Renovated Income-Property
New
For Sale
$425,000
Pending
2005 WALLACE STREET Unit 1, Philadelphia, PA 19130
One-bedroom condominium with deeded gated parking, private patio access, and extensive 2023 renovations.
Property Size870 SF
Days on Market6
Property Features for 2005 WALLACE STREET Unit 1
General Information
Standard status
Pending
Size
870 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,598
Amenities
shared basement storage
private patio
in-unit washer/dryer
Building Details
Building Size
870 SF
Year Built
1900
Year Renovated
2023
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
(215) 432-4616
Listed By:
Janet Margolies · License #RS114459A
(215) 432-4616
Source:
Patmckennarealtors
Added: Jul 30
Changed: Aug 4
Last Checked: Aug 4 at 2:20AM
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 BHHS Fox & Roach The Harper at Rittenhouse Square
Investment Insights
Based on property information with market context.
This condominium is one of three units within a historic townhouse and received a comprehensive renovation in 2023. The one-bedroom layout includes a living and dining area with wood floors, high ceilings, original doors, a decorative marble fireplace surround, and south-facing windows. An office or guest room adds flexibility, while the rear bedroom offers extensive closet space and a second decorative fireplace. The expanded kitchen features Waypoint cabinetry, a large island, quartz countertops, tile backsplash, a four-door Samsung refrigerator, Bosch dishwasher, and GE range. The bathroom includes a glass-and-tile shower and tub enclosure, storage, Samsung front-loading laundry equipment, and a towel heater.
A deeded, gated parking space sits at the rear entrance, with a sunny patio directly adjoining the kitchen. Shared basement storage is also provided. The property is in Philadelphia’s Spring Garden area, one block from Fairmount Ave and near Whole Foods, Target, restaurants, public transportation, Fairmount Park, museums, and Kelly Drive.
A deeded, gated parking space sits at the rear entrance, with a sunny patio directly adjoining the kitchen. Shared basement storage is also provided. The property is in Philadelphia’s Spring Garden area, one block from Fairmount Ave and near Whole Foods, Target, restaurants, public transportation, Fairmount Park, museums, and Kelly Drive.
Key Highlights
- 2023 renovation with expanded kitchen and professionally designed bathroom
- One‑bedroom condominium with office or guest‑room space
- Deeded, gated parking accessed from North St.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.4k | $30.36 |
| − Vacancy | −$1.5k | −$1.76 |
| EGI | $24.9k | $28.60 |
| − OpEx | −$11.2k | −$12.87 |
| NOI | $13.7k | $15.73 |
870 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$195.5K
$171.1K – $228.1K
NOI $13,685 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$212.1K
$185.6K – $247.4K
NOI $14,846 @ 7.0% cap · market cap 3.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
Market
Average Price Trend$/SF for Residential income properties in Philadelphia, PA
Properties on Market for Residential income properties in Philadelphia
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with deeded gated parking, private patio access, and extensive 2023 renovations.
Where is this residential income property located?
The property is located at 2005 WALLACE STREET Unit 1 Philadelphia, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2023 renovation with expanded kitchen and professionally designed bathroom; One‑bedroom condominium with office or guest‑room space; Deeded, gated parking accessed from North St.
