One-Bedroom Residential Income
For Sale
$289,000
1701 LOCUST STREET Unit 1607, Philadelphia, PA 19103
Updated condominium residence with a flexible living area, finished kitchen, in-unit laundry, and access to hotel amenities.
Property Size531 SF
Days on Market455
Property Features for 1701 LOCUST STREET Unit 1607
General Information
Standard status
Active
Size
531 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,703
Amenities
24-hour doorman
state-of-the-art fitness room
maid service
room service
valet parking
Building Details
Building Size
531 SF
Year Built
1928
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Melissa Valenti · License #RS285747
(215) 939-5823
Source:
Patmckennarealtors
Added: Jun 12, 2025
Changed: Sep 3
Last Checked: Sep 9 at 6:36AM
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.
This one-bedroom condominium residence combines an open living and dining area with a finished kitchen featuring cherry cabinetry, granite work surfaces, mosaic tile, and stainless steel appliances. The bedroom includes oversized windows and generous closet storage, while the marble-finished hall bathroom offers an upgraded vanity and tub-shower combination. Hardwood floors, crown molding, baseboards, and a laundry closet with washer and dryer complete the interior.
The residence is located within The Warwick Condominiums, positioned above The Warwick Hotel. Residents have access to hotel amenities including a 24-hour doorman and fitness room. Maid service, room service, and valet parking are also available for an additional fee. The building was constructed in 1928, and the residence offers sunset views across the city.
The residence is located within The Warwick Condominiums, positioned above The Warwick Hotel. Residents have access to hotel amenities including a 24-hour doorman and fitness room. Maid service, room service, and valet parking are also available for an additional fee. The building was constructed in 1928, and the residence offers sunset views across the city.
Key Highlights
- One‑bedroom condominium at The Warwick Condominiums
- Cherry cabinetry, granite countertops, mosaic tile backsplash, and stainless steel appliances
- Oversized bedroom windows with substantial closet storage
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
$8,352
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
2.89%
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%
$167,040
$167.0K
Cap Rate 7%
$119,314
$119.3K
Cap Rate 9%
$92,800
$92.8K
Market Conditions
NOI Build-Up for 531 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
$16.1K $30.36/SF
− Vacancy
−$935 −$1.76/SF
EGI
$15.2K $28.60/SF
− OpEx
−$6.8K −$12.87/SF
NOI
$8.4K $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%
$167,040
Cap Rate 7%
$119,314
Cap Rate 9%
$92,800
Alternative Uses
Best Use
Apartment 5plus
$119.3K
$104.4K – $139.2K
NOI $8,352 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$129.4K
$113.3K – $151.0K
NOI $9,061 @ 7.0% cap · market cap 3.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
21,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with a flexible living area, finished kitchen, in-unit laundry, and access to hotel amenities.
Where is this residential income property located?
The property is located at 1701 LOCUST STREET Unit 1607 Philadelphia, PA.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: One‑bedroom condominium at The Warwick Condominiums; Cherry cabinetry, granite countertops, mosaic tile backsplash, and stainless steel appliances; Oversized bedroom windows with substantial closet storage
