Residential Income Condo with
For Sale
$299,000
Pending
1022 FAIRMOUNT AVENUE Unit 2, Philadelphia, PA 19123
Two-bedroom, two-bath condo with secure basement garage and fast EV charging, plus patio off the living area.
Property Size1,005 SF
Days on Market91
Property Features for 1022 FAIRMOUNT AVENUE Unit 2
General Information
Standard status
Pending
Size
1,005 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,704
Amenities
garage
EV charging
patio
in-unit laundry
Elfa storage system
Building Details
Building Size
1,005 SF
Year Built
2012
Listing Agency:
Elfant Wissahickon-Rittenhouse Square
Listed By:
Eric Nathaniel Moore · License #RS341968
(215) 805-6066
Source:
Patmckennarealtors
Added: Jun 25
Changed: Sep 13
Last Checked: Sep 22 at 9:34PM
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 Elfant Wissahickon-Rittenhouse Square
Investment Insights
Based on property information with market context.
Unit 2 at 1022 Fairmount Avenue is a two-bedroom, two-bath condo built in 2012, offering a kitchen/living/dining layout that opens to a generous patio. A secure basement garage sits directly beneath the unit and includes fast EV charging. Recent upgrades within the past two years include the HVAC system, refrigerator, and washer/dryer.
The hallway provides a large utility closet with ample storage and in-unit laundry, leading to a Jack-and-Jill bathroom that connects the hallway and the second bedroom. The second bedroom also includes a versatile 10' x 10' space. The primary suite features an ensuite full bath and a walk-in closet, and every closet in the unit is outfitted with an Elfa storage system.
The setting supports an urban lifestyle, with walkability to the Spring Garden Street Arts & Crafts corridor and nearby destinations including Union Transfer, Love City, Triple Bottom, Yards Brewing, and Reading Terminal. Jefferson Station provides convenient transit access for trips throughout the city.
The hallway provides a large utility closet with ample storage and in-unit laundry, leading to a Jack-and-Jill bathroom that connects the hallway and the second bedroom. The second bedroom also includes a versatile 10' x 10' space. The primary suite features an ensuite full bath and a walk-in closet, and every closet in the unit is outfitted with an Elfa storage system.
The setting supports an urban lifestyle, with walkability to the Spring Garden Street Arts & Crafts corridor and nearby destinations including Union Transfer, Love City, Triple Bottom, Yards Brewing, and Reading Terminal. Jefferson Station provides convenient transit access for trips throughout the city.
Key Highlights
- Two‑bedroom, two‑bath condo with kitchen/living/dining opening to a patio
- Secure basement garage directly beneath the unit with fast EV charging
- Past two years: HVAC system, refrigerator, and washer/dryer replaced
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
$15,808
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
5.29%
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%
$316,160
$316.2K
Cap Rate 7%
$225,829
$225.8K
Cap Rate 9%
$175,644
$175.6K
Market Conditions
NOI Build-Up for 1,005 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
$30.5K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$28.7K $28.60/SF
− OpEx
−$12.9K −$12.87/SF
NOI
$15.8K $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 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%
$316,160
Cap Rate 7%
$225,829
Cap Rate 9%
$175,644
Alternative Uses
Best Use
Apartment 5plus
$225.8K
$197.6K – $263.5K
NOI $15,808 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$245.0K
$214.4K – $285.8K
NOI $17,150 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,255
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath condo with secure basement garage and fast EV charging, plus patio off the living area.
Where is this residential income property located?
The property is located at 1022 FAIRMOUNT AVENUE Unit 2 Philadelphia, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condo with kitchen/living/dining opening to a patio; Secure basement garage directly beneath the unit with fast EV charging; Past two years: HVAC system, refrigerator, and washer/dryer replaced
