Renovated Duplex with
For Sale
$397,700
550 E WASHINGTON Lane, Philadelphia, PA 19144
Multi-Family, PHILADELPHIA, PA
Property Size2,000 SF
Lot Size0.07 Acres
Price / SF$198.85
Days on Market68
Property Features for 550 E WASHINGTON Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Dining Room, Family Room
Parking
4
Parking features
Garage - Detached, Driveway
Interior features
2nd Kitchen, Additional Stairway, Bathroom - Stall Shower, Bathroom - Walk-In Shower, Built-Ins, Combination Dining/Living, Crown Moldings, Entry Level Bedroom, Family Room Off Kitchen, Kitchen - Eat-In, Kitchen - Gourmet
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,000 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
3307
Utilities
Heating system
Hot Water(Heating)
Cooling system
Central Air
Amenities
in-unit laundry
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Colonial
Listing Agency:
OCF Realty LLC - Philadelphia
(215) 735-7368
Listed By:
Darcy K Scollin · License #RS291005
(215) 285-6198
Added: Jun 29
Changed: Aug 19
Last Checked: Sep 4 at 3:06AM
MLS# PAPH2639452
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 masonry Colonial duplex contains two residential units and approximately 2,000 square feet of interior space. The first-floor apartment has two bedrooms and one bathroom, while the bi-level upper residence spans the second and third floors with three bedrooms and two full bathrooms. Both units include equipped kitchens and dedicated laundry utility areas. Interior finishes include bamboo and restored oak flooring, custom kitchen counters, tile backsplashes, and porcelain-tiled bathrooms.
Building improvements include permitted and inspected code-compliant renovations, new plumbing, newer roofing, insulated windows, separate electric metering, independent sub-panels, high-efficiency HVAC furnaces, and central air conditioning for each unit. Hardwired smoke and fire alarms, fire-rated doors, unit fire separations, and Lead-Safe Certifications are also in place.
The property includes a 750-square-foot basement workshop, a full-sized garage workshop with dedicated 20-amp circuits, a private driveway, tenant parking, and a concrete rear yard. Regional rail, bus service, schools, and shopping are nearby.
Building improvements include permitted and inspected code-compliant renovations, new plumbing, newer roofing, insulated windows, separate electric metering, independent sub-panels, high-efficiency HVAC furnaces, and central air conditioning for each unit. Hardwired smoke and fire alarms, fire-rated doors, unit fire separations, and Lead-Safe Certifications are also in place.
The property includes a 750-square-foot basement workshop, a full-sized garage workshop with dedicated 20-amp circuits, a private driveway, tenant parking, and a concrete rear yard. Regional rail, bus service, schools, and shopping are nearby.
Key Highlights
- Duplex with 2,000 square feet of interior space and two residential units
- First‑floor 2‑bedroom, 1‑bath unit plus a bi‑level 3‑bedroom, 2‑bath upper unit
- 750‑square‑foot basement workshop and full‑sized garage workshop
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
$34,130
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
8.58%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
837
Businesses Nearby
Explore this area
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
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 offer separate utilities, central air, in-unit laundry areas, and dedicated off-street parking.
Where is this duplex located?
The property is located at 550 E WASHINGTON Lane 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: Duplex with 2,000 square feet of interior space and two residential units; First‑floor 2‑bedroom, 1‑bath unit plus a bi‑level 3‑bedroom, 2‑bath upper unit; 750‑square‑foot basement workshop and full‑sized garage workshop
