15-Unit Apartment Building with Rooftop
For Sale
$4,925,000
1723 RIDGE AVENUE, Philadelphia, PA 19130
2022-built, fully leased 15-unit building with seven 1-bedroom and seven 2-bedroom units plus ground-floor commercial space.
Property Size16,250 SF
Price / SF$303.08
Days on Market431
Property Features for 1723 RIDGE AVENUE
General Information
Standard status
Active
Size
16,250 SF
Property subtype
Five Or More Units
Occupancy
100%
Units
Unit Mix
7 x 1bd, 7 x 2bd
Multifamily Units
15
Additional Details
Road Access
Yes
Amenities
rooftop terrace
Building Details
Building Size
16,250 SF
Year Built
2022
Stories
5
Listing Agency:
Keller Williams Liberty Place
(610) 606-1095
Listed By:
Ryan J McManus · License #RS316262
(610) 606-1095
Source:
Patmckennarealtors
Added: May 27, 2025
Changed: Jul 30
Last Checked: Jul 30 at 8:58PM
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
Investment Insights
Based on property information with market context.
1723 Ridge Avenue is a 16,250 SF, five-story, apartment building built in 2022. The property has a balanced unit mix of seven 1-bedroom units and seven 2-bedroom units, with ground floor commercial space. The building includes a rooftop terrace and is described as fully leased.
Located on the Ridge Avenue corridor in Francisville (19130), the property is positioned for convenient access into Fairmount and Center City, as well as nearby districts including the Museums District and North Broad District.
The offering includes the benefit of a full 10-year tax abatement expiring in 2032. The remarks also reference a 7% pro forma cap rate. See building plans and pro forma financials for additional details.
Located on the Ridge Avenue corridor in Francisville (19130), the property is positioned for convenient access into Fairmount and Center City, as well as nearby districts including the Museums District and North Broad District.
The offering includes the benefit of a full 10-year tax abatement expiring in 2032. The remarks also reference a 7% pro forma cap rate. See building plans and pro forma financials for additional details.
Key Highlights
- 10‑year tax abatement expiring 2032
- 7 one‑bedroom and 7 two‑bedroom units in a 15‑unit building
- Fully leased with ground floor commercial space
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $493.4k | $30.36 |
| − Vacancy | −$28.6k | −$1.76 |
| EGI | $464.7k | $28.60 |
| − OpEx | −$209.1k | −$12.87 |
| NOI | $255.6k | $15.73 |
16,250 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.20M – $4.26M
NOI $255,605 @ 7.0% cap · market cap 5.19%
Second Best
Mixed Use
$2.76M
$2.41M – $3.22M
NOI $193,050 @ 7.0% cap · market cap 3.92%
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.
Property Analytics
Current Use
Lease Details
15
Residential units
100%
Occupancy
Yes
Paved road access
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 2022-built, fully leased 15-unit building with seven 1-bedroom and seven 2-bedroom units plus ground-floor commercial space.
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: 10‑year tax abatement expiring 2032; 7 one‑bedroom and 7 two‑bedroom units in a 15‑unit building; Fully leased with ground floor commercial space
