Corner Residence Condo
For Sale
$669,000
600 S 24TH STREET Unit 213, Philadelphia, PA 19146
Light-filled corner residence with deeded indoor garage parking in a secure, amenity-rich 2400 South community.
Property Size1,240 SF
Days on Market86
Property Features for 600 S 24TH STREET Unit 213
General Information
Standard status
Active
Size
1,240 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,358
Amenities
fitness center
controlled access
in-unit washer/dryer
Building Details
Building Size
1,240 SF
Year Built
2015
Listing Agency:
Coldwell Banker Realty
Listed By:
David Gower · License #RS305023
(215) 913-8615
Source:
Patmckennarealtors
Added: Jun 16
Changed: Sep 3
Last Checked: Sep 9 at 6:13AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Residence 208 at 2400 South is a corner residence with an open living and dining layout designed to capture natural light through expansive windows. The contemporary kitchen features stainless steel appliances, granite countertops, a tile backsplash, custom cabinetry, and recessed lighting. Hardwood flooring runs through the main living spaces, while the bedrooms include brand new plush carpeting. The primary suite offers a walk-in closet and a private bath with dual vanities, wood cabinetry, and an oversized glass-enclosed shower. A second bedroom and an additional full bathroom provide flexible space for guests and/or a home office. An oversized washer and dryer outside the primary adds everyday convenience.
The community includes secure, controlled access, beautifully maintained common areas, a fully equipped fitness center, and a pet-friendly environment. A deeded indoor garage parking space is included.
Built in 2015, this low-maintenance residence is located within the Greenfield School Catchment and is described as being steps from neighborhood restaurants, cafes, shops, and everyday conveniences, with easy access to major routes, public transportation, and nearby destinations.
The community includes secure, controlled access, beautifully maintained common areas, a fully equipped fitness center, and a pet-friendly environment. A deeded indoor garage parking space is included.
Built in 2015, this low-maintenance residence is located within the Greenfield School Catchment and is described as being steps from neighborhood restaurants, cafes, shops, and everyday conveniences, with easy access to major routes, public transportation, and nearby destinations.
Key Highlights
- Corner residence with expansive windows across the open living and dining areas
- Deeded indoor garage parking space included
- Secure, controlled access and beautifully maintained common areas
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
$19,505
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
2.92%
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%
$390,100
$390.1K
Cap Rate 7%
$278,643
$278.6K
Cap Rate 9%
$216,722
$216.7K
Market Conditions
NOI Build-Up for 1,240 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
$37.6K $30.36/SF
− Vacancy
−$2.2K −$1.76/SF
EGI
$35.5K $28.60/SF
− OpEx
−$16.0K −$12.87/SF
NOI
$19.5K $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%
$390,100
Cap Rate 7%
$278,643
Cap Rate 9%
$216,722
Alternative Uses
Best Use
Apartment 5plus
$278.6K
$243.8K – $325.1K
NOI $19,505 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$302.3K
$264.5K – $352.7K
NOI $21,160 @ 7.0% cap · market cap 3.16%
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
9,169
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Light-filled corner residence with deeded indoor garage parking in a secure, amenity-rich 2400 South community.
Where is this residential income property located?
The property is located at 600 S 24TH STREET Unit 213 Philadelphia, PA.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Corner residence with expansive windows across the open living and dining areas; Deeded indoor garage parking space included; Secure, controlled access and beautifully maintained common areas
