Updated Studio Residential Income
For Sale
$184,000
1810 RITTENHOUSE SQUARE #2005, Philadelphia, PA 19103
Renovated studio condominium with concierge service, rooftop deck access, and central air in a professionally managed building.
Property Size461 SF
Price / SF$399.13
Days on Market45
Property Features for 1810 RITTENHOUSE SQUARE #2005
General Information
Standard status
Active
Size
461 SF
Property subtype
Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Amenities
24-hour concierge service
rooftop deck
on-site laundry facilities
optional fitness center
Central
Central A/C
Building Details
Year Built
1952
Year Renovated
2017
Listing Agency:
Blue Bell
Listed By:
Tsering Choky · License #RS376004
(215) 237-3913
Source:
Kw
Added: Aug 1
Changed: Sep 12
Last Checked: Sep 13 at 11:39AM
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 Blue Bell
Investment Insights
Based on property information with market context.
This studio condominium at The Rittenhouse Savoy provides 461 square feet with an efficient layout, abundant natural light, and generous closet space. A 2017 renovation added a kitchen with granite countertops, breakfast peninsula, custom cabinetry, full-size apartment refrigerator, gas range, built-in microwave, and stainless sink. The living area includes luxury vinyl flooring, updated paint, a ceiling fan, and new window shades. The bathroom features a Bath Fitter tub remodel, new vanity, and modern lighting. Central A/C is also provided.
Building services include 24-hour concierge coverage, on-site laundry, and access to a rooftop deck. An optional fitness center is available to residents. The property is located on Rittenhouse Square, near restaurants, cafés, shopping, cultural attractions, Penn, Drexel, CHOP, Jefferson, and Center City business districts.
Built in 1952, the professionally managed building combines established construction with updated interior finishes and shared resident amenities.
Building services include 24-hour concierge coverage, on-site laundry, and access to a rooftop deck. An optional fitness center is available to residents. The property is located on Rittenhouse Square, near restaurants, cafés, shopping, cultural attractions, Penn, Drexel, CHOP, Jefferson, and Center City business districts.
Built in 1952, the professionally managed building combines established construction with updated interior finishes and shared resident amenities.
Key Highlights
- 461‑square‑foot studio condominium at The Rittenhouse Savoy
- 2017 renovation with updated kitchen and bathroom finishes
- Kitchen includes granite counters, breakfast peninsula, and full‑size appliances
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
$7,251
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
3.94%
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%
$145,020
$145.0K
Cap Rate 7%
$103,586
$103.6K
Cap Rate 9%
$80,567
$80.6K
Market Conditions
NOI Build-Up for 461 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
$14.0K $30.36/SF
− Vacancy
−$812 −$1.76/SF
EGI
$13.2K $28.60/SF
− OpEx
−$5.9K −$12.87/SF
NOI
$7.3K $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%
$145,020
Cap Rate 7%
$103,586
Cap Rate 9%
$80,567
Alternative Uses
Best Use
Apartment 5plus
$103.6K
$90.6K – $120.9K
NOI $7,251 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$112.4K
$98.3K – $131.1K
NOI $7,867 @ 7.0% cap · market cap 4.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated studio condominium with concierge service, rooftop deck access, and central air in a professionally managed building.
Where is this residential income property located?
The property is located at 1810 RITTENHOUSE SQUARE #2005 Philadelphia, PA.
What is the asking price?
The asking price for this property is $184,000.
What are key features of this property?
This property features: 461‑square‑foot studio condominium at The Rittenhouse Savoy; 2017 renovation with updated kitchen and bathroom finishes; Kitchen includes granite counters, breakfast peninsula, and full‑size appliances
