New Construction Duplex with Rooftop
New
For Sale
$575,000
2406 N 3rd St, Philadelphia, PA 19133
Two residential units offer modern finishes, private outdoor areas, and flexible four-story layouts.
Property Size2,520 SF
Price / SF$228.17
Days on Market6
Property Features for 2406 N 3rd St
General Information
Standard status
Active
Size
2,520 SF
Property subtype
Multi-Family
Building Details
Year Built
2026
Listing Agency:
KW Empower
Listed By:
Ryan Stawasz · License #RS335536
(610) 520-0100
Source:
Bethsamberg
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 26 at 9:55AM
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.
Completed in 2026, this four-story duplex contains two three-bedroom, two-bathroom units with a combined 6 bedrooms and 4 bathrooms. Unit 1 occupies the first floor and basement and includes a backyard, while Unit 2 spans the second and third floors and provides a private rooftop deck with views toward Philadelphia city center.
Interior details include open living areas, quartz countertops with waterfall edges, two-tone shaker cabinetry, subway-tile backsplashes, and stainless steel appliances. Both units feature closet storage and tiled bathrooms with glass-enclosed showers. Security cameras and an alarm system serve the building. The property also includes a 10 YEAR TAX ABATEMENT and 1 YEAR BUILDERS WARRANTY.
Located at 2406 N 3rd St, the duplex is described as walking distance from the Berks L Stop, with access toward center city and nearby dining, beverage, retail, and grocery destinations.
Interior details include open living areas, quartz countertops with waterfall edges, two-tone shaker cabinetry, subway-tile backsplashes, and stainless steel appliances. Both units feature closet storage and tiled bathrooms with glass-enclosed showers. Security cameras and an alarm system serve the building. The property also includes a 10 YEAR TAX ABATEMENT and 1 YEAR BUILDERS WARRANTY.
Located at 2406 N 3rd St, the duplex is described as walking distance from the Berks L Stop, with access toward center city and nearby dining, beverage, retail, and grocery destinations.
Key Highlights
- Newly constructed 2026 duplex with 6 bedrooms and 4 bathrooms
- Two units configured as 3 bedrooms and 2 bathrooms each
- Unit 2 includes a private rooftop deck with views of Philadelphia city center
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
$43,004
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
7.48%
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%
$860,080
$860.1K
Cap Rate 7%
$614,343
$614.3K
Cap Rate 9%
$477,822
$477.8K
Market Conditions
NOI Build-Up for 2,520 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
$65.0K $25.80/SF
− Vacancy
−$3.6K −$1.42/SF
EGI
$61.4K $24.38/SF
− OpEx
−$18.4K −$7.31/SF
NOI
$43.0K $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%
$860,080
Cap Rate 7%
$614,343
Cap Rate 9%
$477,822
Alternative Uses
Best Use
Multifamily LT 5
$614.3K
$537.6K – $716.7K
NOI $43,004 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$566.3K
$495.5K – $660.6K
NOI $39,638 @ 7.0% cap · market cap 6.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,540
Businesses Nearby
Explore this area
Business Placement
Demographics for 19133, PA
24,772
Population
10,766
Households
2.3
Avg Household Size
34
Median Age
7%
College-Educated
63%
High-School Grad
1.3 sq mi
ZIP Area
19,055
Density / Sq Mi
$31,756
Median Household Income
$26,563
Median Earnings
$919
Median Rent
$85,100
Median Home Value
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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 - Two residential units offer modern finishes, private outdoor areas, and flexible four-story layouts.
Where is this duplex located?
The property is located at 2406 N 3rd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Newly constructed 2026 duplex with 6 bedrooms and 4 bathrooms; Two units configured as 3 bedrooms and 2 bathrooms each; Unit 2 includes a private rooftop deck with views of Philadelphia city center
