Two-Bedroom Penthouse
For Sale
$235,000
Pending
2601 PENNSYLVANIA AVENUE Unit 1242, Philadelphia, PA 19130
Penthouse two-bedroom with in-unit washer and dryer and nearly 1,000 SF, with condo fees covering utilities.
Property Size938 SF
Days on Market101
Property Features for 2601 PENNSYLVANIA AVENUE Unit 1242
General Information
Standard status
Pending
Size
938 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,097
Amenities
in-unit washer and dryer
fitness center
24-hour lobby attendant
shuttle service
pet-friendly
Building Details
Building Size
938 SF
Year Built
1950
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Andy Oei · License #RS302287
(215) 695-5042
Source:
Patmckennarealtors
Added: Jun 12
Changed: Sep 17
Last Checked: Sep 19 at 10:13AM
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.
Experience sophisticated urban living in this two-bedroom penthouse residence at 2601 Pennsylvania Avenue. Built in 1950, the home offers an open layout with expansive living and dining areas, gleaming floors, and oversized windows that bring in abundant natural light. The modern kitchen features abundant cabinetry, a breakfast bar, and premium appliances including a four-burner gas range, side-by-side refrigerator, and dishwasher.
The primary bedroom includes an oversized closet and unobstructed views, while the second bedroom offers ample storage. The bathroom features ceramic tile and polished chrome fixtures, along with a ceramic sink and storage vanity. Additional closets and an in-unit washer and dryer add to everyday convenience.
Condo fees include gas cooking, water, sewer, shuttle service, fitness center, and a 24-hour lobby attendant. The residence is across from the Art Museum and Fairmount Park and is just steps from Kelly Drive, Boathouse Row, Whole Foods, Target, the Barnes, nearby restaurants, and major transportation.
The primary bedroom includes an oversized closet and unobstructed views, while the second bedroom offers ample storage. The bathroom features ceramic tile and polished chrome fixtures, along with a ceramic sink and storage vanity. Additional closets and an in-unit washer and dryer add to everyday convenience.
Condo fees include gas cooking, water, sewer, shuttle service, fitness center, and a 24-hour lobby attendant. The residence is across from the Art Museum and Fairmount Park and is just steps from Kelly Drive, Boathouse Row, Whole Foods, Target, the Barnes, nearby restaurants, and major transportation.
Key Highlights
- Two‑bedroom penthouse residence with an open layout and oversized windows
- Nearly 1,000 SF with expansive living and dining areas
- Kitchen with four‑burner gas range, breakfast bar, side‑by‑side refrigerator, and dishwasher
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
$15,730
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
6.69%
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%
$314,600
$314.6K
Cap Rate 7%
$224,714
$224.7K
Cap Rate 9%
$174,778
$174.8K
Market Conditions
NOI Build-Up for 1,000 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
$30.4K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$28.6K $28.60/SF
− OpEx
−$12.9K −$12.87/SF
NOI
$15.7K $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%
$314,600
Cap Rate 7%
$224,714
Cap Rate 9%
$174,778
Alternative Uses
Best Use
Apartment 5plus
$224.7K
$196.6K – $262.2K
NOI $15,730 @ 7.0% cap · market cap 6.69%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$243.8K
$213.3K – $284.4K
NOI $17,065 @ 7.0% cap · market cap 7.26%
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
1,907
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 - Penthouse two-bedroom with in-unit washer and dryer and nearly 1,000 SF, with condo fees covering utilities.
Where is this residential income property located?
The property is located at 2601 PENNSYLVANIA AVENUE Unit 1242 Philadelphia, PA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two‑bedroom penthouse residence with an open layout and oversized windows; Nearly 1,000 SF with expansive living and dining areas; Kitchen with four‑burner gas range, breakfast bar, side‑by‑side refrigerator, and dishwasher
