Renovated Duplex with Park
For Sale
$699,500
413 S 51ST STREET, Philadelphia, PA 19143
Legal two-unit property with separate electric metering and extensively updated systems.
Property Size2,960 SF
Days on Market146
Property Features for 413 S 51ST STREET
General Information
Standard status
Active
Size
2,960 SF
Property subtype
Duplex
Units
Unit Mix
1 x 5BR/3.5BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,331
Building Details
Building Size
2,960 SF
Year Built
1925
Buildings
1
Listing Agency:
Mercury Real Estate Group
Listed By:
Giang Emerich · License #RS349510
(267) 334-5720
Source:
Patmckennarealtors
Added: Apr 16
Changed: Aug 30
Last Checked: Sep 7 at 6:33AM
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 Mercury Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1925, this legal duplex at 413 S 51st Street combines a renovated three-level primary residence with a separate apartment. The larger unit includes five bedrooms and 3.5 bathrooms, along with a library or home-office area, park-facing living room, upgraded kitchen with island and beverage station, pantry, laundry area, primary suite, and additional finished rooms. The property retains original staircase details while incorporating new mechanical systems, updated electrical service, contemporary finishes, and refreshed exterior elements.
A separate one-bedroom, one-bath apartment occupies the rear portion of the first floor. It includes its own laundry, home-office area, appliances, modern finishes, and electric meter. The property overlooks Malcolm X Park and is located near Clark Park, the University of Pennsylvania, dining, and cafes in Philadelphia.
A separate one-bedroom, one-bath apartment occupies the rear portion of the first floor. It includes its own laundry, home-office area, appliances, modern finishes, and electric meter. The property overlooks Malcolm X Park and is located near Clark Park, the University of Pennsylvania, dining, and cafes in Philadelphia.
Key Highlights
- Legal duplex with a three‑level primary residence and separate first‑floor apartment
- Primary unit includes 5 bedrooms and 3.5 bathrooms
- Separate apartment provides 1 bedroom 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
$32,066
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
4.58%
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%
$641,320
$641.3K
Cap Rate 7%
$458,086
$458.1K
Cap Rate 9%
$356,289
$356.3K
Market Conditions
NOI Build-Up for 2,960 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
$49.4K $16.68/SF
− Vacancy
−$3.6K −$1.20/SF
EGI
$45.8K $15.48/SF
− OpEx
−$13.7K −$4.64/SF
NOI
$32.1K $10.83/SF
Area
ZIP 19143
Vacancy
7.22%
Lease Rate
$16.68 /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%
$641,320
Cap Rate 7%
$458,086
Cap Rate 9%
$356,289
Alternative Uses
Best Use
Multifamily LT 5
$458.1K
$400.8K – $534.4K
NOI $32,066 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$407.4K
$356.5K – $475.4K
NOI $28,521 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$1.01M
$887.7K – $1.18M
NOI $71,017 @ 7.0% cap · market cap 10.15%
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
2,568
Businesses Nearby
Explore this area
Business Placement
Demographics for 19143, PA
64,648
Population
31,391
Households
2.1
Avg Household Size
36
Median Age
32%
College-Educated
91%
High-School Grad
3.1 sq mi
ZIP Area
20,854
Density / Sq Mi
$47,964
Median Household Income
$38,189
Median Earnings
$1,235
Median Rent
$152,000
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 - Legal two-unit property with separate electric metering and extensively updated systems.
Where is this duplex located?
The property is located at 413 S 51ST STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $699,500.
What are key features of this property?
This property features: Legal duplex with a three‑level primary residence and separate first‑floor apartment; Primary unit includes 5 bedrooms and 3.5 bathrooms; Separate apartment provides 1 bedroom and 1 bathroom
