Residential Income Property with Water
For Sale
$400,500
717 S CHRIS COLUMBUS BOULEVARD Unit 704, Philadelphia, PA 19147
Two-bedroom, two-bath residence with an open layout, private terrace, updated appliances, and extensive building amenities.
Property Size1,311 SF
Days on Market548
Property Features for 717 S CHRIS COLUMBUS BOULEVARD Unit 704
General Information
Standard status
Active
Size
1,311 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$6,803
Building Details
Building Size
1,311 SF
Year Built
2004
Listing Agency:
DePaul Realty
(267) 464-0040
Listed By:
Michael Tyrrell · License #RM421699
(267) 464-0040
Source:
Patmckennarealtors
Added: Feb 22, 2025
Changed: Aug 21
Last Checked: Aug 23 at 9:01AM
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 DePaul Realty
Investment Insights
Based on property information with market context.
Unit 704 is a south-facing residence on the 7th floor with water and city views. The Columbia floor plan provides 2 bedrooms and 2 baths within an open living area featuring new flooring, large windows, and access to a private water-view terrace. The primary suite includes a double walk-in closet and en-suite bath with dual vanities and a tile shower; the second bedroom also has a walk-in closet. A kitchen with new appliances, substantial counter space, and a breakfast bar opens to the living room. In-unit laundry, a foyer entry, and additional storage complete the layout.
The Residences at Dockside was built in 2004 and offers three levels of security-gated indoor parking, one reserved parking space per resident, a concierge lobby, shuttle bus, health and fitness facility, heated indoor salt water pool, hot tub, and community room with party kitchen, entertainment systems, and terrace.
The Residences at Dockside was built in 2004 and offers three levels of security-gated indoor parking, one reserved parking space per resident, a concierge lobby, shuttle bus, health and fitness facility, heated indoor salt water pool, hot tub, and community room with party kitchen, entertainment systems, and terrace.
Key Highlights
- South‑facing 7th‑floor unit with water and city views
- 2 bedrooms and 2 baths in the Columbia floor plan
- Private terrace accessed from the living area
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
$20,621
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
5.15%
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%
$412,420
$412.4K
Cap Rate 7%
$294,586
$294.6K
Cap Rate 9%
$229,122
$229.1K
Market Conditions
NOI Build-Up for 1,311 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
$39.8K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$37.5K $28.60/SF
− OpEx
−$16.9K −$12.87/SF
NOI
$20.6K $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%
$412,420
Cap Rate 7%
$294,586
Cap Rate 9%
$229,122
Alternative Uses
Best Use
Apartment 5plus
$294.6K
$257.8K – $343.7K
NOI $20,621 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$319.6K
$279.7K – $372.9K
NOI $22,372 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath residence with an open layout, private terrace, updated appliances, and extensive building amenities.
Where is this residential income property located?
The property is located at 717 S CHRIS COLUMBUS BOULEVARD Unit 704 Philadelphia, PA.
What is the asking price?
The asking price for this property is $400,500.
What are key features of this property?
This property features: South‑facing 7th‑floor unit with water and city views; 2 bedrooms and 2 baths in the Columbia floor plan; Private terrace accessed from the living area
