Contemporary Brick
For Sale
$650,000
2122 N 2ND Street, Philadelphia, PA 19122
Multi-Family, PHILADELPHIA, PA
Property Size3,400 SF
Lot Size0.02 Acres
Price / SF$191.18
Days on Market35
Property Features for 2122 N 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Rooms
Basement
Parking features
On Street
Appliances
Built-In Microwave, Built-In Range, Compactor, Dishwasher, Dryer - Electric, ENERGY STAR Clothes Washer, Refrigerator
Subdivision
KENSINGTON
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Special listing conditions
In Foreclosure
Standard status
Active
Size
3,400 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
249
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Central Air
Amenities
private backyard
private rooftop access
Building Details
Year built
2020
Number of units
2
Building materials
Brick
Architectural style
Contemporary
Listing Agency:
Realty Mark Associates
(215) 376-4444
Listed By:
Tiffany V Tran · License #RS358051
(856) 803-3482
Added: Jul 31
Changed: Sep 2
Last Checked: Sep 3 at 12:06PM
MLS# PAPH2652750
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.
Completed in 2020, this contemporary brick duplex contains two distinct residences with a combined property size of 3,400 square feet. The lower residence spans two floors and a finished basement, with three bedrooms, three full bathrooms, and a private backyard. The upper residence occupies the third and fourth floors and includes two bedrooms, two full bathrooms, one half bath, and private rooftop access.
Both units have kitchens equipped with stainless steel appliances and finished interiors. Building systems include central air, electric heating with baseboard heat, a 90% forced-air system, electric heat-pump backup, and a sump pump. The property has CMX2 zoning, no HOA, and on-street parking. Located at 2122 N 2nd Street in Philadelphia’s Norris Square area, it is near Norris Square park and within walking distance of Girard Avenue and Fishtown restaurants, bars, and coffee shops.
Both units have kitchens equipped with stainless steel appliances and finished interiors. Building systems include central air, electric heating with baseboard heat, a 90% forced-air system, electric heat-pump backup, and a sump pump. The property has CMX2 zoning, no HOA, and on-street parking. Located at 2122 N 2nd Street in Philadelphia’s Norris Square area, it is near Norris Square park and within walking distance of Girard Avenue and Fishtown restaurants, bars, and coffee shops.
Key Highlights
- 2020‑built brick duplex with two separate residences
- Lower unit: 3 bedrooms, 3 full baths, finished basement, and private backyard
- Upper unit: 2 bedrooms, 2 full baths, half bath, and private rooftop access
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
$58,021
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
8.93%
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%
$1,160,420
$1.2M
Cap Rate 7%
$828,871
$828.9K
Cap Rate 9%
$644,678
$644.7K
Market Conditions
NOI Build-Up for 3,400 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
$87.7K $25.80/SF
− Vacancy
−$4.8K −$1.42/SF
EGI
$82.9K $24.38/SF
− OpEx
−$24.9K −$7.31/SF
NOI
$58.0K $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%
$1,160,420
Cap Rate 7%
$828,871
Cap Rate 9%
$644,678
Alternative Uses
Best Use
Multifamily LT 5
$828.9K
$725.3K – $967.0K
NOI $58,021 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$764.0K
$668.5K – $891.3K
NOI $53,480 @ 7.0% cap · market cap 8.23%
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
2,616
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 separately configured residences offer private outdoor and rooftop spaces within a CMX2-zoned property.
Where is this duplex located?
The property is located at 2122 N 2ND Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2020‑built brick duplex with two separate residences; Lower unit: 3 bedrooms, 3 full baths, finished basement, and private backyard; Upper unit: 2 bedrooms, 2 full baths, half bath, and private rooftop access
