Art Deco One-Bedroom Income
For Sale
$177,000
2601 PENNSYLVANIA AVENUE Unit 649, Philadelphia, PA 19130
One-bedroom condominium with in-unit laundry, a walk-in closet, and access to full-service resident amenities.
Property Size724 SF
Price / SF$244.48
Days on Market124
Property Features for 2601 PENNSYLVANIA AVENUE Unit 649
General Information
Standard status
Active
Size
724 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,414
Amenities
doorman
fitness center
community spaces
in-unit washer/dryer
Building Details
Building Size
724 SF
Year Built
1950
Construction
Art Deco
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Adam Bell · License #RS347183
(267) 694-4394
Source:
Patmckennarealtors
Added: May 9
Changed: Sep 8
Last Checked: Sep 8 at 10:18AM
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 one-bedroom condominium occupies 724 sq ft within a 1950 Art Deco building at 2601 Pennsylvania Avenue, Unit 649. The floor plan includes hardwood flooring, natural light, a walk-in closet, and a galley kitchen with essential appliances. An in-unit washer and dryer add convenience, while the building provides a doorman, fitness center, and community spaces.
The residence is in Philadelphia’s Art Museum Area, with Fairmount Park, Kelly Drive, the Schuylkill River Trail, the Philadelphia Museum of Art, and the Barnes Foundation nearby. The condominium association covers gas, water, trash, and snow removal.
The residence is in Philadelphia’s Art Museum Area, with Fairmount Park, Kelly Drive, the Schuylkill River Trail, the Philadelphia Museum of Art, and the Barnes Foundation nearby. The condominium association covers gas, water, trash, and snow removal.
Key Highlights
- 724 sq ft one‑bedroom condominium
- Art Deco building constructed in 1950
- Hardwood floors, natural light, and spacious walk‑in closet
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
$11,388
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
6.43%
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%
$227,760
$227.8K
Cap Rate 7%
$162,686
$162.7K
Cap Rate 9%
$126,533
$126.5K
Market Conditions
NOI Build-Up for 724 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
$22.0K $30.36/SF
− Vacancy
−$1.3K −$1.76/SF
EGI
$20.7K $28.60/SF
− OpEx
−$9.3K −$12.87/SF
NOI
$11.4K $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%
$227,760
Cap Rate 7%
$162,686
Cap Rate 9%
$126,533
Alternative Uses
Best Use
Apartment 5plus
$162.7K
$142.4K – $189.8K
NOI $11,388 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$176.5K
$154.4K – $205.9K
NOI $12,355 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with in-unit laundry, a walk-in closet, and access to full-service resident amenities.
Where is this residential income property located?
The property is located at 2601 PENNSYLVANIA AVENUE Unit 649 Philadelphia, PA.
What is the asking price?
The asking price for this property is $177,000.
What are key features of this property?
This property features: 724 sq ft one‑bedroom condominium; Art Deco building constructed in 1950; Hardwood floors, natural light, and spacious walk‑in closet
