Residential Income Property with
For Sale
$550,000
2301 CHERRY STREET Unit 5/6F, Philadelphia, PA 19103
Combined condominium units provide a four-level residence with flexible space for owner-directed renovation and customization.
Property Size2,540 SF
Price / SF$220
Days on Market334
Property Features for 2301 CHERRY STREET Unit 5/6F
General Information
Standard status
Active
Size
2,540 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$11,132
Amenities
balconies
24-hour doorman
roof deck
Building Details
Building Size
2,540 SF
Year Built
1980
Listing Agency:
KW Empower
(215) 808-5480
Listed By:
Leanne Hirsch · License #RS224065L
(215) 808-5480
Source:
Patmckennarealtors
Added: Sep 25, 2025
Changed: Aug 21
Last Checked: Aug 23 at 9:32AM
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 KW Empower
Investment Insights
Based on property information with market context.
This residential income property comprises combined condominium units 5F and 6F at Rivers Edge, creating a 2,500-square-foot, four-level residence. The current layout includes four bedrooms, three-and-a-half bathrooms, two balconies, and two assigned parking spaces. Built in 1980, the property offers a substantial interior footprint for reconfiguration and renovation.
Rivers Edge is a boutique condominium building at 2301 Cherry Street in Philadelphia, adjacent to the Schuylkill Trail. Building amenities include a 24-hour doorman, indoor assigned parking, and shared roof-deck access. The property is near Center City, Market Street, Rittenhouse, Suburban Station, 30th Street Station, University City, and the Art Museum. Major highways, including I-76, I-676, and I-95, are accessible within minutes. A Giant supermarket and Starbucks are next door, with Whole Foods and Trader Joe’s nearby.
Rivers Edge is a boutique condominium building at 2301 Cherry Street in Philadelphia, adjacent to the Schuylkill Trail. Building amenities include a 24-hour doorman, indoor assigned parking, and shared roof-deck access. The property is near Center City, Market Street, Rittenhouse, Suburban Station, 30th Street Station, University City, and the Art Museum. Major highways, including I-76, I-676, and I-95, are accessible within minutes. A Giant supermarket and Starbucks are next door, with Whole Foods and Trader Joe’s nearby.
Key Highlights
- 2,500‑square‑foot combined condominium residence across four levels
- Current configuration includes 4 bedrooms and 3.5 bathrooms
- Two balconies and 2 assigned indoor parking spaces
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
$39,324
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
7.15%
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%
$786,480
$786.5K
Cap Rate 7%
$561,771
$561.8K
Cap Rate 9%
$436,933
$436.9K
Market Conditions
NOI Build-Up for 2,500 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
$75.9K $30.36/SF
− Vacancy
−$4.4K −$1.76/SF
EGI
$71.5K $28.60/SF
− OpEx
−$32.2K −$12.87/SF
NOI
$39.3K $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%
$786,480
Cap Rate 7%
$561,771
Cap Rate 9%
$436,933
Alternative Uses
Best Use
Apartment 5plus
$561.8K
$491.6K – $655.4K
NOI $39,324 @ 7.0% cap · market cap 7.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$609.5K
$533.3K – $711.0K
NOI $42,662 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway 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 - Combined condominium units provide a four-level residence with flexible space for owner-directed renovation and customization.
Where is this residential income property located?
The property is located at 2301 CHERRY STREET Unit 5/6F Philadelphia, PA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,500‑square‑foot combined condominium residence across four levels; Current configuration includes 4 bedrooms and 3.5 bathrooms; Two balconies and 2 assigned indoor parking spaces
