Duplex with Updated
For Sale
$279,000
Pending
2343 E SOMERSET STREET, Philadelphia, PA 19134
Two units feature modernized kitchens and bathrooms, in-unit laundry, dishwashers, and distinct private outdoor and interior character features.
Property Size1,504 SF
Days on Market272
Property Features for 2343 E SOMERSET STREET
General Information
Standard status
Pending
Size
1,504 SF
Property subtype
Duplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
LVP flooring
updated kitchens
updated bathrooms
in-unit washer and dryer
dishwasher
private yard
exposed brick wall
Building Details
Building Size
1,504 SF
Year Built
1925
Buildings
1
Stories
2
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Stacy L Sanseverino · License #RS281613
(215) 627-3500
Source:
Tmft.kw
Added: Dec 2, 2025
Changed: Aug 29
Last Checked: Aug 30 at 1:19PM
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 KW Empower
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains two residential units with updated kitchens and bathrooms, durable LVP flooring, dishwashers, and in-unit washer and dryer appliances. The first-floor residence includes a private yard, while the second-floor unit has an exposed brick wall. A separately accessed basement is outside both leases and provides additional storage space or potential rental use.
The property is located at 2343 E Somerset Street in Philadelphia, near grocery shopping along Aramingo Avenue and local businesses including Taconelli’s Pizza, Gaul & Co., Nemi, and Her Daughter’s. The Market-Frankford El Station at Somerset is a 10-minute walk away, and I-95 is approximately 5 minutes from the property. The layout supports either occupancy of one unit with the other rented or leasing both units, subject to applicable terms.
The property is located at 2343 E Somerset Street in Philadelphia, near grocery shopping along Aramingo Avenue and local businesses including Taconelli’s Pizza, Gaul & Co., Nemi, and Her Daughter’s. The Market-Frankford El Station at Somerset is a 10-minute walk away, and I-95 is approximately 5 minutes from the property. The layout supports either occupancy of one unit with the other rented or leasing both units, subject to applicable terms.
Key Highlights
- Two‑unit duplex built in 1925
- Updated kitchens and bathrooms with durable LVP flooring
- In‑unit washer and dryer plus dishwasher in each unit
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
$25,666
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
9.20%
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%
$513,320
$513.3K
Cap Rate 7%
$366,657
$366.7K
Cap Rate 9%
$285,178
$285.2K
Market Conditions
NOI Build-Up for 1,504 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
$38.8K $25.80/SF
− Vacancy
−$2.1K −$1.42/SF
EGI
$36.7K $24.38/SF
− OpEx
−$11.0K −$7.31/SF
NOI
$25.7K $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%
$513,320
Cap Rate 7%
$366,657
Cap Rate 9%
$285,178
Alternative Uses
Best Use
Multifamily LT 5
$366.7K
$320.8K – $427.8K
NOI $25,666 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$338.0K
$295.7K – $394.3K
NOI $23,657 @ 7.0% cap · market cap 8.48%
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
2,017
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
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 - Two units feature modernized kitchens and bathrooms, in-unit laundry, dishwashers, and distinct private outdoor and interior character features.
Where is this duplex located?
The property is located at 2343 E SOMERSET STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1925; Updated kitchens and bathrooms with durable LVP flooring; In‑unit washer and dryer plus dishwasher in each unit
