Masonry Duplex with
For Sale
$275,000
532 TURNER Street, Philadelphia, PA 19122
Multi-Family, PHILADELPHIA, PA
Property Size1,074 SF
Lot Size0.02 Acres
Price / SF$256.05
Days on Market42
Property Features for 532 TURNER Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Appliances
Refrigerator, Stove, Washer, Dryer
Subdivision
OLDE KENSINGTON
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Standard status
Active
Size
1,074 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
4503
Utilities
Heating system
Electric (Heating), Baseboard
Building Details
Year built
1925
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Main Line · Keller Williams Realty
(610) 520-0100
Listed By:
Denise A Frazier · License #AB067937
(215) 421-3362
Added: Jul 29
Changed: Sep 8
Last Checked: Sep 8 at 6:06PM
MLS# PAPH2652130
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 1925 masonry duplex contains two one-bedroom, one-bathroom apartments within 1,074 square feet. The property includes a basement, refrigerators, stoves, washers, and dryers, with electric baseboard heating serving the building. On-street parking is available.
Positioned in Philadelphia’s Olde Kensington area, the property is near Temple University, Northern Liberties, Fishtown, public transportation, major roadways, shopping, dining, and neighborhood amenities. The 0.02-acre parcel provides a compact urban setting for a two-unit residential property.
Positioned in Philadelphia’s Olde Kensington area, the property is near Temple University, Northern Liberties, Fishtown, public transportation, major roadways, shopping, dining, and neighborhood amenities. The 0.02-acre parcel provides a compact urban setting for a two-unit residential property.
Key Highlights
- Two one‑bedroom, one‑bathroom apartments
- 1,074 square feet on a 0.02‑acre parcel
- Masonry construction dating to 1925
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
$18,328
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
6.66%
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%
$366,560
$366.6K
Cap Rate 7%
$261,829
$261.8K
Cap Rate 9%
$203,644
$203.6K
Market Conditions
NOI Build-Up for 1,074 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
$27.7K $25.80/SF
− Vacancy
−$1.5K −$1.42/SF
EGI
$26.2K $24.38/SF
− OpEx
−$7.9K −$7.31/SF
NOI
$18.3K $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%
$366,560
Cap Rate 7%
$261,829
Cap Rate 9%
$203,644
Alternative Uses
Best Use
Multifamily LT 5
$261.8K
$229.1K – $305.5K
NOI $18,328 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$241.3K
$211.2K – $281.6K
NOI $16,894 @ 7.0% cap · market cap 6.14%
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,830
Businesses Nearby
Explore this area
Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
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 - Two residential units with separate one-bedroom layouts, included appliances, and electric baseboard heating.
Where is this duplex located?
The property is located at 532 TURNER Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bathroom apartments; 1,074 square feet on a 0.02‑acre parcel; Masonry construction dating to 1925
