Brick Duplex with Updated
For Sale
$339,900
Pending
6623 N 2ND STREET, Philadelphia, PA 19126
Two occupied residences offer separate living areas, updated kitchens, basement storage, a rear yard, and flexible month-to-month tenancy.
Property Size1,790 SF
Days on Market21
Property Features for 6623 N 2ND STREET
General Information
Standard status
Pending
Size
1,790 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$4,309
Building Details
Building Size
1,790 SF
Year Built
1965
Listing Agency:
KW Greater West Chester
Listed By:
Scott F Gullaksen · License #RS285055
(610) 453-9898
Source:
Lizclarkrealestate
Added: Aug 20
Changed: Sep 2
Last Checked: Sep 2 at 1:55AM
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 Greater West Chester
Investment Insights
Based on property information with market context.
This 1,790-square-foot brick duplex, built in 1965, contains two residential units with comparable two-bedroom, one-bathroom layouts. Both residences include living and dining rooms plus updated kitchens. The first-floor unit adds hardwood flooring and stainless steel appliances with gas cooking, while the second-floor unit includes a balcony facing the front yard. Basement storage lockers provide additional space, and the property also has a rear yard and driveway parking.
Major building systems have been updated, including the roof, electrical service, plumbing, heating, and hot water heaters. Both units are occupied under month-to-month leases. The property sits on the Philadelphia and Montgomery County border at 6623 N 2ND STREET in Philadelphia, Pennsylvania.
Major building systems have been updated, including the roof, electrical service, plumbing, heating, and hot water heaters. Both units are occupied under month-to-month leases. The property sits on the Philadelphia and Montgomery County border at 6623 N 2ND STREET in Philadelphia, Pennsylvania.
Key Highlights
- Two‑unit brick duplex with 1,790 square feet; built in 1965
- Both units feature 2 bedrooms and 1 bathroom
- Newer roof, electric, plumbing, heating, and hot water heaters
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
$30,546
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
8.99%
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%
$610,920
$610.9K
Cap Rate 7%
$436,371
$436.4K
Cap Rate 9%
$339,400
$339.4K
Market Conditions
NOI Build-Up for 1,790 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
$46.2K $25.80/SF
− Vacancy
−$2.5K −$1.42/SF
EGI
$43.6K $24.38/SF
− OpEx
−$13.1K −$7.31/SF
NOI
$30.5K $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%
$610,920
Cap Rate 7%
$436,371
Cap Rate 9%
$339,400
Alternative Uses
Best Use
Multifamily LT 5
$436.4K
$381.8K – $509.1K
NOI $30,546 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$402.2K
$352.0K – $469.3K
NOI $28,156 @ 7.0% cap · market cap 8.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
Explore this area
Business Placement
Demographics for 19126, PA
16,159
Population
7,490
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
90%
High-School Grad
1.2 sq mi
ZIP Area
13,466
Density / Sq Mi
$52,847
Median Household Income
$40,610
Median Earnings
$1,116
Median Rent
$214,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied residences offer separate living areas, updated kitchens, basement storage, a rear yard, and flexible month-to-month tenancy.
Where is this duplex located?
The property is located at 6623 N 2ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑unit brick duplex with 1,790 square feet; built in 1965; Both units feature 2 bedrooms and 1 bathroom; Newer roof, electric, plumbing, heating, and hot water heaters
