air
Amenities
hardwood floors
central air and heat
in-unit washer and dryer
Building Details
Year built
2014
Floors in Building
2
Number of units
2
Building materials
Brick, Brick Front, Combination, Concrete, Mixed, Stone, Tile
Architectural style
Split Level, Contemporary
Listing Agency:
OCF Realty LLC - Philadelphia
(215) 735-7368
Listed By:
Thaddeus Dynakowski III · License #3252654
(215) 995-3199
Added: Apr 1
Changed: Aug 19
Last Checked: Sep 7 at 1:06AM
MLS# PAPH2597220
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.
This 2014 duplex contains two oversized bi-level apartments, each configured with four bedrooms and two full bathrooms. Interior features include hardwood floors, central air and heat, in-unit washer and dryer, and strong natural light. Separate utilities serve the apartments, while on-street parking is available. The building incorporates brick, concrete, stone, and tile construction materials.
The property is located near Temple University Main Campus, with nearby restaurants, nightlife, shopping, and neighborhood services. Transit access includes the SEPTA Broad Street Line and multiple bus routes. Unit B is expected to become vacant in July, providing a flexible occupancy point for an investor or an owner-occupant. Professional full-service property management has handled the property, and the duplex may be acquired individually or within a portfolio that includes two nearby properties.
The property is located near Temple University Main Campus, with nearby restaurants, nightlife, shopping, and neighborhood services. Transit access includes the SEPTA Broad Street Line and multiple bus routes. Unit B is expected to become vacant in July, providing a flexible occupancy point for an investor or an owner-occupant. Professional full-service property management has handled the property, and the duplex may be acquired individually or within a portfolio that includes two nearby properties.
Key Highlights
- Two bi‑level apartments, each with 4 bedrooms and 2 full bathrooms
- Built in 2014 with contemporary split‑level architecture
- Hardwood flooring, central air and heat, and in‑unit laundry in both apartments
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
Property Profile
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
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 contemporary apartments offer hardwood flooring, central air and heat, and separate utilities.
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: Two bi‑level apartments, each with 4 bedrooms and 2 full bathrooms; Built in 2014 with contemporary split‑level architecture; Hardwood flooring, central air and heat, and in‑unit laundry in both apartments
