Two-Unit Duplex with Finished
For Sale
$319,900
2044 N 18TH STREET, Philadelphia, PA 19121
Occupied duplex includes open-concept layouts and cherry cabinetry in both kitchens.
Property Size1,800 SF
Days on Market145
Property Features for 2044 N 18TH STREET
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$6,159
Building Details
Building Size
1,800 SF
Year Built
2009
Listing Agency:
Commerce Real Estate Inc
Listed By:
Albert Nocentino Jr. · License #RM420864
(267) 686-8052
Source:
Patmckennarealtors
Added: Apr 17
Changed: Aug 28
Last Checked: Sep 7 at 8:22AM
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 Commerce Real Estate Inc
Investment Insights
Based on property information with market context.
Built in 2009, this occupied duplex offers two distinct residential units with a combined five bedrooms and four full bathrooms. The first-floor residence has two bedrooms, two bathrooms, laminate wood flooring, an open living arrangement, and a kitchen with cherry cabinetry and substantial storage. The upper residence spans two levels and includes three bedrooms, two bathrooms, an expansive living and dining area, and a kitchen with cherry cabinets and generous counter space. Both units feature pedestal sinks, while the bathrooms include either showers or tub-and-shower combinations.
The property also includes a finished basement and a rear yard enclosed by a wood fence. It is being offered as-is, allowing the next owner to address the property according to their plans.
The property also includes a finished basement and a rear yard enclosed by a wood fence. It is being offered as-is, allowing the next owner to address the property according to their plans.
Key Highlights
- Occupied duplex with two separate residential units
- First‑floor unit includes 2 bedrooms and 2 full bathrooms
- Two‑story second unit offers 3 bedrooms and 2 full bathrooms
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
$28,313
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
8.85%
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%
$566,260
$566.3K
Cap Rate 7%
$404,471
$404.5K
Cap Rate 9%
$314,589
$314.6K
Market Conditions
NOI Build-Up for 1,800 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
$54.6K $30.36/SF
− Vacancy
−$3.2K −$1.76/SF
EGI
$51.5K $28.60/SF
− OpEx
−$23.2K −$12.87/SF
NOI
$28.3K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$566,260
Cap Rate 7%
$404,471
Cap Rate 9%
$314,589
Alternative Uses
Best Use
Multifamily LT 5
$438.8K
$384.0K – $512.0K
NOI $30,717 @ 7.0% cap · market cap 9.60%
Second Best
Apartment 5plus
$404.5K
$353.9K – $471.9K
NOI $28,313 @ 7.0% cap · market cap 8.85%
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
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 - Occupied duplex includes open-concept layouts and cherry cabinetry in both kitchens.
Where is this duplex located?
The property is located at 2044 N 18TH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $319,900.
What are key features of this property?
This property features: Occupied duplex with two separate residential units; First‑floor unit includes 2 bedrooms and 2 full bathrooms; Two‑story second unit offers 3 bedrooms and 2 full bathrooms
