Residential Income Property with Garage
For Sale
$974,900
Pending
500 REGATTA DRIVE Unit 2540, Philadelphia, PA 19146
A single-level, three-bedroom residence includes assigned indoor parking and a private storage locker.
Property Size1,948 SF
Days on Market33
Property Features for 500 REGATTA DRIVE Unit 2540
General Information
Standard status
Pending
Size
1,948 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Devils Pocket
Taxes and HOA fees
Annual Taxes
$10,981
Building Details
Building Size
1,948 SF
Year Built
2011
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Jocelyn M Morris · License #RS321444
(484) 744-1295
Source:
Patmckennarealtors
Added: Sep 30
Changed: Oct 31
Last Checked: Oct 30 at 7:42PM
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 Compass Pennsylvania, LLC
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Investment Insights
Based on property information with market context.
At 500 Regatta Drive, this 3-bedroom, 2-bath condominium offers nearly 2,000 square feet on one level. Interior features include hardwood floors, recessed lighting, a separate dining area, and a kitchen with cherry cabinetry, granite counters, a pantry, and a center island. The primary suite has a walk-in closet with built-in organization and an en-suite bath with dual vanities, a glass shower, and a soaking tub. Two additional bedrooms, a hall bath, and in-unit laundry complete the layout. Assigned garage space #38 and private storage locker #51 are near the elevator; the locker measures 3' x 6' x 9'. The home was built in 2011 and has two-zone HVAC and a hot water heater installed in 2020.
The gated Naval Square community includes a heated outdoor pool, fitness center, concierge services, visitor parking, and 20 acres of landscaped grounds. The property is 0.7 mi from Penn and 0.9 mi from Rittenhouse, with CHOP, HUP, Drexel, Schuylkill River Park, and the South Street Bridge also nearby.
The gated Naval Square community includes a heated outdoor pool, fitness center, concierge services, visitor parking, and 20 acres of landscaped grounds. The property is 0.7 mi from Penn and 0.9 mi from Rittenhouse, with CHOP, HUP, Drexel, Schuylkill River Park, and the South Street Bridge also nearby.
Key Highlights
- Three‑bedroom, two‑bath condominium with nearly 2,000 square feet on one level
- Assigned indoor garage space #38 and private locker #51, measuring 3' x 6' x 9'
- Kitchen features cherry cabinetry, granite counters, a pantry, and a center island
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,641
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$612,820
$612.8K
Cap Rate 7%
$437,729
$437.7K
Cap Rate 9%
$340,456
$340.5K
Market Conditions
NOI Build-Up for 1,948 SF
Gross rent
$59.1K $30.36/SF
− Vacancy
−$3.4K −$1.76/SF
EGI
$55.7K $28.60/SF
− OpEx
−$25.1K −$12.87/SF
NOI
$30.6K $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 Rate 5%
$612,820
Cap Rate 7%
$437,729
Cap Rate 9%
$340,456
Alternative Uses
Best Use
Apartment 5plus
$437.7K
$383.0K – $510.7K
NOI $30,641 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$474.9K
$415.5K – $554.0K
NOI $33,242 @ 7.0% cap · market cap 3.41%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
8,539
Businesses Nearby
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Business Placement
Demographics for 19146, PA
41,920
Population
22,182
Households
1.9
Avg Household Size
34
Median Age
65%
College-Educated
94%
High-School Grad
1.7 sq mi
ZIP Area
24,659
Density / Sq Mi
$99,702
Median Household Income
$68,849
Median Earnings
$1,708
Median Rent
$452,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A single-level, three-bedroom residence includes assigned indoor parking and a private storage locker.
Where is this residential income property located?
The property is located at 500 REGATTA DRIVE Unit 2540 Philadelphia, PA.
What is the asking price?
The asking price for this property is $974,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium with nearly 2,000 square feet on one level; Assigned indoor garage space #38 and private locker #51, measuring 3' x 6' x 9'; Kitchen features cherry cabinetry, granite counters, a pantry, and a center island
