Mixed-Use Apartment
For Sale
$3,500,000
1617 RIDGE AVENUE 19, Philadelphia, PA 19130
Built in 2023, the property includes 13 apartments and 1 commercial unit with a front entrance on Ridge Ave.
Property Size8,365 SF
Days on Market119
Property Features for 1617 RIDGE AVENUE 19
General Information
Standard status
Active
Size
8,365 SF
Additional Details
Opportunity Zone
Yes
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$3,700
Amenities
shared rooftop deck
elevator
additional hallway storage areas
secure private breezeway rear entrance
trash room
mailboxes
package/Amazon drop area
key-fob-only access
Building Details
Building Size
8,365 SF
Year Built
2023
Tenancy
Multi
Listing Agency:
Real of Pennsylvania
(484) 744-4053
Listed By:
William Holder · License #2077526
(484) 744-4053
Source:
Kingswayrealty
Added: May 4
Changed: Aug 25
Last Checked: Aug 29 at 5:49AM
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 Real of Pennsylvania
Investment Insights
Based on property information with market context.
1617–19 Ridge Ave is a newer-construction mixed-use building built in 2023, featuring 13 residential units plus one commercial unit. The apartment mix includes 1- and 2-bedroom layouts, including one bi-level unit. Building amenities include an elevator, shared rooftop deck access for residents, additional hallway storage, and a secure private breezeway rear entrance designed exclusively for tenant use. The rear breezeway includes a trash room, mailboxes, a package/Amazon drop area, and key-fob-only access.
The commercial unit is accessed via a front entrance directly on Ridge Ave and is configured as a bi-level space. The main floor is finished with a bathroom, while the lower level is unfinished and may support future expansion, storage, workspace, or customization. During construction, venting access was installed to support kitchen-use considerations.
The property also has an estimated remaining tax abatement of approximately 7 years (buyer to verify). It is located in a census tract designated as a Qualified Opportunity Zone based on 2026 data, with the original Opportunity Zone program described as remaining in effect through 2028; buyers should verify eligibility, timing, and any potential benefits with their tax advisor.
The commercial unit is accessed via a front entrance directly on Ridge Ave and is configured as a bi-level space. The main floor is finished with a bathroom, while the lower level is unfinished and may support future expansion, storage, workspace, or customization. During construction, venting access was installed to support kitchen-use considerations.
The property also has an estimated remaining tax abatement of approximately 7 years (buyer to verify). It is located in a census tract designated as a Qualified Opportunity Zone based on 2026 data, with the original Opportunity Zone program described as remaining in effect through 2028; buyers should verify eligibility, timing, and any potential benefits with their tax advisor.
Key Highlights
- Built in 2023 mixed‑use building with 13 residential units and 1 commercial unit at 1617–19 Ridge Ave
- Residential mix of 1- and 2‑bedroom apartments, including one unique bi‑level unit
- Shared rooftop deck for tenant use and an elevator for convenient access
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
$131,577
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
3.76%
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%
$2,631,540
$2.6M
Cap Rate 7%
$1,879,671
$1.9M
Cap Rate 9%
$1,461,967
$1.5M
Market Conditions
NOI Build-Up for 8,365 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
$254.0K $30.36/SF
− Vacancy
−$14.7K −$1.76/SF
EGI
$239.2K $28.60/SF
− OpEx
−$107.7K −$12.87/SF
NOI
$131.6K $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%
$2,631,540
Cap Rate 7%
$1,879,671
Cap Rate 9%
$1,461,967
Alternative Uses
Best Use
Apartment 5plus
$1.88M
$1.64M – $2.19M
NOI $131,577 @ 7.0% cap · market cap 3.76%
Second Best
Mixed Use
$1.42M
$1.24M – $1.66M
NOI $99,376 @ 7.0% cap · market cap 2.84%
Theoretical Best
Multifamily LT 5
$2.04M
$1.78M – $2.38M
NOI $142,748 @ 7.0% cap · market cap 4.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
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?
Mixed-use property - Built in 2023, the property includes 13 apartments and 1 commercial unit with a front entrance on Ridge Ave.
Where is this mixed-use property located?
The property is located at 1617 RIDGE AVENUE 19 Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Built in 2023 mixed‑use building with 13 residential units and 1 commercial unit at 1617–19 Ridge Ave; Residential mix of 1- and 2‑bedroom apartments, including one unique bi‑level unit; Shared rooftop deck for tenant use and an elevator for convenient access
