Renovated Residential Income
For Sale
$230,000
2601 PENNSYLVANIA AVENUE Unit 710, Philadelphia, PA 19130
One-bedroom condominium with an open kitchen, updated finishes, in-unit laundry, and building services near Philadelphia’s Art Museum.
Property Size772 SF
Days on Market18
Property Features for 2601 PENNSYLVANIA AVENUE Unit 710
General Information
Standard status
Active
Size
772 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,570
Amenities
fitness center
community room
complimentary bus shuttle service
24 hour lobby attendant
Building Details
Building Size
772 SF
Year Built
1950
Listing Agency:
BHHS Fox & Roach-Center City Walnut
(215) 440-2096
Listed By:
Gregory J Damis · License #RS153011A
(215) 440-2096
Source:
Patmckennarealtors
Added: Aug 7
Changed: Aug 21
Last Checked: Aug 24 at 3:20PM
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-Center City Walnut
Investment Insights
Based on property information with market context.
This one-bedroom, one-bathroom condominium has been comprehensively renovated with an expanded open kitchen, pantry, abundant cabinetry, stainless steel appliances, stone countertops, a motion-activated faucet, and marble backsplash. The updated bathroom includes a standing shower, subway tile, new flooring, vanity, toilet, and fresh paint. A walk-in bedroom closet, additional storage, ceiling fans, and newer in-unit washer and dryer add practical functionality. The living room and bedroom overlook Fairmount Park and the Art Museum.
The 1950-built condominium building is located across from the Philadelphia Art Museum. Building services include water, sewer, and gas through the condo fee, along with a 24-hour lobby attendant, fitness center, community room, and complimentary daily bus shuttle service to Center City.
The 1950-built condominium building is located across from the Philadelphia Art Museum. Building services include water, sewer, and gas through the condo fee, along with a 24-hour lobby attendant, fitness center, community room, and complimentary daily bus shuttle service to Center City.
Key Highlights
- One‑bedroom, one‑bathroom condominium with complete renovation
- Expanded open kitchen with pantry, stainless steel appliances, stone countertops, and marble backsplash
- Living room and bedroom views of Fairmount Park and the Art Museum
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
$12,143
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
5.28%
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%
$242,860
$242.9K
Cap Rate 7%
$173,471
$173.5K
Cap Rate 9%
$134,922
$134.9K
Market Conditions
NOI Build-Up for 772 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
$23.4K $30.36/SF
− Vacancy
−$1.4K −$1.76/SF
EGI
$22.1K $28.60/SF
− OpEx
−$9.9K −$12.87/SF
NOI
$12.1K $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%
$242,860
Cap Rate 7%
$173,471
Cap Rate 9%
$134,922
Alternative Uses
Best Use
Apartment 5plus
$173.5K
$151.8K – $202.4K
NOI $12,143 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$188.2K
$164.7K – $219.6K
NOI $13,174 @ 7.0% cap · market cap 5.73%
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 an open kitchen, updated finishes, in-unit laundry, and building services near Philadelphia’s Art Museum.
Where is this residential income property located?
The property is located at 2601 PENNSYLVANIA AVENUE Unit 710 Philadelphia, PA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: One‑bedroom, one‑bathroom condominium with complete renovation; Expanded open kitchen with pantry, stainless steel appliances, stone countertops, and marble backsplash; Living room and bedroom views of Fairmount Park and the Art Museum
