Renovated Duplex with
For Sale
$600,000
2638 Pratt St, Philadelphia, PA 19124
Updated two-unit townhouse with detached garages, in-unit laundry, and flexible month-to-month occupancy.
Property Size3,021 SF
Lot Size0.05 Acres
Price / SF$198.61
Days on Market14
Property Features for 2638 Pratt St
General Information
Standard status
Active
Size
3,021 SF
Total Parking Spaces
2
Lot size
0.05 Acres
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,665
Amenities
luxury vinyl plank flooring
kitchen with built-in range, dishwasher, microwave, refrigerator
in-unit washer and dryer
unfinished basement
Building Details
Year Renovated
2024
Buildings
1
Construction
Colonial and contemporary
Tenancy
Multi
Listing Agency:
Keller Williams Realty Devon-Wayne
(610) 647-8300
Listed By:
Frances Jones · License #RS319046
(215) 208-1652
Source:
Exprealty
Added: Sep 8
Changed: Sep 21
Last Checked: Sep 21 at 11:03AM
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 Keller Williams Realty Devon-Wayne
Investment Insights
Based on property information with market context.
This Philadelphia duplex is configured as an end-of-row townhouse with 3,021 square feet of finished area. Major renovations were completed in 2024, including luxury vinyl plank flooring and updated kitchen equipment consisting of a built-in range, dishwasher, microwave, and refrigerator. Each unit includes in-unit laundry with a washer and dryer. The property also has an unfinished basement for storage or future development.
Two detached garage spaces provide off-street parking and storage, with additional on-street parking available. The property sits on a 0.05-acre lot at 2638 Pratt St. Both units are currently leased on a month-to-month basis, allowing an owner to continue renting the units or occupy one while renting the other.
Two detached garage spaces provide off-street parking and storage, with additional on-street parking available. The property sits on a 0.05-acre lot at 2638 Pratt St. Both units are currently leased on a month-to-month basis, allowing an owner to continue renting the units or occupy one while renting the other.
Key Highlights
- 3,021 square feet of finished area
- Two‑unit duplex with both units currently month to month
- Major renovations completed in 2024
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
$38,928
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
6.49%
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%
$778,560
$778.6K
Cap Rate 7%
$556,114
$556.1K
Cap Rate 9%
$432,533
$432.5K
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
$59.8K $19.80/SF
− Vacancy
−$4.2K −$1.39/SF
EGI
$55.6K $18.41/SF
− OpEx
−$16.7K −$5.52/SF
NOI
$38.9K $12.89/SF
Area
ZIP 19124
Vacancy
7.03%
Lease Rate
$19.80 /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%
$778,560
Cap Rate 7%
$556,114
Cap Rate 9%
$432,533
Alternative Uses
Best Use
Multifamily LT 5
$556.1K
$486.6K – $648.8K
NOI $38,928 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$511.7K
$447.7K – $597.0K
NOI $35,818 @ 7.0% cap · market cap 5.97%
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,640 @ 7.0% cap · market cap 20.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
749
Businesses Nearby
Explore this area
Business Placement
Demographics for 19124, PA
68,766
Population
27,014
Households
2.5
Avg Household Size
33
Median Age
15%
College-Educated
80%
High-School Grad
5.1 sq mi
ZIP Area
13,484
Density / Sq Mi
$46,100
Median Household Income
$35,364
Median Earnings
$1,063
Median Rent
$155,000
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 - Updated two-unit townhouse with detached garages, in-unit laundry, and flexible month-to-month occupancy.
Where is this duplex located?
The property is located at 2638 Pratt St Philadelphia, PA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 3,021 square feet of finished area; Two‑unit duplex with both units currently month to month; Major renovations completed in 2024
