Renovated Duplex with Fenced
For Sale
$260,000
4428 PARRISH STREET, Philadelphia, PA 19104
Two-bedroom residences feature updated kitchens, bathrooms, and separate utility responsibility for occupants.
Property Size1,009 SF
Days on Market8
Property Features for 4428 PARRISH STREET
General Information
Standard status
Active
Size
1,009 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$31,080
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,838
Amenities
fenced backyard
Building Details
Building Size
1,009 SF
Year Built
1915
Year Renovated
2020
Buildings
1
Listing Agency:
Legal Real Estate LLC
Listed By:
Katherine Mejia · License #Rss337013
(267) 269-9086
Source:
Patmckennarealtors
Added: Aug 31
Changed: Sep 6
Last Checked: Sep 7 at 9:19AM
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 Legal Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 1915, this duplex contains two two-bedroom units that underwent a from-the-studs renovation around 2020. Each residence includes an updated kitchen and bathroom, while the property also offers abundant natural light and a fenced backyard. Both units are occupied, and residents pay their own utilities.
The property sits on Parrish Street in University City, a short distance from Lancaster Avenue. Public transportation, businesses, grocery stores, shopping, and nightlife are available along the corridor. Center City is approximately a 10-minute drive, and the surrounding block includes mature trees and ample street parking.
The property sits on Parrish Street in University City, a short distance from Lancaster Avenue. Public transportation, businesses, grocery stores, shopping, and nightlife are available along the corridor. Center City is approximately a 10-minute drive, and the surrounding block includes mature trees and ample street parking.
Key Highlights
- Two two‑bedroom units within a duplex
- From‑the‑studs renovation completed around 2020
- Updated kitchens and bathrooms in both units
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
$17,218
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
6.62%
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%
$344,360
$344.4K
Cap Rate 7%
$245,971
$246.0K
Cap Rate 9%
$191,311
$191.3K
Market Conditions
NOI Build-Up for 1,009 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
$26.0K $25.80/SF
− Vacancy
−$1.4K −$1.42/SF
EGI
$24.6K $24.38/SF
− OpEx
−$7.4K −$7.31/SF
NOI
$17.2K $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%
$344,360
Cap Rate 7%
$245,971
Cap Rate 9%
$191,311
Alternative Uses
Best Use
Multifamily LT 5
$246.0K
$215.2K – $287.0K
NOI $17,218 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$226.7K
$198.4K – $264.5K
NOI $15,871 @ 7.0% cap · market cap 6.10%
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
1,280
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 - Two-bedroom residences feature updated kitchens, bathrooms, and separate utility responsibility for occupants.
Where is this duplex located?
The property is located at 4428 PARRISH STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Two two‑bedroom units within a duplex; From‑the‑studs renovation completed around 2020; Updated kitchens and bathrooms in both units
