High-Floor Residential Income
For Sale
$179,900
224 W RITTENHOUSE SQUARE Unit 2015B, Philadelphia, PA 19103
South-facing residence with a private balcony, renovated open kitchen, and access to building amenities.
Property Size359 SF
Days on Market202
Property Features for 224 W RITTENHOUSE SQUARE Unit 2015B
General Information
Standard status
Active
Size
359 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,301
Amenities
24-hour doorman
fitness center
garage
rooftop pool
Building Details
Building Size
359 SF
Year Built
1970
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Feb 19
Changed: Sep 6
Last Checked: Sep 8 at 11:32AM
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 Allan Domb Real Estate
Investment Insights
Based on property information with market context.
This one-bedroom residential income property occupies a high floor at The Dorchester on Rittenhouse Square. The south-facing layout includes a spacious living room with room for dining, floor-to-ceiling sliding glass doors, and a private balcony oriented toward unobstructed southern views. The renovated open kitchen features wood cabinetry, black appliances, and a breakfast bar.
The bedroom offers oversized windows and a wall closet, while the full hallway bathroom includes a shower/tub and large vanity. Building amenities include a 24-hour doorman and fitness center. Garage parking and a rooftop pool are also available.
The bedroom offers oversized windows and a wall closet, while the full hallway bathroom includes a shower/tub and large vanity. Building amenities include a 24-hour doorman and fitness center. Garage parking and a rooftop pool are also available.
Key Highlights
- High‑floor one‑bedroom layout with south‑facing exposure
- Private balcony with unobstructed southern views
- Renovated open kitchen with wood cabinetry, black appliances, and breakfast bar
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
$5,647
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
3.14%
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%
$112,940
$112.9K
Cap Rate 7%
$80,671
$80.7K
Cap Rate 9%
$62,744
$62.7K
Market Conditions
NOI Build-Up for 359 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
$10.9K $30.36/SF
− Vacancy
−$632 −$1.76/SF
EGI
$10.3K $28.60/SF
− OpEx
−$4.6K −$12.87/SF
NOI
$5.6K $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%
$112,940
Cap Rate 7%
$80,671
Cap Rate 9%
$62,744
Alternative Uses
Best Use
Apartment 5plus
$80.7K
$70.6K – $94.1K
NOI $5,647 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$87.5K
$76.6K – $102.1K
NOI $6,126 @ 7.0% cap · market cap 3.41%
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 - South-facing residence with a private balcony, renovated open kitchen, and access to building amenities.
Where is this residential income property located?
The property is located at 224 W RITTENHOUSE SQUARE Unit 2015B Philadelphia, PA.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: High‑floor one‑bedroom layout with south‑facing exposure; Private balcony with unobstructed southern views; Renovated open kitchen with wood cabinetry, black appliances, and breakfast bar
