Two-Bedroom Residential Income
New
For Sale
$674,900
224 W RITTENHOUSE SQUARE Unit 2510, Philadelphia, PA 19103
South-facing residence with a private balcony, generous storage, and building services including a doorman and fitness center.
Property Size1,281 SF
Days on Market4
Property Features for 224 W RITTENHOUSE SQUARE Unit 2510
General Information
Standard status
Active
Size
1,281 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,725
Amenities
private balcony
twenty-four hour doorman
state-of-the-art fitness center
seasonal rooftop pool club
valet parking
stacked washer/dryer
Building Details
Building Size
1,281 SF
Year Built
1970
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 19 at 2:31PM
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 two-bedroom residence at The Dorchester features a foyer, spacious great room, living and dining areas, and a private south-facing balcony. Oversized windows bring southern exposure into the main living space and primary bedroom. The kitchen includes neutral cabinetry, tile flooring, a dishwasher, and a refrigerator with water and ice dispenser. The primary suite offers a walk-in closet and private bathroom, while the second bedroom has a deep wall closet and access to the hall bathroom. A stacked washer and dryer serve the home, with parquet flooring throughout the main areas and new carpet in the primary bedroom.
The property is located at 224 W Rittenhouse Square in Philadelphia’s Center City. The Dorchester provides a 24-hour doorman, and utilities are included in the condo fee except basic cable and internet. Residents may separately access the fitness center, seasonal rooftop pool club, and underground garage valet parking, subject to availability. Pets are not permitted.
The property is located at 224 W Rittenhouse Square in Philadelphia’s Center City. The Dorchester provides a 24-hour doorman, and utilities are included in the condo fee except basic cable and internet. Residents may separately access the fitness center, seasonal rooftop pool club, and underground garage valet parking, subject to availability. Pets are not permitted.
Key Highlights
- Two‑bedroom residence with a private south‑facing balcony
- Oversized windows provide southern exposure in the great room and primary bedroom
- Primary suite includes a walk‑in closet and ensuite bathroom
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
$20,150
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
2.99%
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%
$403,000
$403.0K
Cap Rate 7%
$287,857
$287.9K
Cap Rate 9%
$223,889
$223.9K
Market Conditions
NOI Build-Up for 1,281 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
$38.9K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$36.6K $28.60/SF
− OpEx
−$16.5K −$12.87/SF
NOI
$20.1K $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%
$403,000
Cap Rate 7%
$287,857
Cap Rate 9%
$223,889
Alternative Uses
Best Use
Apartment 5plus
$287.9K
$251.9K – $335.8K
NOI $20,150 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$312.3K
$273.3K – $364.3K
NOI $21,860 @ 7.0% cap · market cap 3.24%
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, generous storage, and building services including a doorman and fitness center.
Where is this residential income property located?
The property is located at 224 W RITTENHOUSE SQUARE Unit 2510 Philadelphia, PA.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: Two‑bedroom residence with a private south‑facing balcony; Oversized windows provide southern exposure in the great room and primary bedroom; Primary suite includes a walk‑in closet and ensuite bathroom
