One-Bedroom Residential Income
For Sale
$169,500
2135 WALNUT STREET Unit 304, Philadelphia, PA 19103
Corner condominium with expansive windows, hardwood flooring, and central air conditioning and heat in Center City.
Property Size500 SF
Days on Market115
Property Features for 2135 WALNUT STREET Unit 304
General Information
Standard status
Active
Size
500 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,174
Building Details
Building Size
500 SF
Year Built
1910
Listing Agency:
Tesla Realty Group, LLC
Listed By:
Henry Friedman · License #rs 322198
(516) 880-5445
Source:
Patmckennarealtors
Added: May 18
Changed: Sep 3
Last Checked: Sep 8 at 10:55AM
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 Tesla Realty Group, LLC
Investment Insights
Based on property information with market context.
Unit 801 is a one-bedroom corner condominium with expansive windows, hardwood floors, and central air conditioning and heating. The bathroom includes ceramic tile flooring, a pedestal sink, and chrome fixtures. The property was built in 1900.
Located on Walnut Street in Philadelphia’s Rittenhouse Square area, the residence is near dining, shopping, nightlife, and cultural destinations. The campuses of Penn and Drexel, 30th Street Station, and major hospitals are also within minutes, according to the provided property information.
Located on Walnut Street in Philadelphia’s Rittenhouse Square area, the residence is near dining, shopping, nightlife, and cultural destinations. The campuses of Penn and Drexel, 30th Street Station, and major hospitals are also within minutes, according to the provided property information.
Key Highlights
- One‑bedroom corner condominium in Unit 801
- Expansive windows and hardwood flooring
- Central air conditioning and heating
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
$7,865
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
4.64%
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%
$157,300
$157.3K
Cap Rate 7%
$112,357
$112.4K
Cap Rate 9%
$87,389
$87.4K
Market Conditions
NOI Build-Up for 500 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
$15.2K $30.36/SF
− Vacancy
−$880 −$1.76/SF
EGI
$14.3K $28.60/SF
− OpEx
−$6.4K −$12.87/SF
NOI
$7.9K $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%
$157,300
Cap Rate 7%
$112,357
Cap Rate 9%
$87,389
Alternative Uses
Best Use
Apartment 5plus
$112.4K
$98.3K – $131.1K
NOI $7,865 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$121.9K
$106.7K – $142.2K
NOI $8,532 @ 7.0% cap · market cap 5.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
16,659
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Corner condominium with expansive windows, hardwood flooring, and central air conditioning and heat in Center City.
Where is this residential income property located?
The property is located at 2135 WALNUT STREET Unit 304 Philadelphia, PA.
What is the asking price?
The asking price for this property is $169,500.
What are key features of this property?
This property features: One‑bedroom corner condominium in Unit 801; Expansive windows and hardwood flooring; Central air conditioning and heating
