Renovated Duplex With Two
For Sale
$419,000
2233 N 16TH ST, Philadelphia, PA 19132
Two residences provide six bedrooms, six full bathrooms, modern finishes, and separate laundry areas.
Property Size1,964 SF
Price / SF$213.34
Days on Market51
Property Features for 2233 N 16TH ST
General Information
Standard status
Active
Size
1,964 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Building Details
Buildings
1
Listing Agency:
Eliakim Realty Inc
(267) 626-2398
Listed By:
Nestor F Colon · License #RM422846
(215) 200-1089
Source:
Hostetterrealty
Added: Aug 3
Changed: Sep 20
Last Checked: Sep 21 at 6:07AM
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 Eliakim Realty Inc
Investment Insights
Based on property information with market context.
Built in 1915, this fully renovated legal duplex contains two multi-level residences with six bedrooms and six full bathrooms combined. Both units feature updated electrical and plumbing systems, energy-efficient mini-split heating and cooling, shaker cabinetry, and quartz countertops. Laundry is provided separately, including a dedicated area in the basement for Unit 1 and a washer-dryer closet in Unit 2.
Unit 1 includes a bi-level arrangement with three bedrooms, three full bathrooms, basement access, storage, and exclusive use of the rear yard. Its flexible floor plan can accommodate either three bedrooms or two bedrooms with a more traditional living room. Unit 2 occupies the second and third floors, with one bedroom and bathroom on the main level plus two upper-level bedrooms, each with its own bathroom. The property is located at 2233 N. 16th Street in Philadelphia, PA 19132, within a corridor characterized by surrounding new construction.
Unit 1 includes a bi-level arrangement with three bedrooms, three full bathrooms, basement access, storage, and exclusive use of the rear yard. Its flexible floor plan can accommodate either three bedrooms or two bedrooms with a more traditional living room. Unit 2 occupies the second and third floors, with one bedroom and bathroom on the main level plus two upper-level bedrooms, each with its own bathroom. The property is located at 2233 N. 16th Street in Philadelphia, PA 19132, within a corridor characterized by surrounding new construction.
Key Highlights
- Fully renovated legal duplex built in 1915
- Two units with 6 bedrooms and 6 full bathrooms combined
- New electrical and plumbing systems
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
$33,515
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
8.00%
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%
$670,300
$670.3K
Cap Rate 7%
$478,786
$478.8K
Cap Rate 9%
$372,389
$372.4K
Market Conditions
NOI Build-Up for 1,964 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
$50.7K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$47.9K $24.38/SF
− OpEx
−$14.4K −$7.31/SF
NOI
$33.5K $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%
$670,300
Cap Rate 7%
$478,786
Cap Rate 9%
$372,389
Alternative Uses
Best Use
Multifamily LT 5
$478.8K
$418.9K – $558.6K
NOI $33,515 @ 7.0% cap · market cap 8.00%
Second Best
Apartment 5plus
$441.3K
$386.2K – $514.9K
NOI $30,893 @ 7.0% cap · market cap 7.37%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,059
Businesses Nearby
Explore this area
Business Placement
Demographics for 19132, PA
33,926
Population
17,402
Households
1.9
Avg Household Size
37
Median Age
13%
College-Educated
83%
High-School Grad
2.2 sq mi
ZIP Area
15,421
Density / Sq Mi
$30,974
Median Household Income
$30,300
Median Earnings
$1,055
Median Rent
$73,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Duplex - Two residences provide six bedrooms, six full bathrooms, modern finishes, and separate laundry areas.
Where is this duplex located?
The property is located at 2233 N 16TH ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Fully renovated legal duplex built in 1915; Two units with 6 bedrooms and 6 full bathrooms combined; New electrical and plumbing systems
