Renovated Studio Income
For Sale
$161,000
2601 PENNSYLVANIA AVENUE Unit 403, Philadelphia, PA 19130
Updated studio with in-unit laundry, full-service building amenities, and a location along Philadelphia’s Parkway.
Property Size531 SF
Days on Market141
Property Features for 2601 PENNSYLVANIA AVENUE Unit 403
General Information
Standard status
Active
Size
531 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$1,791
Amenities
24-hour front desk staff
fitness center
resident lounge
on-site restaurant
convenience store
dry cleaning services
Building Details
Building Size
531 SF
Year Built
1950
Listing Agency:
FSBO Broker
Listed By:
Lee Franklin Wolff · License #RM425163
(717) 394-7283
Source:
Patmckennarealtors
Added: Apr 21
Changed: Aug 28
Last Checked: Sep 7 at 6:52AM
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 FSBO Broker
Investment Insights
Based on property information with market context.
This residential income property is a renovated studio residence at 2601 Pennsylvania Avenue, Unit 403, in Philadelphia. The open interior includes updated kitchen appliances, contemporary cabinetry, laminate flooring, modern furnishings, and a walk-in closet. A washer and dryer are located within the unit. The building was constructed in 1950 and provides a 24-hour front desk, fitness center, resident lounge, restaurant, convenience store, and dry-cleaning service.
The property sits across from the Philadelphia Museum of Art, along the Parkway and near Fairmount Park and Kelly Drive. Public transportation, highway access, walking and biking paths, Whole Foods, and neighborhood dining are nearby. The monthly HOA covers all utilities other than electric and cable. The building is pet-friendly, subject to exceptions.
The property sits across from the Philadelphia Museum of Art, along the Parkway and near Fairmount Park and Kelly Drive. Public transportation, highway access, walking and biking paths, Whole Foods, and neighborhood dining are nearby. The monthly HOA covers all utilities other than electric and cable. The building is pet-friendly, subject to exceptions.
Key Highlights
- Renovated studio at 2601 Pennsylvania Avenue, Unit 403
- Updated kitchen with new appliances and contemporary cabinetry
- In‑unit washer and dryer plus a generous 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
$8,352
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
5.19%
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%
$167,040
$167.0K
Cap Rate 7%
$119,314
$119.3K
Cap Rate 9%
$92,800
$92.8K
Market Conditions
NOI Build-Up for 531 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
$16.1K $30.36/SF
− Vacancy
−$935 −$1.76/SF
EGI
$15.2K $28.60/SF
− OpEx
−$6.8K −$12.87/SF
NOI
$8.4K $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%
$167,040
Cap Rate 7%
$119,314
Cap Rate 9%
$92,800
Alternative Uses
Best Use
Apartment 5plus
$119.3K
$104.4K – $139.2K
NOI $8,352 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$129.4K
$113.3K – $151.0K
NOI $9,061 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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 - Updated studio with in-unit laundry, full-service building amenities, and a location along Philadelphia’s Parkway.
Where is this residential income property located?
The property is located at 2601 PENNSYLVANIA AVENUE Unit 403 Philadelphia, PA.
What is the asking price?
The asking price for this property is $161,000.
What are key features of this property?
This property features: Renovated studio at 2601 Pennsylvania Avenue, Unit 403; Updated kitchen with new appliances and contemporary cabinetry; In‑unit washer and dryer plus a generous walk‑in closet
