Multifamily Building with
For Sale
$2,100,000
1605 Ridge Avenue, Philadelphia, PA 19130
Boutique apartment building with private roofdeck access and a ground-floor neighborhood daycare tenant.
Property Size9,000 SF
Price / SF$233.33
Days on Market422
Property Features for 1605 Ridge Avenue
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Multi-Family
Zoning
CMX25
Additional Details
Cap Rate
6.69%
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$1,514
Amenities
Luxury Vinyl Plank
Electric
Yes
4
Estimated
1
No Pool
Additional Lot(s),Corner
Public
Y70
16.00 x 48.00
0.02
No
108200.00
Building Details
Building Size
9,000 SF
Year Built
2018
Stories
4
Tenancy
Multi
Listing Agency:
MSC Retail, Inc.
(856) 222-0077
Listed By:
Julia Joyce-Hall
(856) 630-4482
Source:
Thetristaterealestategroup
Added: Jul 11, 2025
Changed: Sep 4
Last Checked: Sep 5 at 5:17AM
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 MSC Retail, Inc.
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
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
$141,566
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
6.74%
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%
$2,831,320
$2.8M
Cap Rate 7%
$2,022,371
$2.0M
Cap Rate 9%
$1,572,956
$1.6M
Market Conditions
NOI Build-Up for 9,000 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
$273.2K $30.36/SF
− Vacancy
−$15.8K −$1.76/SF
EGI
$257.4K $28.60/SF
− OpEx
−$115.8K −$12.87/SF
NOI
$141.6K $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%
$2,831,320
Cap Rate 7%
$2,022,371
Cap Rate 9%
$1,572,956
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
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
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 - 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
