Renovated Duplex with
For Sale
$315,000
2328 NICHOLAS Street, Philadelphia, PA 19121
Multi-Family, PHILADELPHIA, PA
Property Size1,314 SF
Lot Size0.02 Acres
Price / SF$239.73
Days on Market15
Property Features for 2328 NICHOLAS Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,314 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
1317
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1925
Number of units
2
Building materials
Masonry
Listing Agency:
Prime Realty Partners
(215) 770-9496
Listed By:
Cree McGee
(302) 483-7912
Added: Aug 20
Last Checked: Sep 3 at 8:06PM
MLS# PAPH2662054
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.
Built in 1925, this masonry duplex contains two 2-bedroom, 1-bathroom apartments within 1,314 square feet. The upper residence is occupied, while the lower apartment is vacant and includes updated cabinetry, newer countertops, modern lighting, and newer appliances. Central heating and central air conditioning serve the property, with on-street parking available.
The vacant unit is affected by a basement plumbing issue tied to a sewer line replacement in the street. A required permit has been obtained for the work. The property is located in Philadelphia’s 19121 ZIP code, with stated access to Temple University, Brewerytown, Fairmount, Center City, major highways, public transportation, restaurants, shopping, and neighborhood amenities.
The vacant unit is affected by a basement plumbing issue tied to a sewer line replacement in the street. A required permit has been obtained for the work. The property is located in Philadelphia’s 19121 ZIP code, with stated access to Temple University, Brewerytown, Fairmount, Center City, major highways, public transportation, restaurants, shopping, and neighborhood amenities.
Key Highlights
- Two 2‑bedroom, 1‑bathroom apartments
- 1,314 square feet in a duplex built in 1925
- Lower apartment renovated with updated cabinetry, newer countertops, lighting, and 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
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 - Masonry income property with central HVAC, one occupied apartment, and a second unit undergoing sewer-line repair.
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 2‑bedroom, 1‑bathroom apartments; 1,314 square feet in a duplex built in 1925; Lower apartment renovated with updated cabinetry, newer countertops, lighting, and appliances
