Two-Family Residential Income
428 Morris Street Philadelphia, PA 19148
For Sale
$309,000
Pending
Two separate apartments with independent gas and electricity offer straightforward residential income flexibility.
Property Size1,770 SF
Days on Market54
Property Features for 428 Morris Street
General Information
- Standard status
- Pending
- Size
- 1,770 SF
- Property subtype
- Multi-Family / Fee Simple
Building Details
- Year Built
- 1915
Listing Agency:
William Festa Realty
(610) 909-5870
Listed By:
William Festa · License #RM419239
(610) 909-5870
Source:
Compass
Added: Jun 2
Changed: Jul 10
Last Checked: Jul 24 at 2:03PM
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 William Festa Realty
Investment Insights
Based on property information with market context.
This two-family residence is configured with a one-bedroom unit on the first floor and a larger two-bedroom unit spanning the second and third floors. The first-floor apartment includes access to the yard and basement, providing additional functional space for day-to-day living. Separate gas and electricity are provided for the units. The property is offered with renovations needed, allowing an owner to customize updates to fit their program.
Located at 428 Morris Street in Philadelphia’s Dickinson Square West, the home is described as being about one block from Dickinson Square Park. The listing also notes convenience to public transportation, Center City, the sports complexes, and the Passyunk Avenue District, along with nearby dining and coffee establishments.
For investors or owner-operators seeking a residential income property with clear unit separation, this duplex structure can support independent tenant arrangements. The yard and basement access tied to the first-floor unit may appeal to tenants looking for extra space, while the multi-level layout of the upper apartment supports a traditional two-bedroom setup. Independent utilities and a two-family arrangement can also simplify operational management compared with fully shared systems.
Located at 428 Morris Street in Philadelphia’s Dickinson Square West, the home is described as being about one block from Dickinson Square Park. The listing also notes convenience to public transportation, Center City, the sports complexes, and the Passyunk Avenue District, along with nearby dining and coffee establishments.
For investors or owner-operators seeking a residential income property with clear unit separation, this duplex structure can support independent tenant arrangements. The yard and basement access tied to the first-floor unit may appeal to tenants looking for extra space, while the multi-level layout of the upper apartment supports a traditional two-bedroom setup. Independent utilities and a two-family arrangement can also simplify operational management compared with fully shared systems.
Key Highlights
- Two‑family residence built in 1915
- First‑floor 1‑bedroom apartment with access to the yard and basement
- Spacious 2‑bedroom apartment spanning the second and third floors
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.7k | $30.36 |
| − Vacancy | −$3.1k | −$1.76 |
| EGI | $50.6k | $28.60 |
| − OpEx | −$22.8k | −$12.87 |
| NOI | $27.8k | $15.73 |
1,770 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$431.5K
$377.6K – $503.4K
NOI $30,205 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$397.7K
$348.0K – $464.0K
NOI $27,841 @ 7.0% cap · market cap 9.01%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two separate apartments with independent gas and electricity offer straightforward residential income flexibility.
Where is this duplex located?
The property is located at 428 Morris Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Two‑family residence built in 1915; First‑floor 1‑bedroom apartment with access to the yard and basement; Spacious 2‑bedroom apartment spanning the second and third floors
