Residential Income Property with Square
For Sale
$809,000
1901 WALNUT STREET Unit 15F, Philadelphia, PA 19103
Two-bedroom co-op residence with a gallery, den, office, and eat-in kitchen.
Property Size1,575 SF
Days on Market42
Property Features for 1901 WALNUT STREET Unit 15F
General Information
Standard status
Active
Size
1,575 SF
Property subtype
Unit/Flat/Apartment
Building Details
Building Size
1,575 SF
Year Built
1949
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Melissa Valenti · License #RS285747
(215) 939-5823
Source:
Patmckennarealtors
Added: Jul 30
Changed: Sep 3
Last Checked: Sep 8 at 11:37AM
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.
Unit 10A is a two-bedroom co-op residence with a 41' x 6' entry gallery, formal living and dining rooms, and a separate den with built-in cabinetry. The home also includes an eat-in kitchen equipped with Blue Star professional appliances, a walk-in pantry with a solid oak Welsh dresser, and a private office or library adjoining the main bedroom. Both bedrooms have en-suite baths, while the main suite adds a soaking tub, oversized shower, clothing storage, and an all-in-one washer/dryer. Two independent air conditioning systems serve the residence.
The south-facing living and dining rooms, along with the den and main bedroom, overlook Rittenhouse Square. The property is located at 1901 Walnut Street in Philadelphia’s 19103 ZIP code and was built in 1926. Rittenhouse Plaza permits one or two cats, or one board-approved dog subject to a twenty-inch height limit at full growth.
The south-facing living and dining rooms, along with the den and main bedroom, overlook Rittenhouse Square. The property is located at 1901 Walnut Street in Philadelphia’s 19103 ZIP code and was built in 1926. Rittenhouse Plaza permits one or two cats, or one board-approved dog subject to a twenty-inch height limit at full growth.
Key Highlights
- Two‑bedroom co‑op residence in Rittenhouse Plaza
- 41' x 6' entry gallery
- South‑facing living and dining rooms overlook Rittenhouse Square
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
$24,774
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
3.06%
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%
$495,480
$495.5K
Cap Rate 7%
$353,914
$353.9K
Cap Rate 9%
$275,267
$275.3K
Market Conditions
NOI Build-Up for 1,575 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
$47.8K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$45.0K $28.60/SF
− OpEx
−$20.3K −$12.87/SF
NOI
$24.8K $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%
$495,480
Cap Rate 7%
$353,914
Cap Rate 9%
$275,267
Alternative Uses
Best Use
Apartment 5plus
$353.9K
$309.7K – $412.9K
NOI $24,774 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$384.0K
$336.0K – $448.0K
NOI $26,877 @ 7.0% cap · market cap 3.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
19,701
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 - Two-bedroom co-op residence with a gallery, den, office, and eat-in kitchen.
Where is this residential income property located?
The property is located at 1901 WALNUT STREET Unit 15F Philadelphia, PA.
What is the asking price?
The asking price for this property is $809,000.
What are key features of this property?
This property features: Two‑bedroom co‑op residence in Rittenhouse Plaza; 41' x 6' entry gallery; South‑facing living and dining rooms overlook Rittenhouse Square
