Renovated Duplex with Private
For Sale
$299,500
2242 E ALLEGHENY AVENUE, Philadelphia, PA 19134
Vacant two-unit property with separate entrances, updated kitchens, and private outdoor areas.
Property Size1,200 SF
Days on Market8
Property Features for 2242 E ALLEGHENY AVENUE
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,657
Amenities
private laundry
private backyard
gated front patio
Building Details
Building Size
1,200 SF
Year Built
1925
Buildings
1
Listing Agency:
Keller Williams Main Line
Listed By:
Lucas O Pfaff · License #RS315622
(215) 622-7753
Source:
Lizclarkrealestate
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 15 at 10:19AM
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
Built in 1925, this fully renovated duplex offers two independent residences with separate entrances and dedicated laundry areas. The first-floor unit includes central A/C, a redesigned kitchen with granite countertops, under-cabinet lighting, recessed LED lighting, new flooring, a private washer and dryer, and a small backyard. The second-floor unit features granite countertops, soft-close cabinetry, under-cabinet lighting, fresh paint, a large living room, window A/C units, and in-unit laundry. Both residences share a gated front patio.
The property also includes a partially accessible basement, with 2/3 secured for owner storage and utility access. New siding and a recently maintained roof add to the updated physical package. Located at 2242 E Allegheny Avenue in Philadelphia, the duplex is west of Allegheny and Aramingo Avenues, with Campbell Square and public transportation access within the surrounding area. The building is vacant for immediate occupancy or leasing.
The property also includes a partially accessible basement, with 2/3 secured for owner storage and utility access. New siding and a recently maintained roof add to the updated physical package. Located at 2242 E Allegheny Avenue in Philadelphia, the duplex is west of Allegheny and Aramingo Avenues, with Campbell Square and public transportation access within the surrounding area. The building is vacant for immediate occupancy or leasing.
Key Highlights
- Two‑unit duplex built in 1925 with separate entrances
- Private laundry provided for each unit
- First‑floor residence has central A/C and a small private backyard
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
$20,478
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
6.84%
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%
$409,560
$409.6K
Cap Rate 7%
$292,543
$292.5K
Cap Rate 9%
$227,533
$227.5K
Market Conditions
NOI Build-Up for 1,200 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
$31.0K $25.80/SF
− Vacancy
−$1.7K −$1.42/SF
EGI
$29.3K $24.38/SF
− OpEx
−$8.8K −$7.31/SF
NOI
$20.5K $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%
$409,560
Cap Rate 7%
$292,543
Cap Rate 9%
$227,533
Alternative Uses
Best Use
Multifamily LT 5
$292.5K
$256.0K – $341.3K
NOI $20,478 @ 7.0% cap · market cap 6.84%
Second Best
Apartment 5plus
$269.6K
$235.9K – $314.6K
NOI $18,875 @ 7.0% cap · market cap 6.30%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,388
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-unit property with separate entrances, updated kitchens, and private outdoor areas.
Where is this duplex located?
The property is located at 2242 E ALLEGHENY AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $299,500.
What are key features of this property?
This property features: Two‑unit duplex built in 1925 with separate entrances; Private laundry provided for each unit; First‑floor residence has central A/C and a small private backyard
