Duplex With Finished
For Sale
$499,999
1939 N Gratz St, Philadelphia, PA 19121
Two distinct residences feature updated kitchens, in-unit laundry, and furnished interiors.
Property Size2,689 SF
Price / SF$185.94
Days on Market29
Property Features for 1939 N Gratz St
General Information
Standard status
Active
Size
2,689 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 4BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Furnished
Yes
Public Transit
Yes
Building Details
Year Built
2009
Listing Agency:
Opus Elite Real Estate
Listed By:
Lixia Tapia · License #RS341401
(267) 721-9886
Source:
Upgradebymichaud
Added: Aug 5
Changed: Sep 2
Last Checked: Sep 1 at 9:31PM
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 Opus Elite Real Estate
Investment Insights
Based on property information with market context.
Built in 2009, this 2,689-square-foot duplex contains 7 bedrooms and 3 full bathrooms across two separate residences. The first unit spans the first and second floors plus a finished lower level, with 4 bedrooms, 2 bathrooms, an updated kitchen with granite countertops and stainless steel appliances, in-unit laundry, and a private rear yard. Its lower level includes additional living space and the fourth bedroom. The upper bi-level unit offers 3 bedrooms, 1 bathroom, a renovated kitchen with matching granite and stainless appliances, and its own washer and dryer. The property is fully furnished.
One residence is occupied by a Section 8 tenant, while the second is currently vacant and was previously operated as a furnished short-term rental. The property is near Temple University, public transportation, shopping, and major commuter routes.
One residence is occupied by a Section 8 tenant, while the second is currently vacant and was previously operated as a furnished short-term rental. The property is near Temple University, public transportation, shopping, and major commuter routes.
Key Highlights
- 2,689‑square‑foot duplex built in 2009
- 7 bedrooms and 3 full bathrooms across two residences
- First unit includes a finished basement, 4 bedrooms, 2 bathrooms, and a private rear yard
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
$45,887
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
9.18%
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%
$917,740
$917.7K
Cap Rate 7%
$655,529
$655.5K
Cap Rate 9%
$509,856
$509.9K
Market Conditions
NOI Build-Up for 2,689 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
$69.4K $25.80/SF
− Vacancy
−$3.8K −$1.42/SF
EGI
$65.6K $24.38/SF
− OpEx
−$19.7K −$7.31/SF
NOI
$45.9K $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%
$917,740
Cap Rate 7%
$655,529
Cap Rate 9%
$509,856
Alternative Uses
Best Use
Multifamily LT 5
$655.5K
$573.6K – $764.8K
NOI $45,887 @ 7.0% cap · market cap 9.18%
Second Best
Apartment 5plus
$604.2K
$528.7K – $705.0K
NOI $42,297 @ 7.0% cap · market cap 8.46%
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 distinct residences feature updated kitchens, in-unit laundry, and furnished interiors.
Where is this duplex located?
The property is located at 1939 N Gratz St Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,999.
What are key features of this property?
This property features: 2,689‑square‑foot duplex built in 2009; 7 bedrooms and 3 full bathrooms across two residences; First unit includes a finished basement, 4 bedrooms, 2 bathrooms, and a private rear yard
