Updated Two-Unit
For Sale
$325,000
6145 WHEELER STREET, Philadelphia, PA 19142
Two residential units feature updated kitchens, finished lower-level space, and direct access to shared building entry areas.
Property Size1,216 SF
Days on Market13
Property Features for 6145 WHEELER STREET
General Information
Standard status
Active
Size
1,216 SF
Property subtype
Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,550
Amenities
covered front porch
laundry hookups
finished lower level
private rear yard access
Building Details
Building Size
1,216 SF
Year Built
1925
Buildings
1
Listing Agency:
KW Empower
Listed By:
Alison Simon · License #RS337542
(215) 847-4452
Source:
Patmckennarealtors
Added: Aug 27
Changed: Sep 2
Last Checked: Sep 7 at 9:04AM
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 KW Empower
Investment Insights
Based on property information with market context.
Built in 1925, this duplex contains two residential units with separate interior access from a central entry hall. The first unit includes two bedrooms, an updated full bathroom, a living area connected to the kitchen, and private access to the rear yard. Its finished lower level adds two open rooms, laundry hookups, and a second full bathroom with a standing shower.
The upper unit has a living room, kitchen, two bedrooms, a full bathroom, and additional hallway storage. The property also includes a covered front porch and updated kitchen and bathroom finishes, including contemporary cabinetry, ceramic tile flooring, and tub/shower combinations.
The home sits on a quiet residential block near commercial corridors along Elmwood and Woodland Avenues, local parks, and the Cobbs Creek Recreation Center. SEPTA Route 36 trolley service and local bus routes are steps away, with access toward University City and Center City Philadelphia.
The upper unit has a living room, kitchen, two bedrooms, a full bathroom, and additional hallway storage. The property also includes a covered front porch and updated kitchen and bathroom finishes, including contemporary cabinetry, ceramic tile flooring, and tub/shower combinations.
The home sits on a quiet residential block near commercial corridors along Elmwood and Woodland Avenues, local parks, and the Cobbs Creek Recreation Center. SEPTA Route 36 trolley service and local bus routes are steps away, with access toward University City and Center City Philadelphia.
Key Highlights
- Two‑unit duplex built in 1925
- First unit includes two bedrooms, finished lower level, laundry hookups, and two full bathrooms
- Second unit offers two bedrooms, a living room, kitchen, and full bathroom
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
$20,751
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
6.38%
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%
$415,020
$415.0K
Cap Rate 7%
$296,443
$296.4K
Cap Rate 9%
$230,567
$230.6K
Market Conditions
NOI Build-Up for 1,216 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
$31.4K $25.80/SF
− Vacancy
−$1.7K −$1.42/SF
EGI
$29.6K $24.38/SF
− OpEx
−$8.9K −$7.31/SF
NOI
$20.8K $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%
$415,020
Cap Rate 7%
$296,443
Cap Rate 9%
$230,567
Alternative Uses
Best Use
Multifamily LT 5
$296.4K
$259.4K – $345.9K
NOI $20,751 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$273.2K
$239.1K – $318.8K
NOI $19,127 @ 7.0% cap · market cap 5.89%
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
1,201
Businesses Nearby
Explore this area
Business Placement
Demographics for 19142, PA
29,565
Population
12,943
Households
2.3
Avg Household Size
33
Median Age
13%
College-Educated
82%
High-School Grad
1.7 sq mi
ZIP Area
17,391
Density / Sq Mi
$42,812
Median Household Income
$32,763
Median Earnings
$1,269
Median Rent
$110,400
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 feature updated kitchens, finished lower-level space, and direct access to shared building entry areas.
Where is this duplex located?
The property is located at 6145 WHEELER STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1925; First unit includes two bedrooms, finished lower level, laundry hookups, and two full bathrooms; Second unit offers two bedrooms, a living room, kitchen, and full bathroom
