Waterfront 1-Bedroom
For Sale
$235,000
Pending
3 N CHRIS COLUMBUS Unit MD329, Philadelphia, PA 19106
Marina-facing residence with upgraded flooring, in-unit laundry, two parking spaces, and access to fitness and swimming amenities.
Property Size600 SF
Days on Market25
Property Features for 3 N CHRIS COLUMBUS Unit MD329
General Information
Standard status
Pending
Size
600 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,682
Building Details
Building Size
600 SF
Year Built
1982
Listing Agency:
Addison Wolfe Real Estate
Listed By:
Nicholas Esser · License #Rs340481
(646) 745-5460
Source:
Patmckennarealtors
Added: Aug 16
Changed: Sep 4
Last Checked: Sep 8 at 10:31AM
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 Addison Wolfe Real Estate
Investment Insights
Based on property information with market context.
This waterfront one-bedroom condominium places water and skyline views at the center of the living experience, with sightlines from both the living room and bedroom. The L-shaped kitchen connects to the main living area and includes a walk-in pantry, while upgraded vinyl flooring extends through the living spaces and bedroom. A bathroom with in-unit laundry includes the washer and dryer.
The building was constructed in 1982 and offers a gym and lap swimming pool with river views. Two dedicated parking spaces are included, and the property provides access to I-95. The residence is located at 3 N Chris Columbus, Unit MD329, Philadelphia, Pennsylvania 19106.
The building was constructed in 1982 and offers a gym and lap swimming pool with river views. Two dedicated parking spaces are included, and the property provides access to I-95. The residence is located at 3 N Chris Columbus, Unit MD329, Philadelphia, Pennsylvania 19106.
Key Highlights
- Waterfront one‑bedroom condominium with marina and Benjamin Franklin Bridge views
- Living room and bedroom both feature water‑facing views
- L‑shaped kitchen includes a walk‑in pantry
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
$9,438
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
4.02%
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%
$188,760
$188.8K
Cap Rate 7%
$134,829
$134.8K
Cap Rate 9%
$104,867
$104.9K
Market Conditions
NOI Build-Up for 600 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
$18.2K $30.36/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$17.2K $28.60/SF
− OpEx
−$7.7K −$12.87/SF
NOI
$9.4K $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%
$188,760
Cap Rate 7%
$134,829
Cap Rate 9%
$104,867
Alternative Uses
Best Use
Apartment 5plus
$134.8K
$118.0K – $157.3K
NOI $9,438 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$146.3K
$128.0K – $170.7K
NOI $10,239 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
11,111
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Marina-facing residence with upgraded flooring, in-unit laundry, two parking spaces, and access to fitness and swimming amenities.
Where is this residential income property located?
The property is located at 3 N CHRIS COLUMBUS Unit MD329 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: Waterfront one‑bedroom condominium with marina and Benjamin Franklin Bridge views; Living room and bedroom both feature water‑facing views; L‑shaped kitchen includes a walk‑in pantry
