One-Bedroom Residential Income
For Sale
$255,000
224 W RITTENHOUSE SQUARE Unit 2317, Philadelphia, PA 19103
The 570-square-foot residence has parquet flooring, ample storage, and building access to a 24-hour doorman.
Property Size570 SF
Price / SF$447.37
Days on Market180
Property Features for 224 W RITTENHOUSE SQUARE Unit 2317
General Information
Standard status
Active
Size
570 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,507
Amenities
24-hour doorman
Building Details
Building Size
570 SF
Year Built
1970
Listing Agency:
Matlis Real Estate Services
Listed By:
Boris Sulimanov · License #RS278288
(215) 778-5964
Source:
Desantis-realestate
Added: May 5
Changed: Oct 27
Last Checked: Oct 31 at 4:12PM
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 Matlis Real Estate Services
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This one-bedroom residence at The Dorchester offers 570 square feet, with a foyer and coat closet leading to an open living and dining area. Expansive windows bring in natural light, and the bedroom includes closet space and an ensuite bath with a tub and shower. Parquet floors and storage are additional interior features. The building dates to 1970, and the condominium fee covers heat and electricity. A fitness center, seasonal rooftop pool, and valet garage parking may be available for an additional cost. Pets are not permitted.
The property is on Rittenhouse Square in Philadelphia. Restaurants, cafes, bars, shops, and green space are in the surrounding neighborhood. The University of Pennsylvania, Hospital of the University of Pennsylvania, Drexel University, public transportation, 30th Street Station, and Philadelphia International Airport are also cited as nearby destinations.
The property is on Rittenhouse Square in Philadelphia. Restaurants, cafes, bars, shops, and green space are in the surrounding neighborhood. The University of Pennsylvania, Hospital of the University of Pennsylvania, Drexel University, public transportation, 30th Street Station, and Philadelphia International Airport are also cited as nearby destinations.
Key Highlights
- 570‑square‑foot, one‑bedroom residence
- At The Dorchester, built in 1970
- Foyer, open living and dining area, and bedroom with ensuite tub/shower bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,966
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$179,320
$179.3K
Cap Rate 7%
$128,086
$128.1K
Cap Rate 9%
$99,622
$99.6K
Market Conditions
NOI Build-Up for 570 SF
Gross rent
$17.3K $30.36/SF
− Vacancy
−$1.0K −$1.76/SF
EGI
$16.3K $28.60/SF
− OpEx
−$7.3K −$12.87/SF
NOI
$9.0K $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%
$179,320
Cap Rate 7%
$128,086
Cap Rate 9%
$99,622
Alternative Uses
Best Use
Apartment 5plus
$128.1K
$112.1K – $149.4K
NOI $8,966 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$139.0K
$121.6K – $162.1K
NOI $9,727 @ 7.0% cap · market cap 3.81%
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 - The 570-square-foot residence has parquet flooring, ample storage, and building access to a 24-hour doorman.
Where is this residential income property located?
The property is located at 224 W RITTENHOUSE SQUARE Unit 2317 Philadelphia, PA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 570‑square‑foot, one‑bedroom residence; At The Dorchester, built in 1970; Foyer, open living and dining area, and bedroom with ensuite tub/shower bath
