South Philadelphia Duplex
2523 S 16TH Street, Philadelphia, PA 19145
New
MULTI_FAMILY - Colonial - PHILADELPHIA, PA
Property size:
1,430 SFLot size:
0.02 AcresPrice / SF:
$276/SF- Added:
- Jun 10, 2026
- Days on Market:
- 4
- Last Refresh:
- Jun 13 at 1:06 pm
Property Features for 2523 S 16TH Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- On Street
- Standard status
- Active
- Size
- 1,430 SF
- Lot size
- 0.02 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4531
Utilities
- Heating system
- Other (Heating)
- Cooling system
- Window Unit(s)
Building Details
- Year built
- 1920
- Number of units
- 2
- Building materials
- Masonry
- Architectural style
- Colonial
Listing agent Mikhail Zalivchii License #RS336794 (484) 983-7406
Listing office Century 21 Preferred 1020 E Baltimore Pike, Media, PA (610) 565-8990
Listing date Jun 10, 2026
MLS# PAPH2632980
Listing URL
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.
HighLights
- Well‑maintained South Philadelphia duplex in the Melrose neighborhood with masonry construction and Colonial style.
- Upstairs unit: 2 bedrooms, 1 bath, and ceramic‑tile bath; includes living room and eat‑in kitchen.
- Downstairs unit: 1 bedroom, 1 bath, ceramic‑tile bath, and eat‑in kitchen; first‑floor unit is vacant and delivered empty at closing, freshly painted.
- Each unit has its own hot water tank and boiler for heat, with separate utilities (except water).
- Second‑floor apartment is currently leased on a month‑to‑month basis and will convey with the existing lease.
- Full basement is partially finished and provides access to all mechanical systems plus extra storage; includes backyard access.
Overview
This South Philadelphia duplex includes two separate residential units with individual hot water tanks and boilers for heating, along with separate utilities except for water. The first-floor unit offers a living room, one bedroom, a ceramic-tile bathroom, and an eat-in kitchen, and it is being delivered empty at closing with fresh paint. The second-floor apartment is currently leased on a month-to-month basis and includes a living room, two bedrooms, a ceramic-tile bathroom, and an eat-in kitchen, with a washer/dryer located downstairs. The home also has a full basement that is partially finished and provides access to all mechanical systems plus additional storage. The property includes access to the backyard.
Located in the Melrose neighborhood of Philadelphia, the duplex is positioned for convenience to everyday needs, with the asset’s street address at 2523 S 16TH Street (19145). The first-floor unit will be vacant for immediate occupancy following closing, while the second-floor unit will convey with its existing month-to-month lease in place.
For owner-occupants or investors, the configuration supports either living on one level and renting the other, or adding both units to an income portfolio. The seller notes the property is in good condition but needs TLC, with opportunities primarily focused on updating and improving finishes to align with a tenant or owner’s preferences.
Located in the Melrose neighborhood of Philadelphia, the duplex is positioned for convenience to everyday needs, with the asset’s street address at 2523 S 16TH Street (19145). The first-floor unit will be vacant for immediate occupancy following closing, while the second-floor unit will convey with its existing month-to-month lease in place.
For owner-occupants or investors, the configuration supports either living on one level and renting the other, or adding both units to an income portfolio. The seller notes the property is in good condition but needs TLC, with opportunities primarily focused on updating and improving finishes to align with a tenant or owner’s preferences.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.9k | $25.80 |
| − Vacancy | −$2.0k | −$1.42 |
| EGI | $34.9k | $24.38 |
| − OpEx | −$10.5k | −$7.31 |
| NOI | $24.4k | $17.06 |
1,430 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$348.6K
$305.0K – $406.7K
NOI $24,403 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$321.3K
$281.2K – $374.9K
NOI $22,493 @ 7.0% cap · market cap 5.69%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Philadelphia
- County
- Delaware
- State
- Pennsylvania
- Longitude
- -75.1739655
- Latitude
- 39.91922
Nearby Similar for Sale
FAQs
What type of property is this?
Duplex - Duplex with separate utilities, two units, and backyard access, offering an upside through a vacant first floor at closing.
Where is this duplex located?
The property is located at 2523 S 16TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Well‑maintained South Philadelphia duplex in the Melrose neighborhood with masonry construction and Colonial style.; Upstairs unit: 2 bedrooms, 1 bath, and ceramic‑tile bath; includes living room and eat‑in kitchen.; Downstairs unit: 1 bedroom, 1 bath, ceramic‑tile bath, and eat‑in kitchen; first‑floor unit is vacant and delivered empty at closing, freshly painted.
