Renovated Duplex with Finished
New
For Sale
$474,900
3421 N 22ND STREET, Philadelphia, PA 19140
Two-unit residential property with updated kitchens, private laundry, and durable masonry construction.
Property Size2,572 SF
Days on Market4
Property Features for 3421 N 22ND STREET
General Information
Standard status
Active
Size
2,572 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,645
Amenities
finished basement
in-unit washer/dryer
high-end appliances
on-street parking
Building Details
Building Size
2,572 SF
Year Built
1940
Construction
masonry
Listing Agency:
Giraldo Real Estate Group
Listed By:
Jackeline Estrada · License #RS377975
(215) 745-0101
Source:
Patmckennarealtors
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 9:21AM
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 Giraldo Real Estate Group
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units with finished basement space that can support additional living or recreational use. Each unit includes a modern kitchen equipped with a refrigerator, stove, and microwave, along with an in-unit washer and dryer. Masonry construction provides a durable building envelope, while natural light contributes to the interior environment. On-street parking is available for added convenience.
Built in 1940, the property is located at 3421 N 22ND STREET in Philadelphia, Pennsylvania. Its two-unit configuration offers flexibility for an owner occupant or an investor seeking residential rental use, with both units supported by updated finishes and practical household amenities.
Built in 1940, the property is located at 3421 N 22ND STREET in Philadelphia, Pennsylvania. Its two-unit configuration offers flexibility for an owner occupant or an investor seeking residential rental use, with both units supported by updated finishes and practical household amenities.
Key Highlights
- Two‑unit duplex with a finished basement
- Renovated interiors with modern kitchens
- Each unit includes a refrigerator, stove, and microwave
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
$40,456
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
8.52%
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%
$809,120
$809.1K
Cap Rate 7%
$577,943
$577.9K
Cap Rate 9%
$449,511
$449.5K
Market Conditions
NOI Build-Up for 2,572 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
$78.1K $30.36/SF
− Vacancy
−$4.5K −$1.76/SF
EGI
$73.6K $28.60/SF
− OpEx
−$33.1K −$12.87/SF
NOI
$40.5K $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%
$809,120
Cap Rate 7%
$577,943
Cap Rate 9%
$449,511
Alternative Uses
Best Use
Multifamily LT 5
$627.0K
$548.6K – $731.5K
NOI $43,891 @ 7.0% cap · market cap 9.24%
Second Best
Apartment 5plus
$577.9K
$505.7K – $674.3K
NOI $40,456 @ 7.0% cap · market cap 8.52%
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
1,243
Businesses Nearby
Explore this area
Business Placement
Demographics for 19140, PA
52,124
Population
23,104
Households
2.3
Avg Household Size
36
Median Age
9%
College-Educated
73%
High-School Grad
3.2 sq mi
ZIP Area
16,289
Density / Sq Mi
$33,149
Median Household Income
$31,508
Median Earnings
$1,085
Median Rent
$101,100
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-unit residential property with updated kitchens, private laundry, and durable masonry construction.
Where is this duplex located?
The property is located at 3421 N 22ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: Two‑unit duplex with a finished basement; Renovated interiors with modern kitchens; Each unit includes a refrigerator, stove, and microwave
