Renovated Duplex with Detached
New
For Sale
$525,000
2638 NE PRATT Street, Philadelphia, PA 19137
Multi-Family, PHILADELPHIA, PA
Property Size3,021 SF
Lot Size0.05 Acres
Price / SF$173.78
Days on Market7
Property Features for 2638 NE PRATT Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking
2
Parking features
Garage - Detached, On Street, Off Street
Appliances
Built-In Range, Dishwasher, Dryer, Refrigerator, Washer, Microwave
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
3,021 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
4665
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Amenities
in-unit laundry
Building Details
Year built
1925
Number of units
2
Building materials
Masonry
Architectural style
Contemporary, Colonial
Listing Agency:
Keller Williams Realty Devon-Wayne
(610) 647-8300
Listed By:
Frances Jones · License #RS319046
(215) 208-1652
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 21 at 8:06PM
MLS# PAPH2669542
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 two-unit duplex contains 3,021 square feet of finished area within a masonry end-of-row townhouse built in 1925. Major renovations were completed in 2024, with contemporary and Colonial design elements, luxury vinyl plank flooring, central air, and hot-water heat. Each unit benefits from a kitchen equipped with a built-in range, dishwasher, microwave, and refrigerator, along with in-unit washer and dryer access. The property also includes an unfinished basement for storage and two detached garage spaces.
Parking is supplemented by off-street and on-street options. The 0.0467-acre lot provides a compact footprint, while both units are currently occupied on month-to-month arrangements. The property is located at 2638 NE PRATT Street in Philadelphia, Pennsylvania 19137.
Parking is supplemented by off-street and on-street options. The 0.0467-acre lot provides a compact footprint, while both units are currently occupied on month-to-month arrangements. The property is located at 2638 NE PRATT Street in Philadelphia, Pennsylvania 19137.
Key Highlights
- Two‑unit duplex with 3,021 square feet of finished area
- Major renovations completed in 2024
- Two detached garage spaces plus off‑street and on‑street parking
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
$47,519
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
9.05%
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%
$950,380
$950.4K
Cap Rate 7%
$678,843
$678.8K
Cap Rate 9%
$527,989
$528.0K
Market Conditions
NOI Build-Up for 3,021 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
$91.7K $30.36/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$86.4K $28.60/SF
− OpEx
−$38.9K −$12.87/SF
NOI
$47.5K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$950,380
Cap Rate 7%
$678,843
Cap Rate 9%
$527,989
Alternative Uses
Best Use
Multifamily LT 5
$736.5K
$644.4K – $859.2K
NOI $51,553 @ 7.0% cap · market cap 9.82%
Second Best
Apartment 5plus
$678.8K
$594.0K – $792.0K
NOI $47,519 @ 7.0% cap · market cap 9.05%
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
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 19137, PA
8,682
Population
3,485
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
2.4 sq mi
ZIP Area
3,618
Density / Sq Mi
$64,401
Median Household Income
$46,109
Median Earnings
$1,205
Median Rent
$212,700
Median Home Value
Check the figures for this property
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-unit townhouse with updated interiors, in-unit laundry, off-street parking, and flexible month-to-month occupancy.
Where is this duplex located?
The property is located at 2638 NE PRATT Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,021 square feet of finished area; Major renovations completed in 2024; Two detached garage spaces plus off‑street and on‑street parking
