Two-Unit Masonry
New
For Sale
$499,900
205 LOCKART Terrace, Philadelphia, PA 19116
Multi-Family, PHILADELPHIA, PA
Property Size1,844 SF
Lot Size0.07 Acres
Price / SF$271.10
Days on Market3
Property Features for 205 LOCKART Terrace
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Garage - Attached
Subdivision
SOMERTON
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,844 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
6562
Utilities
Heating system
Forced Air
Amenities
shared laundry
Building Details
Year built
1969
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
RE/MAX 2000 · RE/MAX International
(215) 698-2000
Listed By:
Carlos Cesar · License #AB067071
(215) 698-3987
Added: Sep 1
Last Checked: Sep 3 at 12:06PM
MLS# PAPH2656020
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.
This 1,844-square-foot duplex contains two apartments, each arranged with 2 bedrooms, a living room, dining room, kitchen, hallway, and three-piece bathroom. The lower level provides a shared laundry and utility area, while the attached two-car garage adds covered parking and storage. Masonry construction, forced-air heating, and a 1969 build date complete the property profile.
Both apartments are occupied by families, supporting an existing residential income setup. The property sits on a 0.0671-acre lot in Philadelphia’s Somerton neighborhood and is located near shopping, schools, public transportation, and major roadways.
Both apartments are occupied by families, supporting an existing residential income setup. The property sits on a 0.0671-acre lot in Philadelphia’s Somerton neighborhood and is located near shopping, schools, public transportation, and major roadways.
Key Highlights
- Two apartments, each with 2 bedrooms and a three‑piece bathroom
- 1,844 square feet on a 0.0671‑acre lot
- Attached two‑car garage with shared lower‑level laundry and utility area
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 - Masonry two-unit property with an attached garage, shared laundry, and occupied apartments.
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; 1,844 square feet on a 0.0671‑acre lot; Attached two‑car garage with shared lower‑level laundry and utility area
