Duplex with Off-Street
New
For Sale
$409,000
2041 GRANT Avenue, Philadelphia, PA 19115
MULTI_FAMILY - PHILADELPHIA, PA
Property Size1,610 SF
Lot Size0.05 Acres
Price / SF$254.04
Days on Market2
Property Features for 2041 GRANT Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Driveway
Subdivision
BUSTLETON
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,610 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5313
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Amenities
shared basement
rear yard
central air
off-street parking
Building Details
Year built
1981
Number of units
2
Building materials
Masonry
Listing Agency:
Heyer-Kemner Inc
(215) 673-8100
Listed By:
John F Wogan · License #RM060356A
(215) 673-8100
Added: Aug 12
Last Checked: Aug 13 at 5:06PM
MLS# PAPH2657988
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.
Built in 1981, this 1,610-square-foot masonry duplex occupies a 0.0517-acre lot in Philadelphia. The property includes a shared basement, driveway parking, and a rear yard. One unit is described as ready for occupancy or rental and includes an updated kitchen with a dishwasher, refrigerator, and disposal, along with newer laminate flooring in the living, dining, and hallway areas. Central air serves the property, while electric heat pumps provide heating; there is no gas service. The electrical system includes newer circuit breakers and wiring, and the heat pump and central air serving one unit were replaced in December 2024. Stores, bus lines, and restaurants are located nearby.
Key Highlights
- Duplex built in 1981 on a 0.0517‑acre lot
- 1,610 square feet of property size
- Masonry construction with central air
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
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 - Masonry duplex with central air, driveway parking, a rear yard, and a shared basement.
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: Duplex built in 1981 on a 0.0517‑acre lot; 1,610 square feet of property size; Masonry construction with central air
