Residential Income Property with
New
For Sale
$308,000
1810 RITTENHOUSE SQUARE Unit 610, Philadelphia, PA 19103
One-bedroom condominium residence with an open kitchen, living area, private basement storage, and access to full-service building amenities.
Property Size622 SF
Days on Market7
Property Features for 1810 RITTENHOUSE SQUARE Unit 610
General Information
Standard status
Active
Size
622 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,725
Amenities
24-hour front desk
fitness center
bike room
laundry room
roof deck
private storage unit
Building Details
Building Size
622 SF
Year Built
1952
Buildings
1
Construction
mid-century modern
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Evan Frisina · License #RS328186
(215) 205-7351
Source:
Patmckennarealtors
Added: Sep 8
Changed: Sep 11
Last Checked: Sep 13 at 11:33AM
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.
Residence 610 is a one-bedroom condominium within The Rittenhouse Savoy, a 1952 high-rise positioned directly across from Rittenhouse Square Park. The floor plan connects the kitchen and living room in an open arrangement, with a breakfast bar, stainless steel appliances, gas range, paneled dishwasher, dining nook, and three living-room windows. The bedroom includes four windows and two oversized closets with shelving. A full bathroom provides a tub and shower enclosure, modern vanity, and hallway linen storage. A private basement storage unit is included with the residence.
Building amenities include a 24-hour front desk, fitness center, bike room, laundry room, and newly completed roof deck. The monthly condo fee includes gas, electric, heat, AC, water, sewer, and cable. Cats are permitted. The property is near the restaurants and shops of Rittenhouse and Fitler Square, with access to Suburban Station, 30th Street Station, and the Schuylkill Banks waterfront.
Building amenities include a 24-hour front desk, fitness center, bike room, laundry room, and newly completed roof deck. The monthly condo fee includes gas, electric, heat, AC, water, sewer, and cable. Cats are permitted. The property is near the restaurants and shops of Rittenhouse and Fitler Square, with access to Suburban Station, 30th Street Station, and the Schuylkill Banks waterfront.
Key Highlights
- One‑bedroom residence with open kitchen and living‑room configuration
- Private storage unit located in the building basement
- Built in 1952; The Rittenhouse Savoy is a high‑rise across from Rittenhouse Square Park
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
$9,784
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
3.18%
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%
$195,680
$195.7K
Cap Rate 7%
$139,771
$139.8K
Cap Rate 9%
$108,711
$108.7K
Market Conditions
NOI Build-Up for 622 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
$18.9K $30.36/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$17.8K $28.60/SF
− OpEx
−$8.0K −$12.87/SF
NOI
$9.8K $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%
$195,680
Cap Rate 7%
$139,771
Cap Rate 9%
$108,711
Alternative Uses
Best Use
Apartment 5plus
$139.8K
$122.3K – $163.1K
NOI $9,784 @ 7.0% cap · market cap 3.18%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$151.6K
$132.7K – $176.9K
NOI $10,614 @ 7.0% cap · market cap 3.45%
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 - One-bedroom condominium residence with an open kitchen, living area, private basement storage, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 1810 RITTENHOUSE SQUARE Unit 610 Philadelphia, PA.
What is the asking price?
The asking price for this property is $308,000.
What are key features of this property?
This property features: One‑bedroom residence with open kitchen and living‑room configuration; Private storage unit located in the building basement; Built in 1952; The Rittenhouse Savoy is a high‑rise across from Rittenhouse Square Park
