Two-Unit Duplex with Attached
For Sale
$499,900
205 LOCKART TERRACE, Philadelphia, PA 19116
Occupied apartments include shared laundry and an attached garage.
Property Size1,844 SF
Price / SF$271.10
Days on Market8
Property Features for 205 LOCKART TERRACE
General Information
Standard status
Active
Size
1,844 SF
Total Parking Spaces
2
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
shared laundry
Building Details
Year Built
1969
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX 2000
(215) 698-3987
Listed By:
Carlos Cesar · License #AB067071
(215) 698-3987
Source:
Cummingsrealtors
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 11 at 5:59AM
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 RE/MAX 2000
Investment Insights
Based on property information with market context.
This 1969 duplex contains two separate apartments, each arranged with 2 bedrooms, a living room, dining room, kitchen, hallway, and three-piece bathroom. The lower level adds shared laundry and utility space, along with an attached garage sized for two cars. Both apartments are occupied by families, providing an established residential income setup.
The property is located in Somerton in Northeast Philadelphia, near shopping, schools, public transportation, and major roadways. Its two-unit configuration and distinct apartment layouts support both investment ownership and an owner-occupancy arrangement, subject to applicable requirements.
The property is located in Somerton in Northeast Philadelphia, near shopping, schools, public transportation, and major roadways. Its two-unit configuration and distinct apartment layouts support both investment ownership and an owner-occupancy arrangement, subject to applicable requirements.
Key Highlights
- Two apartments, each with 2 bedrooms and a three‑piece bathroom
- Attached two‑car garage with shared lower‑level laundry and utility area
- Both apartments are occupied by families
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
$31,468
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
6.29%
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%
$629,360
$629.4K
Cap Rate 7%
$449,543
$449.5K
Cap Rate 9%
$349,644
$349.6K
Market Conditions
NOI Build-Up for 1,844 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
$47.6K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$45.0K $24.38/SF
− OpEx
−$13.5K −$7.31/SF
NOI
$31.5K $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%
$629,360
Cap Rate 7%
$449,543
Cap Rate 9%
$349,644
Alternative Uses
Best Use
Multifamily LT 5
$449.5K
$393.4K – $524.5K
NOI $31,468 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$414.4K
$362.6K – $483.4K
NOI $29,005 @ 7.0% cap · market cap 5.80%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Explore this area
Business Placement
Demographics for 19116, PA
35,610
Population
14,166
Households
2.5
Avg Household Size
43
Median Age
36%
College-Educated
90%
High-School Grad
5.2 sq mi
ZIP Area
6,848
Density / Sq Mi
$67,558
Median Household Income
$43,817
Median Earnings
$1,214
Median Rent
$321,400
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 apartments include shared laundry and an attached garage.
Where is this duplex located?
The property is located at 205 LOCKART TERRACE Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and a three‑piece bathroom; Attached two‑car garage with shared lower‑level laundry and utility area; Both apartments are occupied by families
