Two-Structure Multifamily with
For Sale
$589,000
2137-39 E ANN Street, Philadelphia, PA 19134
MULTI_FAMILY - Other - PHILADELPHIA, PA
Property Size1,422 SF
Lot Size0.08 Acres
Price / SF$414.21
Days on Market361
Property Features for 2137-39 E ANN Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
6
Parking features
Driveway, Garage - Attached
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,422 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
1927
Utilities
Heating system
Baseboard, Electric (Heating)
Cooling system
Ceiling Fan(s)
Building Details
Year built
1930
Number of units
4
Building materials
Masonry
Architectural style
Other
Listing Agency:
RE/MAX Select Group · RE/MAX International
(215) 335-6900
Listed By:
Marco A Troche · License #AB069365
(267) 255-8132
Added: Aug 12, 2025
Changed: Jul 9
Last Checked: Aug 7 at 3:06AM
MLS# PAPH2526708
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 property at 2137-39 E Ann Street consists of two structures on one lot. The main building is set up as a duplex with a 1-bedroom apartment on the first floor and a 2-bedroom apartment on the second floor. Each unit has a private entrance and separate utilities.
A corner structure adds additional income space, featuring a 1-bedroom apartment along with a 6-car garage. Additional storage space is available above or behind the garage, offering flexibility for seasonal storage or workspace needs.
The buildings are situated on a corner lot, with convenient access to local amenities, public transportation, and major routes.
A corner structure adds additional income space, featuring a 1-bedroom apartment along with a 6-car garage. Additional storage space is available above or behind the garage, offering flexibility for seasonal storage or workspace needs.
The buildings are situated on a corner lot, with convenient access to local amenities, public transportation, and major routes.
Key Highlights
- Two structures on one lot: a duplex and a separate unit with a 6‑car garage.
- Multiple income‑generating units: two apartments in the main building and one in the corner structure.
- Massive 6‑car garage with bonus storage space**, ideal for car enthusiasts, storage, or a workshop.
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
$24,266
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
4.12%
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%
$485,320
$485.3K
Cap Rate 7%
$346,657
$346.7K
Cap Rate 9%
$269,622
$269.6K
Market Conditions
NOI Build-Up for 1,422 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
$36.7K $25.80/SF
− Vacancy
−$2.0K −$1.42/SF
EGI
$34.7K $24.38/SF
− OpEx
−$10.4K −$7.31/SF
NOI
$24.3K $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%
$485,320
Cap Rate 7%
$346,657
Cap Rate 9%
$269,622
Alternative Uses
Best Use
Multifamily LT 5
$346.7K
$303.3K – $404.4K
NOI $24,266 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$319.5K
$279.6K – $372.8K
NOI $22,367 @ 7.0% cap · market cap 3.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 19134, PA
57,463
Population
25,290
Households
2.3
Avg Household Size
33
Median Age
18%
College-Educated
77%
High-School Grad
3.4 sq mi
ZIP Area
16,901
Density / Sq Mi
$41,849
Median Household Income
$35,858
Median Earnings
$1,179
Median Rent
$127,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two structures on one lot, including a duplex and a corner unit with a 6-car garage and extra storage.
Where is this quadplex located?
The property is located at 2137-39 E ANN Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Two structures on one lot: a duplex and a separate unit with a 6‑car garage.; Multiple income‑generating units: two apartments in the main building and one in the corner structure.; Massive 6‑car garage with bonus storage space**, ideal for car enthusiasts, storage, or a workshop.
