Corner Residential Income
For Sale
$305,000
Pending
1810 RITTENHOUSE SQUARE Unit 1608, Philadelphia, PA 19103
One-bedroom condominium with park-facing views, abundant windows, and updated interior finishes.
Property Size685 SF
Days on Market131
Property Features for 1810 RITTENHOUSE SQUARE Unit 1608
General Information
Standard status
Pending
Size
685 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,685
Amenities
24-hour desk services
roof deck
fitness center
Building Details
Building Size
685 SF
Year Built
1952
Listing Agency:
Compass Pennsylvania, LLC
(215) 915-2000
Listed By:
Alon Seltzer · License #RS326276
(215) 915-2000
Source:
Patmckennarealtors
Added: Apr 16
Changed: Aug 24
Last Checked: Aug 23 at 8:57AM
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 16th-floor corner condominium offers one bedroom, spacious living and dining areas, and a large galley kitchen. A wall of windows brings natural light into the living room and bedroom, while three closets provide storage. Interior updates include the bathroom, flooring, countertops, kitchen appliances, and window treatments. The unit also has a combination washer/dryer and broad views toward Rittenhouse Square and the surrounding city, including Philadelphia International Airport flight paths.
The Rittenhouse Savoy is a 1952 building positioned along the south side of Rittenhouse Square. Resident amenities include a midcentury modern lobby, 24-hour desk services, a new roof deck with panoramic views, and a fitness center. The property is within walking distance of UPENN, Drexel University, CHOP, Jefferson Hospital, 30th Street Station, the central business district, Kimmel Center, Schuylkill River Park, retail, restaurants, cafes, and bars. Condo fees cover all utilities except internet and cable. Dogs are not permitted.
The Rittenhouse Savoy is a 1952 building positioned along the south side of Rittenhouse Square. Resident amenities include a midcentury modern lobby, 24-hour desk services, a new roof deck with panoramic views, and a fitness center. The property is within walking distance of UPENN, Drexel University, CHOP, Jefferson Hospital, 30th Street Station, the central business district, Kimmel Center, Schuylkill River Park, retail, restaurants, cafes, and bars. Condo fees cover all utilities except internet and cable. Dogs are not permitted.
Key Highlights
- 16th‑floor corner unit with 180‑degree views
- One‑bedroom layout with spacious living and dining areas
- Wall of windows in the living room and bedroom
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
$10,775
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
3.53%
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%
$215,500
$215.5K
Cap Rate 7%
$153,929
$153.9K
Cap Rate 9%
$119,722
$119.7K
Market Conditions
NOI Build-Up for 685 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
$20.8K $30.36/SF
− Vacancy
−$1.2K −$1.76/SF
EGI
$19.6K $28.60/SF
− OpEx
−$8.8K −$12.87/SF
NOI
$10.8K $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%
$215,500
Cap Rate 7%
$153,929
Cap Rate 9%
$119,722
Alternative Uses
Best Use
Apartment 5plus
$153.9K
$134.7K – $179.6K
NOI $10,775 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$167.0K
$146.1K – $194.8K
NOI $11,689 @ 7.0% cap · market cap 3.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
18,587
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with park-facing views, abundant windows, and updated interior finishes.
Where is this residential income property located?
The property is located at 1810 RITTENHOUSE SQUARE Unit 1608 Philadelphia, PA.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 16th‑floor corner unit with 180‑degree views; One‑bedroom layout with spacious living and dining areas; Wall of windows in the living room and bedroom
