Studio Income
For Sale
$120,000
2101 CHESTNUT STREET Unit 909, Philadelphia, PA 19103
Leased studio condominium with updated interiors, natural light, and building services designed for low-maintenance ownership.
Property Size465 SF
Days on Market42
Property Features for 2101 CHESTNUT STREET Unit 909
General Information
Standard status
Active
Size
465 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Average Monthly Rent
$1,300
Taxes and HOA fees
Annual Taxes
$1,987
Amenities
fitness center
24-hour front desk
package room
on-site parking
Building Details
Building Size
465 SF
Year Built
1900
Tenancy
Single
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Andy Oei · License #RS302287
(215) 695-5042
Source:
Patmckennarealtors
Added: Jul 30
Changed: Sep 8
Last Checked: Sep 8 at 9:22AM
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 studio condominium at 2101 Chestnut Street, Unit 909, offers a practical residential income property with a lease extending through summer 2027. The well-maintained interior includes hardwood floors, an updated bathroom, oversized windows, an open view, and a kitchen equipped with wood cabinetry, a gas range, and substantial storage. The unit is described as larger than many comparable studio layouts in the building and benefits from abundant natural light.
The condominium fee includes gas, electricity, water, basic cable, building insurance, fitness center access, 24-hour front-desk service, package-room access, and on-site maintenance. Parking is available on-site for an additional monthly fee. The property is located in Philadelphia’s Center City at 2101 Chestnut Street, near Rittenhouse Square, UPenn, Drexel, Penn Medicine, CHOP, Jefferson, 30th Street Station, public transportation, dining, shopping, and cultural venues. The building dates to 1900.
The condominium fee includes gas, electricity, water, basic cable, building insurance, fitness center access, 24-hour front-desk service, package-room access, and on-site maintenance. Parking is available on-site for an additional monthly fee. The property is located in Philadelphia’s Center City at 2101 Chestnut Street, near Rittenhouse Square, UPenn, Drexel, Penn Medicine, CHOP, Jefferson, 30th Street Station, public transportation, dining, shopping, and cultural venues. The building dates to 1900.
Key Highlights
- Studio condominium leased through summer 2027
- Hardwood floors and updated bathroom
- Oversized windows with an open view and abundant natural light
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
$7,314
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
6.10%
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%
$146,280
$146.3K
Cap Rate 7%
$104,486
$104.5K
Cap Rate 9%
$81,267
$81.3K
Market Conditions
NOI Build-Up for 465 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
$14.1K $30.36/SF
− Vacancy
−$819 −$1.76/SF
EGI
$13.3K $28.60/SF
− OpEx
−$6.0K −$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%
$146,280
Cap Rate 7%
$104,486
Cap Rate 9%
$81,267
Alternative Uses
Best Use
Apartment 5plus
$104.5K
$91.4K – $121.9K
NOI $7,314 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$113.4K
$99.2K – $132.3K
NOI $7,935 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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 - Leased studio condominium with updated interiors, natural light, and building services designed for low-maintenance ownership.
Where is this residential income property located?
The property is located at 2101 CHESTNUT STREET Unit 909 Philadelphia, PA.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Studio condominium leased through summer 2027; Hardwood floors and updated bathroom; Oversized windows with an open view and abundant natural light
