Renovated Duplex with Two
For Sale
$229,900
234 W ERIE AVENUE, Philadelphia, PA 19140
The property is delivered vacant with two updated two-bedroom residences.
Property Size1,064 SF
Days on Market100
Property Features for 234 W ERIE AVENUE
General Information
Standard status
Active
Size
1,064 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$991
Building Details
Building Size
1,064 SF
Year Built
1920
Buildings
1
Listing Agency:
RE/MAX Select Group
Listed By:
Marco A Troche · License #AB069365
(267) 255-8132
Source:
Lizclarkrealestate
Added: May 28
Changed: Aug 29
Last Checked: Sep 2 at 2:17AM
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 RE/MAX Select Group
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains two separate two-bedroom residences that have undergone renovation and feature updated finishes. Both units are delivered vacant, allowing the next owner to determine the property’s occupancy plan.
The property is positioned near public transportation, shopping, schools, and major roadways in Philadelphia. Its two-unit configuration provides a straightforward residential income property format with separately arranged living spaces.
The property is positioned near public transportation, shopping, schools, and major roadways in Philadelphia. Its two-unit configuration provides a straightforward residential income property format with separately arranged living spaces.
Key Highlights
- Two updated 2‑bedroom units
- Delivered completely vacant
- Renovated interiors with modern 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
$18,157
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
7.90%
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%
$363,140
$363.1K
Cap Rate 7%
$259,386
$259.4K
Cap Rate 9%
$201,744
$201.7K
Market Conditions
NOI Build-Up for 1,064 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
$27.5K $25.80/SF
− Vacancy
−$1.5K −$1.42/SF
EGI
$25.9K $24.38/SF
− OpEx
−$7.8K −$7.31/SF
NOI
$18.2K $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%
$363,140
Cap Rate 7%
$259,386
Cap Rate 9%
$201,744
Alternative Uses
Best Use
Multifamily LT 5
$259.4K
$227.0K – $302.6K
NOI $18,157 @ 7.0% cap · market cap 7.90%
Second Best
Apartment 5plus
$239.1K
$209.2K – $278.9K
NOI $16,736 @ 7.0% cap · market cap 7.28%
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
2,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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 - The property is delivered vacant with two updated two-bedroom residences.
Where is this duplex located?
The property is located at 234 W ERIE AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two updated 2‑bedroom units; Delivered completely vacant; Renovated interiors with modern finishes
