Park-View Residential Income
New
For Sale
$345,000
241 S 6TH STREET Unit 1106C, Philadelphia, PA 19106
One-bedroom condominium residence with skyline views, custom built-ins, in-unit laundry, and access to staffed building amenities.
Property Size850 SF
Price / SF$405.88
Days on Market5
Property Features for 241 S 6TH STREET Unit 1106C
General Information
Standard status
Active
Size
850 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,829
Amenities
24-hour doorman
concierge service
on-site management
maintenance
beautifully renovated lobby
fitness center
secure mailroom
bike storage
individual HVAC controls
in-unit laundry
garage parking
Building Details
Building Size
850 SF
Year Built
1980
Listing Agency:
Fusion PHL Realty, LLC
Listed By:
John DeWitt Kuester III · License #RS313954
(610) 883-3960
Source:
Patmckennarealtors
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 14 at 10:26AM
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 Fusion PHL Realty, LLC
Investment Insights
Based on property information with market context.
This approximately 850-square-foot, one-bedroom condominium residence occupies the 11th floor of Independence Place. The interior includes wide-plank wood flooring, a foyer, generous closet storage, custom wood cabinetry and bookcases, and a living and dining area oriented toward an oversized west-facing window. The kitchen is equipped with wood cabinetry, granite countertops, tile finishes, and stainless steel appliances. A large bedroom offers city views, substantial closet space, and room for a sitting area or home office. In-unit laundry is provided by a stacked washer and dryer, and the home includes individual heating and air-conditioning controls.
Building services and amenities include a 24-hour doorman and concierge, on-site management and maintenance, a renovated lobby, fitness center, secure mailroom, and bike storage. An on-site garage provides direct building access, subject to availability. The property is located at 241 S 6TH STREET in Philadelphia, with Washington Square Park directly outside and Society Hill, Old City, and Washington Square West nearby.
Building services and amenities include a 24-hour doorman and concierge, on-site management and maintenance, a renovated lobby, fitness center, secure mailroom, and bike storage. An on-site garage provides direct building access, subject to availability. The property is located at 241 S 6TH STREET in Philadelphia, with Washington Square Park directly outside and Society Hill, Old City, and Washington Square West nearby.
Key Highlights
- Approximately 850 square feet with one bedroom on the 11th floor
- West‑facing window with views of Washington Square Park and the Center City skyline
- Custom wood built‑in cabinetry and bookcases provide substantial storage
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
$13,370
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
3.88%
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%
$267,400
$267.4K
Cap Rate 7%
$191,000
$191.0K
Cap Rate 9%
$148,556
$148.6K
Market Conditions
NOI Build-Up for 850 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
$25.8K $30.36/SF
− Vacancy
−$1.5K −$1.76/SF
EGI
$24.3K $28.60/SF
− OpEx
−$10.9K −$12.87/SF
NOI
$13.4K $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%
$267,400
Cap Rate 7%
$191,000
Cap Rate 9%
$148,556
Alternative Uses
Best Use
Apartment 5plus
$191.0K
$167.1K – $222.8K
NOI $13,370 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$207.2K
$181.3K – $241.8K
NOI $14,505 @ 7.0% cap · market cap 4.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
14,406
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium residence with skyline views, custom built-ins, in-unit laundry, and access to staffed building amenities.
Where is this residential income property located?
The property is located at 241 S 6TH STREET Unit 1106C Philadelphia, PA.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Approximately 850 square feet with one bedroom on the 11th floor; West‑facing window with views of Washington Square Park and the Center City skyline; Custom wood built‑in cabinetry and bookcases provide substantial storage
