Boutique Luxury Apartment
1723 RIDGE AVENUE Philadelphia, PA 19130
For Sale
$5,000,000
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 Market432
Property Features for 1723 RIDGE AVENUE
General Information
- Standard status
- Active
- Size
- 16,250 SF
Building Details
- Year Built
- 2022
Listing Agency:
Keller Williams Liberty Place
(267) 435-8015
Listed By:
Ryan J McManus · License #RS316262
Source:
Kingswayrealty
Added: May 20, 2025
Changed: Jul 21
Last Checked: Jul 24 at 4:35AM
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 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 | $493.4k | $30.36 |
| − Vacancy | −$28.6k | −$1.76 |
| EGI | $464.7k | $28.60 |
| − OpEx | −$209.1k | −$12.87 |
| NOI | $255.6k | $15.73 |
16,250 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
The Prime On Ridge
Apartment Building
FAQs
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
