Two-Unit
For Sale
$315,000
2328 NICHOLAS STREET, Philadelphia, PA 19121
Includes matching two-bedroom, one-bathroom apartments, with one unit currently occupied.
Property Size1,314 SF
Days on Market20
Property Features for 2328 NICHOLAS STREET
General Information
Standard status
Active
Size
1,314 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
plumbing issue affecting the basement
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,317
Building Details
Building Size
1,314 SF
Year Built
1925
Listing Agency:
Prime Realty Partners
Listed By:
Cree McGee · License #RS368355
(302) 483-7912
Source:
Patmckennarealtors
Added: Aug 20
Changed: Sep 8
Last Checked: Sep 8 at 10:31AM
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 Prime Realty Partners
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains two two-bedroom, one-bathroom apartments with substantially similar layouts and finishes. The upper residence is occupied, while the lower apartment has been renovated with contemporary lighting, refreshed cabinetry, new countertops, and newer appliances.
The lower unit is vacant because of a plumbing problem involving the basement. The required sewer-line replacement is located in the street, and a permit for the work has been obtained. The property is in Philadelphia’s 19121 area, with access to Temple University, Brewerytown, Fairmount, Center City, major highways, public transportation, restaurants, shopping, and neighborhood services.
The lower unit is vacant because of a plumbing problem involving the basement. The required sewer-line replacement is located in the street, and a permit for the work has been obtained. The property is in Philadelphia’s 19121 area, with access to Temple University, Brewerytown, Fairmount, Center City, major highways, public transportation, restaurants, shopping, and neighborhood services.
Key Highlights
- Two‑apartment duplex with matching 2‑bedroom, 1‑bathroom layouts
- Upper unit is currently occupied
- Renovated lower unit includes updated cabinetry, new countertops, modern lighting, and newer appliances
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
$22,423
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
7.12%
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%
$448,460
$448.5K
Cap Rate 7%
$320,329
$320.3K
Cap Rate 9%
$249,144
$249.1K
Market Conditions
NOI Build-Up for 1,314 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
$33.9K $25.80/SF
− Vacancy
−$1.9K −$1.42/SF
EGI
$32.0K $24.38/SF
− OpEx
−$9.6K −$7.31/SF
NOI
$22.4K $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%
$448,460
Cap Rate 7%
$320,329
Cap Rate 9%
$249,144
Alternative Uses
Best Use
Multifamily LT 5
$320.3K
$280.3K – $373.7K
NOI $22,423 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$295.3K
$258.4K – $344.5K
NOI $20,669 @ 7.0% cap · market cap 6.56%
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
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,675
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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 - Includes matching two-bedroom, one-bathroom apartments, with one unit currently occupied.
Where is this duplex located?
The property is located at 2328 NICHOLAS STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑apartment duplex with matching 2‑bedroom, 1‑bathroom layouts; Upper unit is currently occupied; Renovated lower unit includes updated cabinetry, new countertops, modern lighting, and newer appliances
