Boutique Luxury Apartment
For Sale
$5,000,000
1723 RIDGE AVENUE, Philadelphia, PA 19130
Turnkey 15-unit, 5-story building built in 2022 with ground-floor commercial space and a rooftop terrace.
Property Size16,250 SF
Price / SF$307.69
Days on Market478
Property Features for 1723 RIDGE AVENUE
General Information
Standard status
Active
Size
16,250 SF
Additional Details
Multifamily Units
15
Amenities
rooftop terrace
Building Details
Year Built
2022
Stories
5
Listing Agency:
Keller Williams Liberty Place
Listed By:
Ryan J McManus · License #RS316262
(267) 435-8015
Source:
Kingswayrealty
Added: May 20, 2025
Changed: Jul 21
Last Checked: Sep 8 at 3:31AM
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
Prime on Ridge presents a turnkey 15-unit apartment building in a 5-story, 2022-vintage configuration. The mix includes seven 1-bedroom units and seven 2-bedroom units, with ground-floor commercial space as part of the property’s overall layout. The building also features a rooftop terrace with panoramic city skyline views.
Located along the Ridge Avenue corridor in Philadelphia’s Francisville area, the property is described as being on a highly visible block and offers easy access into Fairmount, Center City, the Museums District, and the North Broad District.
The seller notes a full 10-year tax abatement, expiring in 2032. Further information, including building plans and pro forma financials, is available upon request.
Located along the Ridge Avenue corridor in Philadelphia’s Francisville area, the property is described as being on a highly visible block and offers easy access into Fairmount, Center City, the Museums District, and the North Broad District.
The seller notes a full 10-year tax abatement, expiring in 2032. Further information, including building plans and pro forma financials, is available upon request.
Key Highlights
- 2022‑built 15‑unit, 5‑story apartment building with 10‑year tax abatement (expiring 2032)
- Total building size of 16,250 SF with seven 1‑bed units and seven 2‑bed units
- Ground‑floor commercial space included with the multifamily building
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
$255,605
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%
$5,112,100
$5.1M
Cap Rate 7%
$3,651,500
$3.7M
Cap Rate 9%
$2,840,056
$2.8M
Market Conditions
NOI Build-Up for 16,250 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
$493.4K $30.36/SF
− Vacancy
−$28.6K −$1.76/SF
EGI
$464.7K $28.60/SF
− OpEx
−$209.1K −$12.87/SF
NOI
$255.6K $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%
$5,112,100
Cap Rate 7%
$3,651,500
Cap Rate 9%
$2,840,056
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.20M – $4.26M
NOI $255,605 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.96M
$3.47M – $4.62M
NOI $277,305 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
2,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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?
Apartment building - Turnkey 15-unit, 5-story building built in 2022 with ground-floor commercial space and a rooftop terrace.
Where is this apartment building located?
The property is located at 1723 RIDGE AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 2022‑built 15‑unit, 5‑story apartment building with 10‑year tax abatement (expiring 2032); Total building size of 16,250 SF with seven 1‑bed units and seven 2‑bed units; Ground‑floor commercial space included with the multifamily building
