High-Floor Residential Income
For Sale
$297,500
224 W RITTENHOUSE SQUARE Unit 3009, Philadelphia, PA 19103
South-facing residence with a private balcony, renovated open kitchen, and access to building amenities.
Property Size623 SF
Days on Market1031
Property Features for 224 W RITTENHOUSE SQUARE Unit 3009
General Information
Standard status
Active
Size
623 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,409
Amenities
24-hour doorman
fitness center
garage
rooftop pool
Building Details
Building Size
623 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: Oct 9, 2023
Changed: Aug 4
Last Checked: Aug 4 at 8:58AM
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 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 | $18.9k | $30.36 |
| − Vacancy | −$1.1k | −$1.76 |
| EGI | $17.8k | $28.60 |
| − OpEx | −$8.0k | −$12.87 |
| NOI | $9.8k | $15.73 |
623 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$140.0K
$122.5K – $163.3K
NOI $9,799 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$151.9K
$132.9K – $177.2K
NOI $10,631 @ 7.0% cap · market cap 3.57%
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
$551,700
Median Home Value
Market
Average Price Trend$/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 - 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 3009 Philadelphia, PA.
What is the asking price?
The asking price for this property is $297,500.
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
