Three-Story Duplex with
New
For Sale
$740,000
2606 PARRISH STREET, Philadelphia, PA 19130
Two separately entered residences offer private outdoor areas, in-unit laundry, and central air conditioning.
Property Size2,160 SF
Price / SF$342.59
Days on Market2
Property Features for 2606 PARRISH STREET
General Information
Standard status
Active
Size
2,160 SF
Total Parking Spaces
1
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$2,000
Public Transit
Yes
Amenities
washer and dryer
central A/C
balcony
private backyard
Building Details
Year Built
1980
Buildings
1
Stories
3
Listing Agency:
Weichert, Realtors - Cornerstone
(215) 628-8300
Listed By:
Roberta Hickman · License #RS356141
(267) 246-6025
Source:
Cummingsrealtors
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 21 at 6:32AM
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 Weichert, Realtors - Cornerstone
Investment Insights
Based on property information with market context.
This 2,160-square-foot duplex, built in 1980, is arranged across three stories with two independent residences. The lower residence spans the first and second floors and includes a kitchen with dining space, living room access to a private backyard, two bedrooms, one full bath, and a half bath. The upper residence occupies the third floor and provides one bedroom, one full bath, a remodeled kitchen, high ceilings, a balcony, and a loft reached by spiral staircase. Both units have engineered flooring in portions of the living areas, separate entrances, washers and dryers, and Central A/C. One private parking space is located behind the building.
The property is at 2606 Parrish Street in Philadelphia, within walking distance of the Philadelphia Museum of Art, Kelly Drive, and Fairmount Park. Local cafes, restaurants, boutique shopping, and public transportation are located nearby. Walk Score is 91, with connections to Center City and other parts of the city.
The lower unit is occupied under a month-to-month lease with 60-day notice to vacate, while the upper unit has a lease through July 2027. The owner pays water only.
The property is at 2606 Parrish Street in Philadelphia, within walking distance of the Philadelphia Museum of Art, Kelly Drive, and Fairmount Park. Local cafes, restaurants, boutique shopping, and public transportation are located nearby. Walk Score is 91, with connections to Center City and other parts of the city.
The lower unit is occupied under a month-to-month lease with 60-day notice to vacate, while the upper unit has a lease through July 2027. The owner pays water only.
Key Highlights
- 2,160‑square‑foot duplex built in 1980
- Three‑story layout with 2 separate residences
- Lower unit includes 2 bedrooms, 1 full bath, 1 half bath, and a private backyard
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
$36,860
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
4.98%
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%
$737,200
$737.2K
Cap Rate 7%
$526,571
$526.6K
Cap Rate 9%
$409,556
$409.6K
Market Conditions
NOI Build-Up for 2,160 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
$55.7K $25.80/SF
− Vacancy
−$3.1K −$1.42/SF
EGI
$52.7K $24.38/SF
− OpEx
−$15.8K −$7.31/SF
NOI
$36.9K $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%
$737,200
Cap Rate 7%
$526,571
Cap Rate 9%
$409,556
Alternative Uses
Best Use
Multifamily LT 5
$526.6K
$460.8K – $614.3K
NOI $36,860 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$485.4K
$424.7K – $566.3K
NOI $33,976 @ 7.0% cap · market cap 4.59%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,756
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 separately entered residences offer private outdoor areas, in-unit laundry, and central air conditioning.
Where is this duplex located?
The property is located at 2606 PARRISH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: 2,160‑square‑foot duplex built in 1980; Three‑story layout with 2 separate residences; Lower unit includes 2 bedrooms, 1 full bath, 1 half bath, and a private backyard
