Combined-Unit Residential Income
For Sale
$700,000
1810 RITTENHOUSE SQUARE Unit 407-408, Philadelphia, PA 19103
Three-bedroom, two-and-a-half-bath apartment formed by combining two units, with expansive living areas and a connected home-style layout.
Property Size1,331 SF
Days on Market31
Property Features for 1810 RITTENHOUSE SQUARE Unit 407-408
General Information
Standard status
Active
Size
1,331 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,997
Building Details
Building Size
1,331 SF
Year Built
1952
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Jason Wallner · License #RS353924
(215) 882-3196
Source:
Patmckennarealtors
Added: Aug 4
Changed: Aug 31
Last Checked: Sep 2 at 12:00AM
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 residential income property is a 3-bedroom, 2.5-bath apartment created through the combination of two units. The residence provides generous living areas, well-proportioned bedrooms, and a connected floor plan designed for everyday use and entertaining. Built in 1952, it offers the scale and arrangement of a larger home within a multifamily setting.
The property is located at Rittenhouse Square in Philadelphia, with restaurants, boutique shopping, cafes, theaters, and cultural attractions nearby. The surrounding area also provides direct access to the square and a walkable Center City setting. The residence combines a substantial interior configuration with access to one of Philadelphia’s established urban neighborhoods.
The property is located at Rittenhouse Square in Philadelphia, with restaurants, boutique shopping, cafes, theaters, and cultural attractions nearby. The surrounding area also provides direct access to the square and a walkable Center City setting. The residence combines a substantial interior configuration with access to one of Philadelphia’s established urban neighborhoods.
Key Highlights
- 3‑bedroom, 2.5‑bath apartment
- Created by combining two units
- Expansive living areas with well‑proportioned bedrooms
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
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 - Three-bedroom, two-and-a-half-bath apartment formed by combining two units, with expansive living areas and a connected home-style layout.
Where is this residential income property located?
The property is located at 1810 RITTENHOUSE SQUARE Unit 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: 3‑bedroom, 2.5‑bath apartment; Created by combining two units; Expansive living areas with well‑proportioned bedrooms
