Two-Unit
For Sale
$275,000
1829 Mckean St, Philadelphia, PA 19145
Updated income property with one occupied residence and one available for immediate occupancy.
Property Size1,380 SF
Price / SF$199.28
Days on Market10
Property Features for 1829 Mckean St
General Information
Standard status
Active
Size
1,380 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,888
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
(215) 546-0550
Listed By:
Marc A. Hammarberg · License #AB067991
(215) 790-5501
Source:
Exprealty
Added: Aug 26
Changed: Aug 30
Last Checked: Sep 4 at 12:59PM
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 BHHS Fox & Roach The Harper at Rittenhouse Square
Investment Insights
Based on property information with market context.
This duplex contains two separate residences with distinct layouts. The first-floor unit includes two bedrooms, one bathroom, a living room, and a kitchen with a breakfast bar. It also connects to an unfinished basement with a dedicated washer and dryer and opens toward the rear patio. Fresh paint and new carpeting prepare the unit for occupancy. Upstairs, the one-bedroom, one-bath residence includes a kitchen, dining area, and large front room that can serve as a living room or potential second bedroom. Natural light is present throughout the upper unit.
Property improvements include a roof installed in 2024, a newer hot water heater, and refreshed exterior paint on the stucco, front door, and basement window grates. One residence is leased through 2027, while the other is vacant. The property is near South Broad Street, Snyder Station on SEPTA's Broad Street Line, bus service, East Passyunk Avenue, the Italian Market, and neighborhood shopping and dining.
Property improvements include a roof installed in 2024, a newer hot water heater, and refreshed exterior paint on the stucco, front door, and basement window grates. One residence is leased through 2027, while the other is vacant. The property is near South Broad Street, Snyder Station on SEPTA's Broad Street Line, bus service, East Passyunk Avenue, the Italian Market, and neighborhood shopping and dining.
Key Highlights
- Two‑unit duplex with one residence leased through 2027 and the other vacant
- First‑floor unit offers 2 bedrooms, 1 bathroom, basement access, and dedicated laundry
- Upper residence includes 1 bedroom, 1 bathroom, and a front room with potential second‑bedroom use
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
$23,550
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
8.56%
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%
$471,000
$471.0K
Cap Rate 7%
$336,429
$336.4K
Cap Rate 9%
$261,667
$261.7K
Market Conditions
NOI Build-Up for 1,380 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
$35.6K $25.80/SF
− Vacancy
−$2.0K −$1.42/SF
EGI
$33.6K $24.38/SF
− OpEx
−$10.1K −$7.31/SF
NOI
$23.5K $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%
$471,000
Cap Rate 7%
$336,429
Cap Rate 9%
$261,667
Alternative Uses
Best Use
Multifamily LT 5
$336.4K
$294.4K – $392.5K
NOI $23,550 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$310.1K
$271.3K – $361.8K
NOI $21,707 @ 7.0% cap · market cap 7.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,568
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 - Updated income property with one occupied residence and one available for immediate occupancy.
Where is this duplex located?
The property is located at 1829 Mckean St Philadelphia, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two‑unit duplex with one residence leased through 2027 and the other vacant; First‑floor unit offers 2 bedrooms, 1 bathroom, basement access, and dedicated laundry; Upper residence includes 1 bedroom, 1 bathroom, and a front room with potential second‑bedroom use
