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    Rittenhouse Square Multifamily Conversion Opportunity Title is generated by Realmo AI

    313 South 16th Street, Philadelphia, PA 19102

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    Claim this Listing
    For Sale
    $999,999

    Oversized property near Rittenhouse Square, convert to three units.

    Type:Multi-Family / Fee Simple
    Property size:
    3,423 SF
    Price / SF:
    $292/SF
    Added:
    Dec 11, 2025
    Days on Market:
    175
    Last Refresh:
    Mar 13 at 10:37 am

    Property Features for 313 South 16th Street

    General Information

    Standard status
    Active
    Size
    3,423 SF
    Property subtype
    Multi-Family / Fee Simple

    Building Details

    Year Built
    1920

    We can help!

    Listing Contact
    Robert J Wolf

    Listing agent Robert J Wolf License #AB065938

    Listing office Re/Max One Realty

    Listing date Dec 11, 2025

    Source Compass

    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 Re/Max One Realty

    HighLights

    • RM1 zoning allows for by‑right creation of up to three residential units
    • Prime location steps from Rittenhouse Square, Center City, and the Broad Street Line
    • Expansive floor plates and strong natural separation between floors ideal for a three‑unit conversion
    • Existing variance allows current use as a professional office
    • Prior ADA accessibility study with conceptual renderings for compliant front‑entry ramp
    • Upper‑level roof deck area

    Overview

    Located steps from Rittenhouse Square, Center City, and the Broad Street Line, the property at 313 S. 16th Street is an oversized, multi-level property zoned RM1, presenting a by-right opportunity to create up to three residential units. Currently configured as a professional office under an existing variance, the building features expansive floor plates across multiple levels and multiple bathrooms. The layout offers strong natural separation between floors, lending itself well to a three-unit conversion. Additional features include a secure vestibule entry, ample storage, and an upper-level roof deck area. The property has active fire alarm certification and a prior ADA accessibility study with conceptual architectural renderings illustrating a compliant front-entry ramp and exterior access improvements, showing how the building façade could be thoughtfully adapted for accessibility. With historic character, flexible interior space, and access to transit, dining, and amenities, this 3,423 square foot property offers a value-add or redevelopment opportunity for investors seeking a multifamily asset. The property is located in Philadelphia County, MLS Area 19102, and the school district is Philadelphia City.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $103.9k $30.36
    − Vacancy −$6.0k −$1.76
    EGI $97.9k $28.60
    − OpEx −$44.1k −$12.87
    NOI $53.8k $15.73
    3,423 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $769.2K
    $673.0K – $897.4K (±1% cap)
    NOI $53,842 @ 7.0% cap · market cap 5.38%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Multifamily LT 5
    $834.5K
    $730.2K – $973.6K (±1% cap)
    NOI $58,413 @ 7.0% cap · market cap 5.84%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Yeva Ventura, LPC Psychotherapist Josh Zlatkus Counselor Nisenfeld Steven S Foster Care Service Lisa Correale Foster Care Service Carole Nehez Foster Care Service

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Law Firm Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.1679428
    Latitude
    39.9469173

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    FAQs

    What type of property is this?
    Multifamily property - Oversized property near Rittenhouse Square, convert to three units.
    Where is this multifamily property located?
    The property is located at 313 South 16th Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $999,999.
    What are key features of this property?
    This property features: RM1 zoning allows for by‑right creation of up to three residential units; Prime location steps from Rittenhouse Square, Center City, and the Broad Street Line; Expansive floor plates and strong natural separation between floors ideal for a three‑unit conversion
    (215) 694-9728
    We can help!
    Listing Contact
    Robert J Wolf
    Real Estate License ID: AB065938
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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