Remodeled Two-Unit
For Sale
$375,000
Pending
2032 S 22ND STREET, Philadelphia, PA 19145
Legally zoned RM-1 duplex with separate entrances and recent interior renovations.
Property Size1,550 SF
Days on Market70
Property Features for 2032 S 22ND STREET
General Information
Standard status
Pending
Size
1,550 SF
Property subtype
Duplex
Zoning
RM-1
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,348
Amenities
in-unit laundry
private outdoor area
basement storage
Building Details
Building Size
1,550 SF
Year Built
1920
Buildings
1
Listing Agency:
Realty Mark Associates
Listed By:
Kevin Le · License #RS349630
(267) 918-5234
Source:
Patmckennarealtors
Added: Jul 15
Changed: Sep 12
Last Checked: Sep 21 at 6:45AM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
This two-unit duplex, built in 1920, includes matching two-bedroom, one-bathroom residences with separate entrances. The first-floor unit is occupied and features new flooring, a renovated kitchen with appliances, an updated bathroom, in-unit stacking laundry, private rear outdoor space, and an unfinished basement for storage. Building-wide improvements completed in 2024 included plumbing, electrical, sheetrock, and insulation, with City-approved permits. The second-floor residence was renovated in 2025 and has its own entrance from 22nd Street.
The property is zoned RM-1 and positioned in Philadelphia’s West Passyunk/Girard Estate area. It is located near the Passyunk Avenue commercial corridor, the Broad Street Line subway, local parks, Center City, the Philadelphia Sports Complex, and Philadelphia International Airport. One residence is currently occupied, while the other is available for owner use or future tenancy.
The property is zoned RM-1 and positioned in Philadelphia’s West Passyunk/Girard Estate area. It is located near the Passyunk Avenue commercial corridor, the Broad Street Line subway, local parks, Center City, the Philadelphia Sports Complex, and Philadelphia International Airport. One residence is currently occupied, while the other is available for owner use or future tenancy.
Key Highlights
- RM‑1‑zoned duplex with two 2‑bedroom, 1‑bathroom units
- Extensive improvements completed in 2024 with City‑approved permits
- Second‑floor residence renovated in 2025 with a private 22nd Street entrance
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
$26,451
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
7.05%
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%
$529,020
$529.0K
Cap Rate 7%
$377,871
$377.9K
Cap Rate 9%
$293,900
$293.9K
Market Conditions
NOI Build-Up for 1,550 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
$40.0K $25.80/SF
− Vacancy
−$2.2K −$1.42/SF
EGI
$37.8K $24.38/SF
− OpEx
−$11.3K −$7.31/SF
NOI
$26.5K $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%
$529,020
Cap Rate 7%
$377,871
Cap Rate 9%
$293,900
Alternative Uses
Best Use
Multifamily LT 5
$377.9K
$330.6K – $440.9K
NOI $26,451 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$348.3K
$304.8K – $406.4K
NOI $24,381 @ 7.0% cap · market cap 6.50%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,973
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Legally zoned RM-1 duplex with separate entrances and recent interior renovations.
Where is this duplex located?
The property is located at 2032 S 22ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: RM‑1‑zoned duplex with two 2‑bedroom, 1‑bathroom units; Extensive improvements completed in 2024 with City‑approved permits; Second‑floor residence renovated in 2025 with a private 22nd Street entrance
