Boutique Luxury Apartment
1723 RIDGE AVENUE, Philadelphia, PA 19130
For Sale
$4,925,000
Turnkey 15-unit, 5-story building built in 2022 with ground-floor commercial space and a rooftop terrace.
Property Size16,250 SF
Price / SF$303.08
Days on Market542
Property Features for 1723 RIDGE AVENUE
General Information
Standard status
Size
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
rooftop terrace
Building Details
Building Size
Year Built
Stories
Listing Agency:
Keller Williams Liberty Place
Listed By:
Ryan J McManus · License PA RS316262
(610) 606-1095
Source:
Kingswayrealty
Added: May 20, 2025
Changed: Nov 4
Last Checked: Nov 12 at 4:10AM
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 Keller Williams Liberty Place
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Prime on Ridge presents a turnkey 15-unit apartment building in a 5-story, 2022-vintage configuration. The mix includes seven 1-bedroom units and seven 2-bedroom units, with ground-floor commercial space as part of the property’s overall layout. The building also features a rooftop terrace with panoramic city skyline views.
Located along the Ridge Avenue corridor in Philadelphia’s Francisville area, the property is described as being on a highly visible block and offers easy access into Fairmount, Center City, the Museums District, and the North Broad District.
The seller notes a full 10-year tax abatement, expiring in 2032. Further information, including building plans and pro forma financials, is available upon request.
Located along the Ridge Avenue corridor in Philadelphia’s Francisville area, the property is described as being on a highly visible block and offers easy access into Fairmount, Center City, the Museums District, and the North Broad District.
The seller notes a full 10-year tax abatement, expiring in 2032. Further information, including building plans and pro forma financials, is available upon request.
Key Highlights
- 2022‑built 15‑unit, 5‑story apartment building with 10‑year tax abatement (expiring 2032)
- Total building size of 16,250 SF with seven 1‑bed units and seven 2‑bed units
- Ground‑floor commercial space included with the multifamily building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$255,605
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,112,100
$5.1M
Cap Rate 7%
$3,651,500
$3.7M
Cap Rate 9%
$2,840,056
$2.8M
Market Conditions
NOI Build-Up for 16,250 SF
Gross rent
$493.4K $30.36/SF
− Vacancy
−$28.6K −$1.76/SF
EGI
$464.7K $28.60/SF
− OpEx
−$209.1K −$12.87/SF
NOI
$255.6K $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 Rate 5%
$5,112,100
Cap Rate 7%
$3,651,500
Cap Rate 9%
$2,840,056
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.20M – $4.26M
NOI $255,605 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.96M
$3.47M – $4.62M
NOI $277,305 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
2,556
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
$483,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Apartment buildings in Philadelphia, PA
Properties on Market for Apartment buildings in Philadelphia
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 15-unit, 5-story building built in 2022 with ground-floor commercial space and a rooftop terrace.
Where is this apartment building located?
The property is located at 1723 RIDGE AVENUE Philadelphia, PA.
What is the asking price?
The asking price for this property is $4,925,000.
What are key features of this property?
This property features: 2022‑built 15‑unit, 5‑story apartment building with 10‑year tax abatement (expiring 2032); Total building size of 16,250 SF with seven 1‑bed units and seven 2‑bed units; Ground‑floor commercial space included with the multifamily building
