Renovated Duplex with Private
New
For Sale
$299,500
2242 E ALLEGHENY Avenue, Philadelphia, PA 19134
Multi-Family, PHILADELPHIA, PA
Property Size1,200 SF
Lot Size0.02 Acres
Price / SF$249.58
Days on Market6
Property Features for 2242 E ALLEGHENY Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Subdivision
PORT RICHMOND
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
1,200 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
1657
Utilities
Heating system
Baseboard, Other (Heating), Electric (Heating)
Cooling system
Central Air
Amenities
private laundry
private outdoor space
gated front patio
central A/C
Building Details
Year built
1925
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
Lucas O Pfaff · License #RS315622
(215) 622-7753
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 14 at 5:06PM
MLS# PAPH2665448
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 masonry duplex, built in 1925, contains approximately 1,200 square feet across two separate residences. The first-floor unit includes central A/C, a refreshed kitchen with granite counters, under-cabinet lighting, recessed LED fixtures, new flooring, private laundry, and a small backyard. The second-floor unit offers a bright living room, granite counters, soft-close cabinetry, fresh paint, included window A/C units, and an in-unit washer and dryer. Each residence has its own entrance, while the gated front patio is shared. The basement includes dedicated laundry and storage areas, with 2/3 secured for owner storage and utilities.
The property is located in Philadelphia’s Port Richmond area, just west of Allegheny and Aramingo Avenues. Campbell Square is described as a 5-minute walk away, with neighborhood dining, coffee, beverage, and retail businesses nearby. The duplex is vacant, allowing for immediate occupancy or leasing, and includes on-street parking, new siding, and a recently maintained roof.
The property is located in Philadelphia’s Port Richmond area, just west of Allegheny and Aramingo Avenues. Campbell Square is described as a 5-minute walk away, with neighborhood dining, coffee, beverage, and retail businesses nearby. The duplex is vacant, allowing for immediate occupancy or leasing, and includes on-street parking, new siding, and a recently maintained roof.
Key Highlights
- Two‑unit duplex with 1,200 square feet of property size
- Vacant property with separate entrances and private laundry for both units
- Updated kitchens with granite countertops and refreshed finishes
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
2,351
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
Check the figures for this property
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 updated kitchens, separate entries, outdoor space, and dedicated laundry 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 with 1,200 square feet of property size; Vacant property with separate entrances and private laundry for both units; Updated kitchens with granite countertops and refreshed finishes
