Fully Renovated Duplex with
For Sale
$415,000
4115-17 BROWN STREET, Philadelphia, PA 19104
MULTI_FAMILY - PHILADELPHIA, PA
Property Size1,772 SF
Price / SF$234.20
Days on Market492
Property Features for 4115-17 BROWN STREET
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Subdivision
BELMONT
Standard status
Active
Size
1,772 SF
Building Details
Year built
1915
Listing Agency:
BHHS Fox & Roach Center City-Society Hill · Berkshire Hathaway HomeServices
(215) 627-6005
Listed By:
Philly Home Advisors
(267) 326-1272
Added: Apr 8, 2025
Changed: Jul 23
Last Checked: Aug 12 at 8:06PM
MLS# PAPH2467142
Copyright © 2026 Berkshire Hathaway HomeServices Fox & Roach, Realtors. 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 fully renovated duplex offers modern interiors and a turnkey setup with in-unit laundry in both apartments. Unit 1 is configured as a 2-bedroom, 2-bath layout, and Unit 2 features a 3-bedroom, 3-bath arrangement. The renovations include stainless steel appliances, hardwood-style flooring, tiled backsplashes, and contemporary fixtures. The building is currently fully occupied.
Located in Philadelphia’s Belmont neighborhood, the property is positioned to benefit from ongoing residential and mixed-use development, as well as institutional investment tied to Drexel University’s westward expansion. Reported annual rental income totals $43,500, with Unit 1 currently rented at $1,635 per month and Unit 2 at $1,910 per month. The property also benefits from a tax abatement with approximately four years remaining. One or both units include subsidized (PHA) rental income, adding stability to the existing cash flow.
Located in Philadelphia’s Belmont neighborhood, the property is positioned to benefit from ongoing residential and mixed-use development, as well as institutional investment tied to Drexel University’s westward expansion. Reported annual rental income totals $43,500, with Unit 1 currently rented at $1,635 per month and Unit 2 at $1,910 per month. The property also benefits from a tax abatement with approximately four years remaining. One or both units include subsidized (PHA) rental income, adding stability to the existing cash flow.
Key Highlights
- Fully occupied duplex built in 1915, with in‑unit laundry in both apartments
- Unit 1: 2 bed / 2 bath rented for $1,635 per month
- Unit 2: 3 bed / 3 bath rented for $1,910 per month
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
$30,239
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
7.29%
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%
$604,780
$604.8K
Cap Rate 7%
$431,986
$432.0K
Cap Rate 9%
$335,989
$336.0K
Market Conditions
NOI Build-Up for 1,772 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
$45.7K $25.80/SF
− Vacancy
−$2.5K −$1.42/SF
EGI
$43.2K $24.38/SF
− OpEx
−$13.0K −$7.31/SF
NOI
$30.2K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /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%
$604,780
Cap Rate 7%
$431,986
Cap Rate 9%
$335,989
Alternative Uses
Best Use
Multifamily LT 5
$432.0K
$378.0K – $504.0K
NOI $30,239 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$398.2K
$348.4K – $464.6K
NOI $27,873 @ 7.0% cap · market cap 6.72%
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
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,341
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
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 - Turnkey duplex with modern finishes, in-unit laundry, and two occupied units producing established rental income.
Where is this duplex located?
The property is located at 4115-17 BROWN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Fully occupied duplex built in 1915, with in‑unit laundry in both apartments; Unit 1: 2 bed / 2 bath rented for $1,635 per month; Unit 2: 3 bed / 3 bath rented for $1,910 per month
