Two-Parcel Duplex
For Sale
$599,985
838-840 N 12TH Street, Philadelphia, PA 19123
Multi-Family, PHILADELPHIA, PA
Property Size1,796 SF
Lot Size0.02 Acres
Price / SF$334.07
Days on Market157
Property Features for 838-840 N 12TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Driveway
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
1,796 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
2364
Utilities
Heating system
Hot Water(Heating)
Cooling system
Wall Unit(s)
Building Details
Year built
1920
Number of units
2
Building materials
Masonry
Architectural style
Other
Listing Agency:
Keller Williams Platinum Realty - Wyomissing · Keller Williams Realty
(610) 898-1441
Listed By:
steven lee sims Sr. · License #RS289603
(717) 222-1549
Added: Apr 6
Changed: Aug 24
Last Checked: Sep 9 at 1:06AM
MLS# PAPH2601504
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 Philadelphia property consists of two adjoining parcels offered together, with a combined building area of 1,796 square feet. The masonry structure dates to 1920 and is configured with two residential apartments: one one-bedroom unit and one two-bedroom unit. Building features include hot-water heating, wall-unit cooling, and driveway parking.
The property is located at 838-840 N 12TH Street in the Spring Garden area, approximately 8 blocks from Center City and a few blocks from Broad Street. The surrounding area includes new construction and ongoing redevelopment activity. Parcel dimensions are 15 x 58 and 18 x 55, creating a combined offering with two distinct land components.
The property is located at 838-840 N 12TH Street in the Spring Garden area, approximately 8 blocks from Center City and a few blocks from Broad Street. The surrounding area includes new construction and ongoing redevelopment activity. Parcel dimensions are 15 x 58 and 18 x 55, creating a combined offering with two distinct land components.
Key Highlights
- Two adjoining parcels offered together as one package
- 1,796 square feet with two residential apartments
- Apartment mix includes one 1‑bedroom unit and one 2‑bedroom unit
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
$30,649
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
5.11%
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%
$612,980
$613.0K
Cap Rate 7%
$437,843
$437.8K
Cap Rate 9%
$340,544
$340.5K
Market Conditions
NOI Build-Up for 1,796 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
$46.3K $25.80/SF
− Vacancy
−$2.6K −$1.42/SF
EGI
$43.8K $24.38/SF
− OpEx
−$13.1K −$7.31/SF
NOI
$30.6K $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%
$612,980
Cap Rate 7%
$437,843
Cap Rate 9%
$340,544
Alternative Uses
Best Use
Multifamily LT 5
$437.8K
$383.1K – $510.8K
NOI $30,649 @ 7.0% cap · market cap 5.11%
Second Best
Apartment 5plus
$403.6K
$353.1K – $470.8K
NOI $28,250 @ 7.0% cap · market cap 4.71%
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
2,978
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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 - Masonry duplex with one- and two-bedroom apartments, driveway parking, and hot-water heating.
Where is this duplex located?
The property is located at 838-840 N 12TH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,985.
What are key features of this property?
This property features: Two adjoining parcels offered together as one package; 1,796 square feet with two residential apartments; Apartment mix includes one 1‑bedroom unit and one 2‑bedroom unit
