Fifth-Floor 1-Bedroom
For Sale
$186,500
2601 PENNSYLVANIA AVENUE Unit 507, Philadelphia, PA 19130
Art Deco, solid-brick 1-bedroom, 1-bath condo with an open-plan layout and double-pane windows.
Property Size632 SF
Days on Market80
Property Features for 2601 PENNSYLVANIA AVENUE Unit 507
General Information
Standard status
Active
Size
632 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,353
Amenities
fitness center
library
lounge
business and event area
private shuttle
concierge
play area
in-house dining
convenience store
exterior cameras
fire detection system
Building Details
Building Size
632 SF
Year Built
1940
Construction
Art Deco
Listing Agency:
KW Empower
(484) 430-1632
Listed By:
Charles Balducci · License #RS286990
(484) 430-1632
Source:
Patmckennarealtors
Added: Jun 12
Changed: Aug 27
Last Checked: Aug 29 at 4:31PM
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 KW Empower
Investment Insights
Based on property information with market context.
Unit 507 at 2601 Parkway Condominium is a fifth-floor, 1-bedroom, 1-bath condominium within a 1940 building featuring Art Deco style and solid brick construction. The interior is arranged as an open-plan living and dining area, complemented by rich hardwood floors. Large double-pane windows bring in natural light while framing the property’s desired Art Museum-area views. Custom window treatments provide options for soft filtered light or added privacy.
The kitchenette includes energy-efficient appliances, including a gas oven/range and refrigerator. The unit also offers storage, including a double closet and a pantry. Building services through the association include custodial maintenance, trash, water, pest control, and snow removal.
Community amenities are centered on comfort and convenience, including a modern fitness center, library, lounge, and a business and event area with a fully equipped kitchen. Security features include a monitored lobby, 24-hour concierge desk, secure elevators, exterior cameras, and a fire detection system. The circular driveway entrance supports private shuttle service to Center City and provides resident and visitor pick-up and drop-off, with abundant on-street parking. Two SEPTA bus routes run directly in front of the building.
The kitchenette includes energy-efficient appliances, including a gas oven/range and refrigerator. The unit also offers storage, including a double closet and a pantry. Building services through the association include custodial maintenance, trash, water, pest control, and snow removal.
Community amenities are centered on comfort and convenience, including a modern fitness center, library, lounge, and a business and event area with a fully equipped kitchen. Security features include a monitored lobby, 24-hour concierge desk, secure elevators, exterior cameras, and a fire detection system. The circular driveway entrance supports private shuttle service to Center City and provides resident and visitor pick-up and drop-off, with abundant on-street parking. Two SEPTA bus routes run directly in front of the building.
Key Highlights
- Fifth‑floor 1‑bedroom, 1‑bath condominium at 2601 Parkway Condominium
- Art Deco architecture with solid brick construction; building year built 1940
- Open‑plan living and dining area with hardwood floors and double‑pane windows
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
$9,941
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
5.33%
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%
$198,820
$198.8K
Cap Rate 7%
$142,014
$142.0K
Cap Rate 9%
$110,456
$110.5K
Market Conditions
NOI Build-Up for 632 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
$19.2K $30.36/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$18.1K $28.60/SF
− OpEx
−$8.1K −$12.87/SF
NOI
$9.9K $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%
$198,820
Cap Rate 7%
$142,014
Cap Rate 9%
$110,456
Alternative Uses
Best Use
Apartment 5plus
$142.0K
$124.3K – $165.7K
NOI $9,941 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$154.1K
$134.8K – $179.8K
NOI $10,785 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Art Deco, solid-brick 1-bedroom, 1-bath condo with an open-plan layout and double-pane windows.
Where is this residential income property located?
The property is located at 2601 PENNSYLVANIA AVENUE Unit 507 Philadelphia, PA.
What is the asking price?
The asking price for this property is $186,500.
What are key features of this property?
This property features: Fifth‑floor 1‑bedroom, 1‑bath condominium at 2601 Parkway Condominium; Art Deco architecture with solid brick construction; building year built 1940; Open‑plan living and dining area with hardwood floors and double‑pane windows
