Residential Income Property with
For Sale
$460,000
2301 CHERRY STREET Unit 3A, Philadelphia, PA 19103
Condominium unit with private outdoor space, assigned garage parking, and access to a rooftop deck.
Property Size1,616 SF
Days on Market478
Property Features for 2301 CHERRY STREET Unit 3A
General Information
Standard status
Active
Size
1,616 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$7,588
Amenities
rooftop deck
private balcony
Building Details
Building Size
1,616 SF
Year Built
1980
Listing Agency:
Realty Mark Associates
(610) 952-0848
Listed By:
Alex Wong · License #RS285296
(610) 952-0848
Source:
Patmckennarealtors
Added: May 10, 2025
Changed: Aug 28
Last Checked: Aug 29 at 2:52PM
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 Realty Mark Associates
Investment Insights
Based on property information with market context.
Unit 3A is located within a 96-unit condominium building completed in 1980. The residence includes a private north-facing balcony with partial views toward the Philadelphia Museum of Art, the Schuylkill River, and 30th Street Station. Designated garage parking space U9 is included on site.
Building amenities include a rooftop deck with city skyline views. The property is positioned near Center City Philadelphia attractions, the Schuylkill River, 30th Street Station, the I-76 Expressway, Schuylkill River Park, and walking and biking trails connecting toward Fairmount Park.
Building amenities include a rooftop deck with city skyline views. The property is positioned near Center City Philadelphia attractions, the Schuylkill River, 30th Street Station, the I-76 Expressway, Schuylkill River Park, and walking and biking trails connecting toward Fairmount Park.
Key Highlights
- Private north‑facing balcony with partial views of the Philadelphia Museum of Art, Schuylkill River, and 30th Street Station
- Designated parking space U9 in the secure, on‑site garage
- 96‑unit condominium building completed in 1980
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
$25,419
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
5.53%
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%
$508,380
$508.4K
Cap Rate 7%
$363,129
$363.1K
Cap Rate 9%
$282,433
$282.4K
Market Conditions
NOI Build-Up for 1,616 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
$49.1K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$46.2K $28.60/SF
− OpEx
−$20.8K −$12.87/SF
NOI
$25.4K $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%
$508,380
Cap Rate 7%
$363,129
Cap Rate 9%
$282,433
Alternative Uses
Best Use
Apartment 5plus
$363.1K
$317.7K – $423.7K
NOI $25,419 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$394.0K
$344.7K – $459.6K
NOI $27,577 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
13,449
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 unit with private outdoor space, assigned garage parking, and access to a rooftop deck.
Where is this residential income property located?
The property is located at 2301 CHERRY STREET Unit 3A Philadelphia, PA.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Private north‑facing balcony with partial views of the Philadelphia Museum of Art, Schuylkill River, and 30th Street Station; Designated parking space U9 in the secure, on‑site garage; 96‑unit condominium building completed in 1980
