4-Unit Mixed-Use
New
For Sale
$1,595,000
1600 RIDGE AVENUE, Philadelphia, PA 19130
A convenience store and three apartments share a building with a communal roof deck.
Property Size7,150 SF
Price / SF$223.08
Days on Market4
Property Features for 1600 RIDGE AVENUE
General Information
Standard status
Active
Size
7,150 SF
Property subtype
Quadruplex
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Additional Details
Furnished
Yes
Public Transit
Yes
Amenities
roof deck
Building Details
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Stacy L Sanseverino · License #RS281613
(512) 991-5648
Source:
Cummingsrealtors
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:23PM
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 KW Empower
Investment Insights
Based on property information with market context.
Completed in 2023, the four-unit property combines ground-floor and basement commercial space with three two-bedroom, two-bath apartments. The commercial space is leased to a convenience store through October 2030 on NNN terms. Each apartment has bedrooms on opposite sides, a kitchen and living area, central air, and a private laundry room; seller-provided furniture is also included. Two stairwells provide separate access from Ridge Avenue and 16th Street and connect the units to a shared roof deck.
The property is at 1600 Ridge Avenue in Philadelphia, with access to local transportation, neighborhood shops, Fairmount Avenue, and Center City. Residential tenants pay their own gas, electric, and water. The owner covers common-area expenses and residential-unit maintenance, while the commercial tenant handles its repairs and contributes to building taxes and insurance.
The property is at 1600 Ridge Avenue in Philadelphia, with access to local transportation, neighborhood shops, Fairmount Avenue, and Center City. Residential tenants pay their own gas, electric, and water. The owner covers common-area expenses and residential-unit maintenance, while the commercial tenant handles its repairs and contributes to building taxes and insurance.
Key Highlights
- Four units: commercial space plus three two‑bedroom, two‑bath apartments
- 2023 construction
- Commercial tenant lease runs through October 2030 on NNN terms
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
$112,466
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
7.05%
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%
$2,249,320
$2.2M
Cap Rate 7%
$1,606,657
$1.6M
Cap Rate 9%
$1,249,622
$1.2M
Market Conditions
NOI Build-Up for 7,150 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
$217.1K $30.36/SF
− Vacancy
−$12.6K −$1.76/SF
EGI
$204.5K $28.60/SF
− OpEx
−$92.0K −$12.87/SF
NOI
$112.5K $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%
$2,249,320
Cap Rate 7%
$1,606,657
Cap Rate 9%
$1,249,622
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.41M – $1.87M
NOI $112,466 @ 7.0% cap · market cap 7.05%
Second Best
Specialty Retail
$1.48M
$1.30M – $1.73M
NOI $103,604 @ 7.0% cap · market cap 6.50%
Theoretical Best
Multifamily LT 5
$1.74M
$1.53M – $2.03M
NOI $122,014 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,682
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A convenience store and three apartments share a building with a communal roof deck.
Where is this mixed-use property located?
The property is located at 1600 RIDGE AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Four units: commercial space plus three two‑bedroom, two‑bath apartments; 2023 construction; Commercial tenant lease runs through October 2030 on NNN terms
