Multifamily Building with
1605 Ridge Avenue Philadelphia, PA 19130
1605 Ridge Avenue, Philadelphia, PA, 19130
$2,100,000
For Sale
$2,100,000
Boutique apartment building with private roofdeck access and a ground-floor neighborhood daycare tenant.
Property Size9,000 SF
Price / SF$233.33
Days on Market377
Property Features for 1605 Ridge Avenue
General Information
- Standard status
- Active
- Size
- 9,000 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 2018
Listing agency
EXP Realty, LLC
(856) 630-4482
Listed by
Julia Joyce-Hall
(856) 630-4482
Source
Thetristaterealestategroup
Added: Jul 11, 2025 Updated: Jul 20 at 5:52PM Checked: Jul 21 at 3:18AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
1605 Ridge is a boutique multifamily property built across three adjacent property widths (1601-1603-1605) with soft corner exposure at the Ridge & Parrish corner intersection (at 16th Street). The building features a brick-clad base and bay windows above, with private roofdecks highlighted at the upper levels, including Center City skyline views from the 4th floor.
The ground floor is occupied by a neighborhood daycare operating under a renewed 5-year NNN lease term. Upstairs, the residential component consists of five oversized units: one studio, three 2bd x 2ba apartments, and one 3bd x 2ba unit.
With approximately 9,000 SF total, the property has historically experienced little-to-no vacancy, according to the operating history provided. The current zoning is described as allowing a 5th floor addition as of right, offering the ability to add density and unit count subject to those existing zoning terms.
The ground floor is occupied by a neighborhood daycare operating under a renewed 5-year NNN lease term. Upstairs, the residential component consists of five oversized units: one studio, three 2bd x 2ba apartments, and one 3bd x 2ba unit.
With approximately 9,000 SF total, the property has historically experienced little-to-no vacancy, according to the operating history provided. The current zoning is described as allowing a 5th floor addition as of right, offering the ability to add density and unit count subject to those existing zoning terms.
Key Highlights
- 2018‑built, 4‑story boutique multifamily with 5 oversized apartments
- Unit mix includes one studio, three 2 bed / 2 bath units, and one 3 bed / 2 bath unit
- Ground‑floor commercial space leased to a neighborhood daycare with a 5‑year NNN lease renewal option exercised
Local 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 | $273.2k | $30.36 |
| − Vacancy | −$15.8k | −$1.76 |
| EGI | $257.4k | $28.60 |
| − OpEx | −$115.8k | −$12.87 |
| NOI | $141.6k | $15.73 |
9,000 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.02M
$1.77M – $2.36M
NOI $141,566 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.19M
$1.92M – $2.56M
NOI $153,584 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Be You Learning ...
Daycare Center
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Boutique apartment building with private roofdeck access and a ground-floor neighborhood daycare tenant.
Where is this apartment building located?
The property is located at 1605 Ridge Avenue Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 2018‑built, 4‑story boutique multifamily with 5 oversized apartments; Unit mix includes one studio, three 2 bed / 2 bath units, and one 3 bed / 2 bath unit; Ground‑floor commercial space leased to a neighborhood daycare with a 5‑year NNN lease renewal option exercised
