Studio Residential Income
For Sale
$164,900
224 W RITTENHOUSE SQUARE Unit 2315B, Philadelphia, PA 19103
A compact Philadelphia residence offers a separate dressing area, ample closet storage, and a full kitchen with pantry.
Property Size359 SF
Price / SF$459.33
Days on Market141
Property Features for 224 W RITTENHOUSE SQUARE Unit 2315B
General Information
Standard status
Active
Size
359 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Units
Unit Mix
studio
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,336
Amenities
twenty-four hour doorman
fitness center
seasonal rooftop pool club
valet parking
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:
Wagnerrealestate
Added: Jun 17
Changed: Nov 2
Last Checked: Nov 4 at 9:08AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 359-square-foot studio at The Dorchester has a great room with oversized windows, parquet flooring, a kitchen with wood cabinetry and a deep pantry, and a dressing area with closet space. The bathroom includes a tub and shower. Built in 1970, the unit is at 224 W Rittenhouse Square in Philadelphia.
The building has a 24-hour doorman. Utilities are included in the condo fee, except basic cable and internet. Residents may access the fitness center, seasonal rooftop pool, and underground-garage valet parking for additional fees, subject to availability. Pets are not permitted.
The building has a 24-hour doorman. Utilities are included in the condo fee, except basic cable and internet. Residents may access the fitness center, seasonal rooftop pool, and underground-garage valet parking for additional fees, subject to availability. Pets are not permitted.
Key Highlights
- 359‑square‑foot studio at The Dorchester
- Oversized windows in the great room
- Kitchen includes wood cabinetry and a deep pantry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$5,647
Cap Rate
3.42%
Suggested Prices Based on Cap Rates
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
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 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 3.42%
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 3.71%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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
Frequently Asked Questions
What type of property is this?
Residential income property - A compact Philadelphia residence offers a separate dressing area, ample closet storage, and a full kitchen with pantry.
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 $164,900.
What are key features of this property?
This property features: 359‑square‑foot studio at The Dorchester; Oversized windows in the great room; Kitchen includes wood cabinetry and a deep pantry
