Studio Residential Income
For Sale
$225,000
315 NEW STREET Unit 504, Philadelphia, PA 19106
Bright studio residence with deeded parking, exposed brick, custom storage, and access to extensive building amenities.
Property Size506 SF
Days on Market27
Property Features for 315 NEW STREET Unit 504
General Information
Standard status
Active
Size
506 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,043
Amenities
24-hr concierge
on-site management
landscaped courtyard with grills
rooftop deck
additional storage unit
Building Details
Building Size
506 SF
Year Built
1900
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
Listed By:
Heidi J Logan · License #AB069581
(215) 268-7698
Source:
Patmckennarealtors
Added: Aug 14
Changed: Aug 31
Last Checked: Sep 8 at 9:47AM
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 The Harper at Rittenhouse Square
Investment Insights
Based on property information with market context.
Unit 504 is a studio residence in Bridgeview Place, a building constructed in 1900. The space includes tall factory windows, high ceilings, exposed brick, a built-in Murphy bed, a custom closet system, and a separate storage unit located down the hall. Deeded parking is included.
Building amenities include 24-hour concierge service, on-site management, a landscaped courtyard with grills, and a rooftop deck offering city and river views. The property is located at 315 New Street in Philadelphia’s Old City, on a tree-lined cobblestone street near cafes, restaurants, boutiques, First Friday events, and the waterfront. Access to the Ben Franklin Bridge, highways, and transportation is also available.
Building amenities include 24-hour concierge service, on-site management, a landscaped courtyard with grills, and a rooftop deck offering city and river views. The property is located at 315 New Street in Philadelphia’s Old City, on a tree-lined cobblestone street near cafes, restaurants, boutiques, First Friday events, and the waterfront. Access to the Ben Franklin Bridge, highways, and transportation is also available.
Key Highlights
- Studio unit with tall factory windows, high ceilings, and exposed brick
- Deeded parking included with Unit 504
- Built‑in Murphy bed and custom closet system
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
$7,959
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
3.54%
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%
$159,180
$159.2K
Cap Rate 7%
$113,700
$113.7K
Cap Rate 9%
$88,433
$88.4K
Market Conditions
NOI Build-Up for 506 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
$15.4K $30.36/SF
− Vacancy
−$891 −$1.76/SF
EGI
$14.5K $28.60/SF
− OpEx
−$6.5K −$12.87/SF
NOI
$8.0K $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%
$159,180
Cap Rate 7%
$113,700
Cap Rate 9%
$88,433
Alternative Uses
Best Use
Apartment 5plus
$113.7K
$99.5K – $132.7K
NOI $7,959 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$123.4K
$107.9K – $143.9K
NOI $8,635 @ 7.0% cap · market cap 3.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
10,341
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 - Bright studio residence with deeded parking, exposed brick, custom storage, and access to extensive building amenities.
Where is this residential income property located?
The property is located at 315 NEW STREET Unit 504 Philadelphia, PA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Studio unit with tall factory windows, high ceilings, and exposed brick; Deeded parking included with Unit 504; Built‑in Murphy bed and custom closet system
