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 Size1,350 SF
Days on Market174
Property Features for 616 W RITNER STREET
General Information
Standard status
Active
Size
1,350 SF
Property subtype
Duplex
Property Condition
Severity
Repairs Needed
Evidence
first fl unit central ac not working
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$212
Building Details
Building Size
1,350 SF
Year Built
1925
Listing Agency:
GE21 Realty
(267) 210-8523
Listed By:
Xia Zhao · License #AB067107
(267) 210-8523
Source:
Patmckennarealtors
Added: Mar 10
Changed: Aug 21
Last Checked: Aug 29 at 3:21PM
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
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 = 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
$23,038
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
8.26%
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%
$460,760
$460.8K
Cap Rate 7%
$329,114
$329.1K
Cap Rate 9%
$255,978
$256.0K
Market Conditions
NOI Build-Up for 1,350 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
$34.8K $25.80/SF
− Vacancy
−$1.9K −$1.42/SF
EGI
$32.9K $24.38/SF
− OpEx
−$9.9K −$7.31/SF
NOI
$23.0K $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%
$460,760
Cap Rate 7%
$329,114
Cap Rate 9%
$255,978
Alternative Uses
Best Use
Multifamily LT 5
$329.1K
$288.0K – $384.0K
NOI $23,038 @ 7.0% cap · market cap 8.26%
Second Best
Apartment 5plus
$303.4K
$265.4K – $353.9K
NOI $21,235 @ 7.0% cap · market cap 7.61%
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
2,974
Businesses Nearby
Explore this area
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
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 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
