Renovated Studio Residential Income
For Sale
$210,000
604 S WASHINGTON SQUARE Unit 306, Philadelphia, PA 19106
Open living areas, updated finishes, strong closet storage, and full-service building amenities define this studio residence.
Property Size600 SF
Days on Market117
Property Features for 604 S WASHINGTON SQUARE Unit 306
General Information
Standard status
Active
Size
600 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,588
Amenities
24-hour doorman
seasonal rooftop pool
valet parking
on-site management
Building Details
Building Size
600 SF
Year Built
1973
Listing Agency:
KW Empower
Listed By:
Vincent Mancini · License #RS338007
(267) 242-9976
Source:
Patmckennarealtors
Added: May 16
Changed: Sep 3
Last Checked: Sep 8 at 12:15PM
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 KW Empower
Investment Insights
Based on property information with market context.
This renovated studio residential income property offers an open great-room layout with oversized windows, dedicated sleeping space, and room for living and dining. The kitchen has dark wood cabinetry, a tile backsplash, and stainless steel appliances. A dressing area with substantial closet capacity connects to the bathroom, which includes a white vanity and tub-shower combination. Vinyl flooring and abundant natural light continue throughout the unit. Built in 1973, the property is located at 604 S Washington Square, Unit 118, in Philadelphia, PA 19106.
Hopkinson House provides a 24-hour doorman and on-site management. Building amenities include a seasonal rooftop pool with city views and valet parking, available for an additional fee and subject to availability. The property is near historic and cultural sites, shopping, dining, the Broad Street and Market Street office corridors, 676, 95, Amtrak’s 30th Street Station, and Philadelphia International Airport.
Hopkinson House provides a 24-hour doorman and on-site management. Building amenities include a seasonal rooftop pool with city views and valet parking, available for an additional fee and subject to availability. The property is near historic and cultural sites, shopping, dining, the Broad Street and Market Street office corridors, 676, 95, Amtrak’s 30th Street Station, and Philadelphia International Airport.
Key Highlights
- Renovated studio with open great‑room floorplan and oversized windows
- Updated kitchen with dark wood cabinetry, tile backsplash, and stainless steel appliances
- Dedicated sleeping area plus dressing area and deep walk‑in closet
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
4.49%
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 4.49%
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 4.88%
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
16,563
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 - Open living areas, updated finishes, strong closet storage, and full-service building amenities define this studio residence.
Where is this residential income property located?
The property is located at 604 S WASHINGTON SQUARE Unit 306 Philadelphia, PA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: Renovated studio with open great‑room floorplan and oversized windows; Updated kitchen with dark wood cabinetry, tile backsplash, and stainless steel appliances; Dedicated sleeping area plus dressing area and deep walk‑in closet
