Updated Duplex with Side
For Sale
$399,900
3229 Red Lion Rd, Philadelphia, PA 19114
Two-level duplex with refreshed kitchens, bathrooms, and a recently installed HVAC system.
Property Size2,232 SF
Price / SF$179.17
Days on Market11
Property Features for 3229 Red Lion Rd
General Information
Standard status
Active
Size
2,232 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1974
Listing Agency:
Elite Home Realty Inc
(215) 355-2728
Listed By:
Paul Stepchin · License #RM420063
Source:
Baltimoreharfordhomesforsale
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 10:31AM
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 Elite Home Realty Inc
Investment Insights
Based on property information with market context.
This duplex contains 2,232 SF and was built in 1974. Interior improvements include a modernized bathroom on the first floor, along with an updated kitchen and bathroom upstairs. A new HVAC system serves the property, and the spacious side yard adds usable outdoor area for recreation or gatherings.
The property is located at 3229 Red Lion Rd in Philadelphia, PA 19114, directly across from major shopping centers. Woodhaven Road and I-95 are minutes away, connecting the property with shopping, dining, transportation, and regional roadways.
The property is located at 3229 Red Lion Rd in Philadelphia, PA 19114, directly across from major shopping centers. Woodhaven Road and I-95 are minutes away, connecting the property with shopping, dining, transportation, and regional roadways.
Key Highlights
- 2,232 SF duplex built in 1974
- Updated first‑floor bathroom
- Second‑floor kitchen and bathroom improvements
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
$35,108
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
8.78%
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%
$702,160
$702.2K
Cap Rate 7%
$501,543
$501.5K
Cap Rate 9%
$390,089
$390.1K
Market Conditions
NOI Build-Up for 2,232 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
$67.8K $30.36/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$63.8K $28.60/SF
− OpEx
−$28.7K −$12.87/SF
NOI
$35.1K $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%
$702,160
Cap Rate 7%
$501,543
Cap Rate 9%
$390,089
Alternative Uses
Best Use
Multifamily LT 5
$544.1K
$476.1K – $634.8K
NOI $38,089 @ 7.0% cap · market cap 9.52%
Second Best
Apartment 5plus
$501.5K
$438.9K – $585.1K
NOI $35,108 @ 7.0% cap · market cap 8.78%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 19114, PA
32,645
Population
14,703
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
91%
High-School Grad
5.6 sq mi
ZIP Area
5,829
Density / Sq Mi
$76,076
Median Household Income
$48,257
Median Earnings
$1,369
Median Rent
$276,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-level duplex with refreshed kitchens, bathrooms, and a recently installed HVAC system.
Where is this duplex located?
The property is located at 3229 Red Lion Rd Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,232 SF duplex built in 1974; Updated first‑floor bathroom; Second‑floor kitchen and bathroom improvements
