Brick Duplex with Attached
New
For Sale
$339,900
6623 N 2ND Street, Philadelphia, PA 19126
Multi-Family, PHILADELPHIA, PA
Property Size1,790 SF
Lot Size0.10 Acres
Price / SF$189.89
Days on Market4
Property Features for 6623 N 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking
4
Parking features
Driveway, Garage - Attached
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,790 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
4309
Utilities
Heating system
Other (Heating)
Cooling system
Window Unit(s)
Amenities
basement storage
balcony
stainless steel appliances
gas cooking
Building Details
Year built
1965
Number of units
2
Building materials
Masonry, Brick, Stone
Architectural style
Other
Listing Agency:
KW Greater West Chester · Keller Williams Realty
(610) 436-6500
Listed By:
Scott F Gullaksen · License #RS285055
(610) 453-9898
Added: Aug 20
Last Checked: Aug 23 at 2:06PM
MLS# PAPH2661636
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 1,790-square-foot duplex, built in 1965 on a 0.1005-acre lot, includes two two-bedroom, one-bathroom units. The first-floor residence has hardwood flooring, an updated kitchen with stainless steel appliances and gas cooking, a dining room, and a spacious living room. The second unit offers an updated kitchen, dining area, large living room, and balcony facing the front yard.
Recent improvements include the roof, electrical system, plumbing, heating, and hot water heaters. The property also provides basement storage lockers, a rear yard, driveway parking, and an attached garage. Both units are occupied under month-to-month leases, providing an option for an owner to occupy one unit while retaining rental income from the other. Located at 6623 N 2ND Street in Philadelphia, Pennsylvania 19126, near the Philadelphia–Montgomery County border.
Recent improvements include the roof, electrical system, plumbing, heating, and hot water heaters. The property also provides basement storage lockers, a rear yard, driveway parking, and an attached garage. Both units are occupied under month-to-month leases, providing an option for an owner to occupy one unit while retaining rental income from the other. Located at 6623 N 2ND Street in Philadelphia, Pennsylvania 19126, near the Philadelphia–Montgomery County border.
Key Highlights
- Two‑unit duplex with 1,790 square feet of building area
- Each unit offers 2 bedrooms and 1 bathroom
- Recent roof, electrical, plumbing, heating, and hot water heater updates
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
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 residential units feature updated kitchens, private living areas, and flexible month-to-month lease arrangements.
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 duplex with 1,790 square feet of building area; Each unit offers 2 bedrooms and 1 bathroom; Recent roof, electrical, plumbing, heating, and hot water heater updates
