Renovated Duplex with
For Sale
$397,700
550 E Washington Ln, Philadelphia, PA 19144
Fully renovated two-unit property with separate utilities, independent HVAC, in-unit laundry, and off-street parking.
Property Size2,000 SF
Price / SF$198.85
Days on Market58
Property Features for 550 E Washington Ln
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1920
Listing Agency:
OCF Realty LLC - Philadelphia
Listed By:
Darcy K Scollin · License #RS291005
(215) 285-6198
Source:
Upgradebymichaud
Added: Aug 26
Changed: Oct 15
Last Checked: Oct 20 at 11:38PM
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 OCF Realty LLC - Philadelphia
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Investment Insights
Based on property information with market context.
This Philadelphia duplex contains two separately metered apartments with independent electrical sub-panels, high-efficiency HVAC furnaces, central air conditioning, and dedicated laundry areas. The building received a permitted, inspected, and certified renovation that included new plumbing, insulated windows, newer roofing, hardwired smoke and fire alarms, fire-rated doors, and code-compliant separation between units. Lead-Safe Certifications are also in place.
The first-floor apartment offers two bedrooms and one bathroom. A bi-level second residence spans the second and third floors and includes three bedrooms and two full bathrooms. Both units have equipped kitchens and updated tile finishes, with bamboo and restored oak flooring across the apartments.
Additional utility and workspace areas include a 750 SF basement workshop and a garage workshop supplied by dedicated 20-amp circuits. The property also has an attached garage, private driveway, front off-street parking, and a concrete rear yard. It is located at 550 E WASHINGTON LN in Philadelphia, near schools, regional rail, bus service, and shopping.
The first-floor apartment offers two bedrooms and one bathroom. A bi-level second residence spans the second and third floors and includes three bedrooms and two full bathrooms. Both units have equipped kitchens and updated tile finishes, with bamboo and restored oak flooring across the apartments.
Additional utility and workspace areas include a 750 SF basement workshop and a garage workshop supplied by dedicated 20-amp circuits. The property also has an attached garage, private driveway, front off-street parking, and a concrete rear yard. It is located at 550 E WASHINGTON LN in Philadelphia, near schools, regional rail, bus service, and shopping.
Key Highlights
- Two‑unit duplex at 550 E WASHINGTON LN, Philadelphia, PA 19144
- 2‑bedroom, 1‑bath first‑floor apartment plus a 3‑bedroom, 2‑full‑bath bi‑level unit
- 750 SF basement workshop and garage workshop with dedicated 20‑amp circuits
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,130
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$682,600
$682.6K
Cap Rate 7%
$487,571
$487.6K
Cap Rate 9%
$379,222
$379.2K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$51.6K $25.80/SF
− Vacancy
−$2.8K −$1.42/SF
EGI
$48.8K $24.38/SF
− OpEx
−$14.6K −$7.31/SF
NOI
$34.1K $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 Rate 5%
$682,600
Cap Rate 7%
$487,571
Cap Rate 9%
$379,222
Alternative Uses
Best Use
Multifamily LT 5
$487.6K
$426.6K – $568.8K
NOI $34,130 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$449.4K
$393.2K – $524.3K
NOI $31,459 @ 7.0% cap · market cap 7.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
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Business Placement
Demographics for 19144, PA
44,481
Population
23,583
Households
1.9
Avg Household Size
37
Median Age
35%
College-Educated
90%
High-School Grad
3.6 sq mi
ZIP Area
12,356
Density / Sq Mi
$45,727
Median Household Income
$36,020
Median Earnings
$1,110
Median Rent
$224,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Fully renovated two-unit property with separate utilities, independent HVAC, in-unit laundry, and off-street parking.
Where is this duplex located?
The property is located at 550 E Washington Ln Philadelphia, PA.
What is the asking price?
The asking price for this property is $397,700.
What are key features of this property?
This property features: Two‑unit duplex at 550 E WASHINGTON LN, Philadelphia, PA 19144; 2‑bedroom, 1‑bath first‑floor apartment plus a 3‑bedroom, 2‑full‑bath bi‑level unit; 750 SF basement workshop and garage workshop with dedicated 20‑amp circuits
