Leased Studio Condo
For Sale
$165,000
2101 CHESTNUT STREET Unit 1613, Philadelphia, PA 19103
Tenant-occupied studio condo with upgraded finishes, full-service building amenities, and a lease extending through August 2027.
Property Size538 SF
Days on Market178
Property Features for 2101 CHESTNUT STREET Unit 1613
General Information
Standard status
Active
Size
538 SF
Property subtype
Unit/Flat/Apartment
Occupancy
100%
Financials
Gross Income
$16,800
Average Monthly Rent
$1,400
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,406
Amenities
fitness center
24-hour lobby attendant
pet-friendly
on-site maintenance
Building Details
Building Size
538 SF
Year Built
1973
Tenancy
Single
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Naomi Kurzyna · License #RS343663
(301) 520-3224
Source:
Patmckennarealtors
Added: Mar 16
Changed: Sep 3
Last Checked: Sep 8 at 11:31AM
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 tenant-occupied studio condominium at Riverwest offers an income-producing residential asset with a lease in place through August 2027. The unit has upgraded flooring, oversized windows with unobstructed city views, and a kitchen equipped with a gas range, refrigerator, microwave, and wood cabinetry. Storage includes a large entry closet and a walk-in closet adjoining the bathroom, which has fresh tile and a reglazed tub.
Building services include utilities, basic cable, building insurance, on-site maintenance, a 24-hour lobby attendant, and a fitness center. On-site parking is available for an additional fee, and the building permits pets. The property is positioned near restaurants, shopping, theaters, and public transportation, with access to Penn, Drexel, 30th Street Station, and major hospitals. The building dates to 1900 and is located in Philadelphia’s 19103 ZIP code.
Building services include utilities, basic cable, building insurance, on-site maintenance, a 24-hour lobby attendant, and a fitness center. On-site parking is available for an additional fee, and the building permits pets. The property is positioned near restaurants, shopping, theaters, and public transportation, with access to Penn, Drexel, 30th Street Station, and major hospitals. The building dates to 1900 and is located in Philadelphia’s 19103 ZIP code.
Key Highlights
- Studio condominium leased through August 2027
- Utilities, basic cable, building insurance, and maintenance included through the condo fee
- Oversized windows provide unobstructed city views
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
$8,462
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
5.13%
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%
$169,240
$169.2K
Cap Rate 7%
$120,886
$120.9K
Cap Rate 9%
$94,022
$94.0K
Market Conditions
NOI Build-Up for 538 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
$16.3K $30.36/SF
− Vacancy
−$947 −$1.76/SF
EGI
$15.4K $28.60/SF
− OpEx
−$6.9K −$12.87/SF
NOI
$8.5K $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%
$169,240
Cap Rate 7%
$120,886
Cap Rate 9%
$94,022
Alternative Uses
Best Use
Apartment 5plus
$120.9K
$105.8K – $141.0K
NOI $8,462 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$131.2K
$114.8K – $153.0K
NOI $9,181 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
16,107
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 - Tenant-occupied studio condo with upgraded finishes, full-service building amenities, and a lease extending through August 2027.
Where is this residential income property located?
The property is located at 2101 CHESTNUT STREET Unit 1613 Philadelphia, PA.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Studio condominium leased through August 2027; Utilities, basic cable, building insurance, and maintenance included through the condo fee; Oversized windows provide unobstructed city views
