Studio Residential Income
For Sale
$169,900
224 W RITTENHOUSE SQUARE Unit 2315B, Philadelphia, PA 19103
Efficient studio layout with oversized windows, parquet floors, and access to full-service building amenities.
Property Size359 SF
Days on Market49
Property Features for 224 W RITTENHOUSE SQUARE Unit 2315B
General Information
Standard status
Active
Size
359 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,336
Building Details
Building Size
359 SF
Year Built
1970
Listing Agency:
Allan Domb Real Estate
(215) 545-1500
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Jun 17
Changed: Aug 4
Last Checked: Aug 4 at 4:02AM
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 studio residential income property at The Dorchester offers an efficient interior arrangement with a spacious great room, dedicated sleeping area, and oversized windows oriented toward sunset city views. The kitchen includes wood cabinetry and a deep pantry, while a separate dressing area provides substantial closet storage before the bathroom, which features a wood vanity, tub shower, and white tilework. Parquet flooring extends throughout the residence, and the home is described as move-in ready or suitable for future updating.
Building services include a 24-hour doorman, a state-of-the-art fitness center, and a seasonal rooftop pool club. Valet parking is available in the underground garage for an additional fee, subject to availability. All utilities except basic cable and internet are included in the condo fee. The property is located at 224 W Rittenhouse Square, Unit 2315B, in Philadelphia, Pennsylvania.
Building services include a 24-hour doorman, a state-of-the-art fitness center, and a seasonal rooftop pool club. Valet parking is available in the underground garage for an additional fee, subject to availability. All utilities except basic cable and internet are included in the condo fee. The property is located at 224 W Rittenhouse Square, Unit 2315B, in Philadelphia, Pennsylvania.
Key Highlights
- Studio layout with spacious great room and dedicated sleeping area
- Oversized windows provide sunset city views
- Wood‑cabinet kitchen with deep pantry
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $10.9k | $30.36 |
| − Vacancy | −$632 | −$1.76 |
| EGI | $10.3k | $28.60 |
| − OpEx | −$4.6k | −$12.87 |
| NOI | $5.6k | $15.73 |
359 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$80.7K
$70.6K – $94.1K
NOI $5,647 @ 7.0% cap · market cap 3.32%
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 3.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
$551,700
Median Home Value
Market
Average Price Trend$/SF for Residential income properties in Philadelphia, PA
Properties on Market for Residential income properties in Philadelphia
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Efficient studio layout with oversized windows, parquet floors, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 224 W RITTENHOUSE SQUARE Unit 2315B Philadelphia, PA.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: Studio layout with spacious great room and dedicated sleeping area; Oversized windows provide sunset city views; Wood‑cabinet kitchen with deep pantry
