Corner Duplex with Separate
For Sale
$279,000
616 W RITNER STREET, Philadelphia, PA 19148
Two residential units feature distinct kitchens, bathrooms, and dedicated heating and cooling systems.
Property Size1,620 SF
Days on Market229
Property Features for 616 W RITNER STREET
General Information
Standard status
Active
Size
1,620 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
first fl unit central ac not working
Site & Location
Neighborhood
Whitman
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,659
Building Details
Building Size
1,620 SF
Year Built
1925
Listing Agency:
GE21 Realty
Listed By:
Xia Zhao · License #AB067107
(267) 210-8523
Source:
Patmckennarealtors
Added: Mar 10
Changed: Oct 21
Last Checked: Oct 23 at 12:38PM
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 GE21 Realty
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Investment Insights
Based on property information with market context.
Built in 1925, this legally zoned corner duplex contains two residential units with separate entrances and functional layouts. The first-floor residence includes 2 bedrooms, a bathroom with a tub, living room, kitchen, and access to the full basement. The second-floor unit provides 3 bedrooms, a kitchen, and a full bathroom with a tub.
Utility service is separately configured with 2 electrical meters, 2 gas meters, and 1 water meter supported by sub-meters for each floor. Each unit has its own central heating and cooling system; the first-floor central AC is currently not operational. The property was rehabilitated 20 years ago. The first floor is vacant, while the second floor is occupied by tenants who have remained for over 10 years on a month-to-month lease. Tenants pay all utilities.
Utility service is separately configured with 2 electrical meters, 2 gas meters, and 1 water meter supported by sub-meters for each floor. Each unit has its own central heating and cooling system; the first-floor central AC is currently not operational. The property was rehabilitated 20 years ago. The first floor is vacant, while the second floor is occupied by tenants who have remained for over 10 years on a month-to-month lease. Tenants pay all utilities.
Key Highlights
- Legally zoned corner duplex at 616 W Ritner Street, Philadelphia, PA 19148
- First floor includes 2 bedrooms; second floor includes 3 bedrooms
- 2 electrical meters, 2 gas meters, and 1 water meter with sub‑meters for each floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,482
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,640
$509.6K
Cap Rate 7%
$364,029
$364.0K
Cap Rate 9%
$283,133
$283.1K
Market Conditions
NOI Build-Up for 1,620 SF
Gross rent
$49.2K $30.36/SF
− Vacancy
−$2.9K −$1.76/SF
EGI
$46.3K $28.60/SF
− OpEx
−$20.8K −$12.87/SF
NOI
$25.5K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,640
Cap Rate 7%
$364,029
Cap Rate 9%
$283,133
Alternative Uses
Best Use
Multifamily LT 5
$394.9K
$345.6K – $460.8K
NOI $27,645 @ 7.0% cap · market cap 9.91%
Second Best
Apartment 5plus
$364.0K
$318.5K – $424.7K
NOI $25,482 @ 7.0% cap · market cap 9.13%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,974
Businesses Nearby
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Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
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 - Two residential units feature distinct kitchens, bathrooms, and dedicated heating and cooling systems.
Where is this duplex located?
The property is located at 616 W RITNER STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Legally zoned corner duplex at 616 W Ritner Street, Philadelphia, PA 19148; First floor includes 2 bedrooms; second floor includes 3 bedrooms; 2 electrical meters, 2 gas meters, and 1 water meter with sub‑meters for each floor
