Duplex with Off-Street
For Sale
$409,000
2041 GRANT AVENUE, Philadelphia, PA 19115
Two-unit property with updated systems, central air, a shared basement, and rear yard space.
Property Size1,610 SF
Price / SF$254.04
Days on Market46
Property Features for 2041 GRANT AVENUE
General Information
Standard status
Active
Size
1,610 SF
Property subtype
Duplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
central air
dishwasher
refrigerator
disposal
shared basement
off street parking
rear yard
Building Details
Year Built
1981
Buildings
1
Listing Agency:
Heyer-Kemner Inc
Listed By:
John F Wogan · License #RM060356A
(215) 673-8100
Source:
Cummingsrealtors
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 5 at 7:09AM
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 Heyer-Kemner Inc
Investment Insights
Based on property information with market context.
This duplex, constructed in 1981, includes a second-floor unit described as ready for occupancy or rental. The unit features an updated kitchen with dishwasher, refrigerator, and disposal, along with laminate flooring in the living room, dining area, and hallway. Central air is provided, and the property uses electric heat pumps rather than gas service. The second-floor heating and central air equipment was replaced in December 2024.
Additional features include newer circuit breakers and electrical cabling, a shared basement, off-street parking, and a rear yard. The property is near stores, bus lines, and restaurants in Philadelphia’s Bustleton area.
Additional features include newer circuit breakers and electrical cabling, a shared basement, off-street parking, and a rear yard. The property is near stores, bus lines, and restaurants in Philadelphia’s Bustleton area.
Key Highlights
- Two‑unit duplex built in 1981
- Second‑floor unit with updated kitchen appliances and laminate flooring
- Second‑floor heater and central air replaced December, 2024
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
$27,474
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
6.72%
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%
$549,480
$549.5K
Cap Rate 7%
$392,486
$392.5K
Cap Rate 9%
$305,267
$305.3K
Market Conditions
NOI Build-Up for 1,610 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
$41.5K $25.80/SF
− Vacancy
−$2.3K −$1.42/SF
EGI
$39.2K $24.38/SF
− OpEx
−$11.8K −$7.31/SF
NOI
$27.5K $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%
$549,480
Cap Rate 7%
$392,486
Cap Rate 9%
$305,267
Alternative Uses
Best Use
Multifamily LT 5
$392.5K
$343.4K – $457.9K
NOI $27,474 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$361.8K
$316.6K – $422.1K
NOI $25,325 @ 7.0% cap · market cap 6.19%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,642
Businesses Nearby
Explore this area
Business Placement
Demographics for 19115, PA
35,919
Population
15,071
Households
2.4
Avg Household Size
44
Median Age
37%
College-Educated
92%
High-School Grad
5.2 sq mi
ZIP Area
6,908
Density / Sq Mi
$70,388
Median Household Income
$48,949
Median Earnings
$1,230
Median Rent
$330,500
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-unit property with updated systems, central air, a shared basement, and rear yard space.
Where is this duplex located?
The property is located at 2041 GRANT AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $409,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1981; Second‑floor unit with updated kitchen appliances and laminate flooring; Second‑floor heater and central air replaced December, 2024
