Renovated Duplex With
For Sale
$360,000
Pending
3322 Wellington Street, Philadelphia, PA 19149
Turn-key renovated duplex with two units, including a finished basement and updated bathroom finishes.
Property Size1,656 SF
Days on Market153
Property Features for 3322 Wellington Street
General Information
Standard status
Pending
Size
1,656 SF
Total Parking Spaces
1
Property subtype
Multi-Family / Fee Simple
Zoning
RSA5
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,881
Amenities
No
32"+ wide Doors, 36"+ wide Halls
No Pool
Above Grade, Below Grade
Building Details
Year Built
1950
Listing Agency:
HK99 Realty LLC
Listed By:
Andy Wang · License #RS345191
(215) 454-0308
Source:
Compass
Added: Apr 9
Changed: Aug 8
Last Checked: Jul 23 at 10:53AM
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 HK99 Realty LLC
Investment Insights
Based on property information with market context.
This turn-key duplex includes two residential units with distinct layouts. The first-floor unit offers one bedroom and two bathrooms, with an entirely finished basement providing additional finished living space. Interior finishes include ceramic tile flooring in the living area and vinyl flooring in the bedroom.
The second-floor unit features two bedrooms and one bathroom, with updated ceramic tile finishes throughout the bathroom walls and shower area.
The building is currently occupied and was renovated in recent years, offering an investor or owner-occupant the convenience of move-in readiness with rental income potential.
The second-floor unit features two bedrooms and one bathroom, with updated ceramic tile finishes throughout the bathroom walls and shower area.
The building is currently occupied and was renovated in recent years, offering an investor or owner-occupant the convenience of move-in readiness with rental income potential.
Key Highlights
- Two‑unit duplex built in 1950, occupied and suitable for investors or owner‑occupants seeking rental income
- First‑floor unit: 1 bed, 2 baths, with an entirely finished basement for additional living space
- Second‑floor unit: 2 bedrooms and 1 bathroom
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
$23,581
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
6.55%
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%
$471,620
$471.6K
Cap Rate 7%
$336,871
$336.9K
Cap Rate 9%
$262,011
$262.0K
Market Conditions
NOI Build-Up for 1,656 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
$34.8K $21.00/SF
− Vacancy
−$1.1K −$0.66/SF
EGI
$33.7K $20.34/SF
− OpEx
−$10.1K −$6.10/SF
NOI
$23.6K $14.24/SF
Area
ZIP 19149
Vacancy
3.13%
Lease Rate
$21.00 /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%
$471,620
Cap Rate 7%
$336,871
Cap Rate 9%
$262,011
Alternative Uses
Best Use
Apartment 5plus
$3.17M
$2.77M – $3.70M
NOI $221,947 @ 7.0% cap · market cap 61.65%
Second Best
Multifamily LT 5
$336.9K
$294.8K – $393.0K
NOI $23,581 @ 7.0% cap · market cap 6.55%
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
Location Intelligence
Trade Area within ½ mile
1,604
Businesses Nearby
Explore this area
Business Placement
Demographics for 19149, PA
60,408
Population
20,810
Households
2.9
Avg Household Size
33
Median Age
15%
College-Educated
76%
High-School Grad
2.4 sq mi
ZIP Area
25,170
Density / Sq Mi
$54,679
Median Household Income
$33,111
Median Earnings
$1,484
Median Rent
$198,200
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 - Turn-key renovated duplex with two units, including a finished basement and updated bathroom finishes.
Where is this duplex located?
The property is located at 3322 Wellington Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1950, occupied and suitable for investors or owner‑occupants seeking rental income; First‑floor unit: 1 bed, 2 baths, with an entirely finished basement for additional living space; Second‑floor unit: 2 bedrooms and 1 bathroom
