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 Market83
Property Features for 1608 RIDGE AVENUE Unit 302
General Information
Standard status
Active
Size
960 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Francisville
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
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: Oct 31
Last Checked: Oct 30 at 10:19PM
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
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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 / Yr
$15,100
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,682
Businesses Nearby
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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
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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
