Updated Residential Income
For Sale
$700,000
1810 RITTENHOUSE SQUARE #407-408, Philadelphia, PA 19103
Studio condominium with renovated kitchen and 24-hour concierge service.
Property Size1,331 SF
Price / SF$525.92
Days on Market34
Property Features for 1810 RITTENHOUSE SQUARE #407-408
General Information
Standard status
Active
Size
1,331 SF
Property subtype
Apartment
Building Details
Year Built
1952
Listing Agency:
Compass Pennsylvania, LLC
(610) 822-3356
Listed By:
Jason Wallner · License #RS353924
(215) 882-3196
Source:
Cummingsrealtors
Added: Aug 3
Changed: Sep 4
Last Checked: Sep 5 at 6:44AM
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 461-square-foot studio condominium is located in The Rittenhouse Savoy and features an efficient residential layout. A 2017 renovation added a kitchen with granite countertops, custom cabinetry, a breakfast peninsula, full-size apartment refrigerator, gas range, built-in microwave, and stainless sink. The living area includes luxury vinyl flooring, fresh paint, a ceiling fan, and updated window shades. The bathroom has a Bath Fitter tub remodel, new vanity, and modern lighting.
Building amenities include 24-hour concierge service, a rooftop deck, on-site laundry facilities, and an optional fitness center. The property is situated on Rittenhouse Square, with restaurants, cafes, shopping, cultural attractions, and access to Penn, Drexel, CHOP, Jefferson, and Center City business districts nearby. The building was constructed in 1952.
Building amenities include 24-hour concierge service, a rooftop deck, on-site laundry facilities, and an optional fitness center. The property is situated on Rittenhouse Square, with restaurants, cafes, shopping, cultural attractions, and access to Penn, Drexel, CHOP, Jefferson, and Center City business districts nearby. The building was constructed in 1952.
Key Highlights
- 461‑square‑foot studio condominium in The Rittenhouse Savoy
- 2017 renovation with updated kitchen and bathroom
- Kitchen includes granite countertops, custom cabinetry, and breakfast peninsula
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
$20,936
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
2.99%
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%
$418,720
$418.7K
Cap Rate 7%
$299,086
$299.1K
Cap Rate 9%
$232,622
$232.6K
Market Conditions
NOI Build-Up for 1,331 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
$40.4K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$38.1K $28.60/SF
− OpEx
−$17.1K −$12.87/SF
NOI
$20.9K $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%
$418,720
Cap Rate 7%
$299,086
Cap Rate 9%
$232,622
Alternative Uses
Best Use
Apartment 5plus
$299.1K
$261.7K – $348.9K
NOI $20,936 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$324.5K
$283.9K – $378.6K
NOI $22,713 @ 7.0% cap · market cap 3.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Studio condominium with renovated kitchen and 24-hour concierge service.
Where is this residential income property located?
The property is located at 1810 RITTENHOUSE SQUARE #407-408 Philadelphia, PA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 461‑square‑foot studio condominium in The Rittenhouse Savoy; 2017 renovation with updated kitchen and bathroom; Kitchen includes granite countertops, custom cabinetry, and breakfast peninsula
