One-Bedroom Residential Income
For Sale
$299,000
1648-50 RIDGE AVENUE Unit 302, Philadelphia, PA 19130
Modern condominium residence with elevator access, private balcony, rooftop deck rights, and an open kitchen-living layout.
Property Size814 SF
Days on Market105
Property Features for 1648-50 RIDGE AVENUE Unit 302
General Information
Standard status
Active
Size
814 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$457
Amenities
rooftop deck
balcony
in-unit laundry
Building Details
Building Size
814 SF
Year Built
2023
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Rachel Finkelstein · License #RS341080
(484) 802-3377
Source:
Patmckennarealtors
Added: May 28
Changed: Aug 28
Last Checked: Sep 8 at 11:47AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Built in 2023, this one-bedroom, one-and-a-half-bath condominium residence offers a contemporary interior with an open living, dining, and kitchen arrangement. Oversized windows provide three sun exposures and 360-degree views, while the private balcony extends the living area outdoors. The kitchen includes white shaker cabinetry, stainless steel appliances, quartz countertops, a subway-tile backsplash, and a prep island with breakfast bar seating. A dedicated laundry and utility area adds storage, and the bedroom suite includes an ensuite bath with double vanity, stone counters, and tub-shower combination.
Building amenities include elevator access and a shared rooftop deck with Philadelphia skyline views. Approximately 8 years remain on the tax abatement. The property is located at 1648-50 Ridge Avenue, Unit 302, near neighborhood cafes, restaurants, Fairmount Avenue, the Philadelphia Museum of Art, Eastern State Penitentiary, and public transportation.
Building amenities include elevator access and a shared rooftop deck with Philadelphia skyline views. Approximately 8 years remain on the tax abatement. The property is located at 1648-50 Ridge Avenue, Unit 302, near neighborhood cafes, restaurants, Fairmount Avenue, the Philadelphia Museum of Art, Eastern State Penitentiary, and public transportation.
Key Highlights
- One‑bedroom, one‑and‑a‑half‑bath condominium residence built in 2023
- Approximately 8 years remaining on the tax abatement
- Open kitchen with stainless steel appliances, quartz counters, subway‑tile backsplash, and prep island
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
$12,804
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
4.28%
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%
$256,080
$256.1K
Cap Rate 7%
$182,914
$182.9K
Cap Rate 9%
$142,267
$142.3K
Market Conditions
NOI Build-Up for 814 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
$24.7K $30.36/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$23.3K $28.60/SF
− OpEx
−$10.5K −$12.87/SF
NOI
$12.8K $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%
$256,080
Cap Rate 7%
$182,914
Cap Rate 9%
$142,267
Alternative Uses
Best Use
Apartment 5plus
$182.9K
$160.1K – $213.4K
NOI $12,804 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$198.4K
$173.6K – $231.5K
NOI $13,891 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,748
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 - Modern condominium residence with elevator access, private balcony, rooftop deck rights, and an open kitchen-living layout.
Where is this residential income property located?
The property is located at 1648-50 RIDGE AVENUE Unit 302 Philadelphia, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: One‑bedroom, one‑and‑a‑half‑bath condominium residence built in 2023; Approximately 8 years remaining on the tax abatement; Open kitchen with stainless steel appliances, quartz counters, subway‑tile backsplash, and prep island
