Updated Residential Income
For Sale
$285,000
1608 RIDGE AVENUE Unit 302, Philadelphia, PA 19130
Two-bedroom unit with contemporary finishes, private laundry, and a kitchen island with seating.
Property Size960 SF
Days on Market30
Property Features for 1608 RIDGE AVENUE Unit 302
General Information
Standard status
Active
Size
960 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$685
Building Details
Building Size
960 SF
Year Built
2017
Listing Agency:
BHHS Fox & Roach-Art Museum
Listed By:
Shane Holcomb
(570) 947-4775
Source:
Patmckennarealtors
Added: Aug 11
Changed: Sep 8
Last Checked: Sep 9 at 6:34AM
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 BHHS Fox & Roach-Art Museum
Investment Insights
Based on property information with market context.
Built in 2017, this updated residential income property is a two-bedroom, one-bath unit with an open living and dining arrangement. Hardwood floors extend through the main living area, while both bedrooms feature carpeting and closet storage. The kitchen combines espresso cabinetry, white quartz counters, a subway-tile backsplash, stainless steel appliances, and a central island with seating. A tub-and-shower bathroom and in-unit washer and dryer complete the interior configuration.
The property is identified as Unit 302 at 1608 Ridge Avenue in Philadelphia. A tax abatement remains in place through 2027. The location is near The Met, Bar Hygge, Rybread, Osteria, public transportation, parks, and Temple University.
The property is identified as Unit 302 at 1608 Ridge Avenue in Philadelphia. A tax abatement remains in place through 2027. The location is near The Met, Bar Hygge, Rybread, Osteria, public transportation, parks, and Temple University.
Key Highlights
- Two‑bedroom, one‑bath Unit 302
- Built in 2017
- Updated kitchen with quartz counters, stainless steel appliances, subway‑tile backsplash, and island seating
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
$15,100
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
5.30%
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%
$302,000
$302.0K
Cap Rate 7%
$215,714
$215.7K
Cap Rate 9%
$167,778
$167.8K
Market Conditions
NOI Build-Up for 960 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
$29.1K $30.36/SF
− Vacancy
−$1.7K −$1.76/SF
EGI
$27.5K $28.60/SF
− OpEx
−$12.4K −$12.87/SF
NOI
$15.1K $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%
$302,000
Cap Rate 7%
$215,714
Cap Rate 9%
$167,778
Alternative Uses
Best Use
Apartment 5plus
$215.7K
$188.8K – $251.7K
NOI $15,100 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$234.0K
$204.8K – $273.0K
NOI $16,382 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom unit with contemporary finishes, private laundry, and a kitchen island with seating.
Where is this residential income property located?
The property is located at 1608 RIDGE AVENUE Unit 302 Philadelphia, PA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath Unit 302; Built in 2017; Updated kitchen with quartz counters, stainless steel appliances, subway‑tile backsplash, and island seating
