Corner Residential Income
New
For Sale
$1,175,000
Pending
2401 PENNSYLVANIA AVENUE Unit 15C44, Philadelphia, PA 19130
Bright corner residence with expansive views, a private terrace, refined finishes, and access to full-service building amenities.
Property Size2,121 SF
Days on Market7
Property Features for 2401 PENNSYLVANIA AVENUE Unit 15C44
General Information
Standard status
Pending
Size
2,121 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$10,466
Amenities
24-hour concierge and doorperson
valet parking
fitness center
indoor/outdoor pools
library
community rooms
art studio with pottery wheel
shuttle service
bank
restaurant
grocery store
beauty salon
pharmacy
NovaCare Rehabilitation
Building Details
Building Size
2,121 SF
Year Built
1960
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Janet Margolies · License #RS114459A
(215) 432-4616
Source:
Patmckennarealtors
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 14 at 9:07AM
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.
This corner residence offers 2,121 square feet with three bedrooms, two and one-half baths, and broad eastern, southern, and western exposures. The interior includes a combined living and dining area, custom arched shelving, banquet seating, recessed lighting, and a flexible third bedroom currently arranged as a den, office, and guest room. A 35-foot terrace extends the living space, while the kitchen features marble finishes, a Sub-Zero refrigerator, wall oven, microwave, and gas cooktop. The primary suite includes a custom closet and private bath. Electric blinds, programmable thermostats, and HVAC units serviced twice annually by building management add practical convenience.
Building services include 24-hour concierge and doorperson coverage, valet parking, fitness facilities, indoor and outdoor pools, library and community rooms, an art studio, shuttle service, and on-site management. The condo fee includes utilities, basic cable, internet, pools, and shuttle service. The property is positioned along the Benjamin Franklin Parkway near museums, Fairmount Park, restaurants, cafes, Whole Foods, Target, and the Free Library of Philadelphia.
Building services include 24-hour concierge and doorperson coverage, valet parking, fitness facilities, indoor and outdoor pools, library and community rooms, an art studio, shuttle service, and on-site management. The condo fee includes utilities, basic cable, internet, pools, and shuttle service. The property is positioned along the Benjamin Franklin Parkway near museums, Fairmount Park, restaurants, cafes, Whole Foods, Target, and the Free Library of Philadelphia.
Key Highlights
- 2,121‑square‑foot corner unit with 3 bedrooms and 2.5 baths
- 35‑foot terrace with eastern, southern, and western exposures
- Views extend from City Hall toward Boat House Row, museums, Parkway, Schuylkill River, and Fairmount Park
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
$33,362
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
2.84%
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%
$667,240
$667.2K
Cap Rate 7%
$476,600
$476.6K
Cap Rate 9%
$370,689
$370.7K
Market Conditions
NOI Build-Up for 2,121 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
$64.4K $30.36/SF
− Vacancy
−$3.7K −$1.76/SF
EGI
$60.7K $28.60/SF
− OpEx
−$27.3K −$12.87/SF
NOI
$33.4K $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%
$667,240
Cap Rate 7%
$476,600
Cap Rate 9%
$370,689
Alternative Uses
Best Use
Apartment 5plus
$476.6K
$417.0K – $556.0K
NOI $33,362 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$517.1K
$452.4K – $603.3K
NOI $36,195 @ 7.0% cap · market cap 3.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,991
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright corner residence with expansive views, a private terrace, refined finishes, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 2401 PENNSYLVANIA AVENUE Unit 15C44 Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 2,121‑square‑foot corner unit with 3 bedrooms and 2.5 baths; 35‑foot terrace with eastern, southern, and western exposures; Views extend from City Hall toward Boat House Row, museums, Parkway, Schuylkill River, and Fairmount Park
