Residential Income Condo with
For Sale
$299,000
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 Market41
Property Features for 1022 FAIRMOUNT AVENUE Unit 2
General Information
Standard status
Active
Size
1,005 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
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
(215) 805-6066
Listed By:
Eric Nathaniel Moore · License #RS341968
(215) 805-6066
Source:
Patmckennarealtors
Added: Jun 25
Changed: Jul 30
Last Checked: Aug 3 at 11:19AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.5k | $30.36 |
| − Vacancy | −$1.8k | −$1.76 |
| EGI | $28.7k | $28.60 |
| − OpEx | −$12.9k | −$12.87 |
| NOI | $15.8k | $15.73 |
1,005 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
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
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
$544,700
Median Home Value
Market
Average Price Trend$/SF for Residential income properties in Philadelphia, PA
Properties on Market for Residential income properties in Philadelphia
Questions? Ask Rey
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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
