High-Rise One-Bedroom
New
For Sale
$375,000
224-230 W RITTENHOUSE SQUARE Unit 2116, Philadelphia, PA 19103
Open-plan residence with contemporary finishes, in-unit laundry, and access to pool and fitness amenities.
Property Size848 SF
Price / SF$442.22
Days on Market5
Property Features for 224-230 W RITTENHOUSE SQUARE Unit 2116
General Information
Standard status
Active
Size
848 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,720
Amenities
pool
exercise room
on-site laundry
in-unit washer-dryer
Building Details
Building Size
848 SF
Year Built
1970
Construction
masonry
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Johanna A Loke · License #AB051943L
(215) 350-0922
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 14 at 7:47AM
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 848-square-foot, one-bedroom apartment occupies a high-rise building constructed in 1970. The interior includes an open living and dining arrangement, a kitchen with modern appliances and ample counter space, one full bathroom, and an in-unit washer-dryer. Natural light, masonry construction, and a space-conscious layout define the residence.
Building amenities include an outdoor pool, exercise room, elevator, and on-site laundry facilities. The association fee covers electricity, heat, and water. Positioned at 224-230 W Rittenhouse Square in Philadelphia, the property is surrounded by dining, shopping, and cultural destinations within the Rittenhouse Square neighborhood.
Building amenities include an outdoor pool, exercise room, elevator, and on-site laundry facilities. The association fee covers electricity, heat, and water. Positioned at 224-230 W Rittenhouse Square in Philadelphia, the property is surrounded by dining, shopping, and cultural destinations within the Rittenhouse Square neighborhood.
Key Highlights
- 848‑square‑foot one‑bedroom apartment in a high‑rise building
- Constructed in 1970 with masonry construction
- In‑unit washer‑dryer included
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
$13,339
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
3.56%
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%
$266,780
$266.8K
Cap Rate 7%
$190,557
$190.6K
Cap Rate 9%
$148,211
$148.2K
Market Conditions
NOI Build-Up for 848 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
$25.7K $30.36/SF
− Vacancy
−$1.5K −$1.76/SF
EGI
$24.3K $28.60/SF
− OpEx
−$10.9K −$12.87/SF
NOI
$13.3K $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%
$266,780
Cap Rate 7%
$190,557
Cap Rate 9%
$148,211
Alternative Uses
Best Use
Apartment 5plus
$190.6K
$166.7K – $222.3K
NOI $13,339 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$206.7K
$180.9K – $241.2K
NOI $14,471 @ 7.0% cap · market cap 3.86%
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
18,587
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 - Open-plan residence with contemporary finishes, in-unit laundry, and access to pool and fitness amenities.
Where is this residential income property located?
The property is located at 224-230 W RITTENHOUSE SQUARE Unit 2116 Philadelphia, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 848‑square‑foot one‑bedroom apartment in a high‑rise building; Constructed in 1970 with masonry construction; In‑unit washer‑dryer included
