Residential Income Property with
For Sale
$165,000
Pending
226 W RITTENHOUSE SQUARE Unit 1702, Philadelphia, PA 19103
Condominium residence in a full-service building with controlled access, on-site management, and optional lifestyle amenities.
Property Size573 SF
Days on Market77
Property Features for 226 W RITTENHOUSE SQUARE Unit 1702
General Information
Standard status
Pending
Size
573 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,760
Amenities
24-hour doorman
secure entry
renovated lobby
on-site management
seasonal rooftop pool
fitness center
valet garage parking
Building Details
Building Size
573 SF
Year Built
1970
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Andy Oei · License #RS302287
(215) 695-5042
Source:
Patmckennarealtors
Added: Jun 25
Changed: Sep 3
Last Checked: Sep 2 at 2:00AM
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 BHHS Fox & Roach The Harper at Rittenhouse Square
Investment Insights
Based on property information with market context.
Residence 416 is a condominium unit within The Dorchester, a residential income property completed in 1950. The home features an open layout, natural light, a connected living and kitchen area, and substantial closet storage. Its outlook extends toward Rittenhouse Square, adding a distinctive urban setting to the residence.
Building services include a 24-hour doorman, secure entry, an updated lobby, and on-site management. Residents may also access a seasonal rooftop pool, fitness center, and valet garage parking, subject to availability and additional fees. Many utilities are included through the condominium association.
The property is positioned near Rittenhouse Square’s restaurants, sidewalk cafes, retail, parks, cultural destinations, and public transportation, placing a broad range of Center City amenities within the surrounding area.
Building services include a 24-hour doorman, secure entry, an updated lobby, and on-site management. Residents may also access a seasonal rooftop pool, fitness center, and valet garage parking, subject to availability and additional fees. Many utilities are included through the condominium association.
The property is positioned near Rittenhouse Square’s restaurants, sidewalk cafes, retail, parks, cultural destinations, and public transportation, placing a broad range of Center City amenities within the surrounding area.
Key Highlights
- Residence 416 at The Dorchester, completed in 1950
- Open layout with natural light, connected living and kitchen areas, and generous closet storage
- 24‑hour doorman, secure entry, renovated lobby, and on‑site management
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
$9,013
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
5.46%
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%
$180,260
$180.3K
Cap Rate 7%
$128,757
$128.8K
Cap Rate 9%
$100,144
$100.1K
Market Conditions
NOI Build-Up for 573 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
$17.4K $30.36/SF
− Vacancy
−$1.0K −$1.76/SF
EGI
$16.4K $28.60/SF
− OpEx
−$7.4K −$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 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%
$180,260
Cap Rate 7%
$128,757
Cap Rate 9%
$100,144
Alternative Uses
Best Use
Apartment 5plus
$128.8K
$112.7K – $150.2K
NOI $9,013 @ 7.0% cap · market cap 5.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$139.7K
$122.2K – $163.0K
NOI $9,778 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence in a full-service building with controlled access, on-site management, and optional lifestyle amenities.
Where is this residential income property located?
The property is located at 226 W RITTENHOUSE SQUARE Unit 1702 Philadelphia, PA.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: Residence 416 at The Dorchester, completed in 1950; Open layout with natural light, connected living and kitchen areas, and generous closet storage; 24‑hour doorman, secure entry, renovated lobby, and on‑site management
