Renovated Duplex with Finished
New
For Sale
$474,900
3421 N 22ND Street, Philadelphia, PA 19140
Multi-Family, PHILADELPHIA, PA
Property Size2,572 SF
Lot Size0.04 Acres
Price / SF$184.64
Days on Market1
Property Features for 3421 N 22ND Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Appliances
Dryer, Microwave, Refrigerator, Stove, Washer
Subdivision
NICETOWN-TIOGA
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,572 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
2645
Amenities
fully finished basement
modern kitchens
in-unit washers and dryers
on-street parking
Building Details
Year built
1940
Number of units
3
Building materials
Masonry
Architectural style
Other
Listing Agency:
Giraldo Real Estate Group
Listed By:
Jackeline Estrada · License #RS377975
(215) 745-0101
Added: Sep 5
Last Checked: Sep 5 at 8:06AM
MLS# PAPH2652998
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 renovated duplex contains 2,572 square feet on a 0.0375-acre lot and was built in 1940. Both units feature modern kitchens equipped with refrigerators, stoves, and microwaves, along with in-unit washers and dryers. A fully finished basement adds flexible interior space, while masonry construction provides a durable building envelope.
Located at 3421 N 22ND Street in Philadelphia, the property includes on-street parking and is identified by ZIP Code 19140. The existing layout, appliance package, and finished lower level provide a practical configuration for residential occupancy and rental use.
Located at 3421 N 22ND Street in Philadelphia, the property includes on-street parking and is identified by ZIP Code 19140. The existing layout, appliance package, and finished lower level provide a practical configuration for residential occupancy and rental use.
Key Highlights
- Duplex with 2,572 square feet of building area
- Fully finished basement provides additional interior space
- Modern kitchens include refrigerators, stoves, and microwaves
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 property with modern kitchens, in-unit 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: Duplex with 2,572 square feet of building area; Fully finished basement provides additional interior space; Modern kitchens include refrigerators, stoves, and microwaves
