Duplex with Two Separate
2523 S 16TH Street Philadelphia, PA 19145
2523 S 16TH Street, Philadelphia, PA, 19145
$295,000
For Sale
$295,000
MULTI_FAMILY - Colonial - PHILADELPHIA, PA
Property Size1,430 SF
Lot Size0.02 Acres
Price / SF$206.29
Days on Market43
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 agency
Century 21 Preferred
(610) 565-8990
Listed by
Mikhail Zalivchii · License #RS336794
(484) 983-7406
Added: Jun 10 Updated: Jul 9 at 1:09AM Checked: Jul 22 at 8:06AM
MLS# PAPH2632980
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.
This duplex includes two separate residential units: an upstairs 2-bedroom, 1-bath apartment and a downstairs 1-bedroom, 1-bath apartment. The property is described as in good condition but needing TLC, and the first-floor unit will be delivered empty at closing with fresh paint. The downstairs layout includes a living room, one bedroom, a ceramic-tile bathroom, and an eat-in kitchen, with access to the backyard.
The basement is full and partially finished, offering additional storage and access to all mechanical systems. Each unit has its own hot water tank and boiler for heat, with separate utilities except for water. The second-floor unit is currently leased on a month-to-month basis and includes a living room, two bedrooms, a ceramic-tile bathroom, an eat-in kitchen, and a washer/dryer located downstairs.
For owner-occupants or investors, the current setup allows the first-floor unit to be ready for immediate occupancy following closing, while the upstairs unit is sold with the month-to-month lease in place. The combination of separate heating systems and a usable basement space supports flexible day-to-day management, with the opportunity to personalize finishes with the TLC noted in the remarks.
The basement is full and partially finished, offering additional storage and access to all mechanical systems. Each unit has its own hot water tank and boiler for heat, with separate utilities except for water. The second-floor unit is currently leased on a month-to-month basis and includes a living room, two bedrooms, a ceramic-tile bathroom, an eat-in kitchen, and a washer/dryer located downstairs.
For owner-occupants or investors, the current setup allows the first-floor unit to be ready for immediate occupancy following closing, while the upstairs unit is sold with the month-to-month lease in place. The combination of separate heating systems and a usable basement space supports flexible day-to-day management, with the opportunity to personalize finishes with the TLC noted in the remarks.
Key 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.
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 8.27%
Second Best
Apartment 5plus
$321.3K
$281.2K – $374.9K
NOI $22,493 @ 7.0% cap · market cap 7.62%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
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FAQs
What type of property is this?
Duplex - Well-maintained duplex with two separate homes, including a vacant freshly painted unit and a leased upper unit.
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 $295,000.
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.
