Penthouse Residential Income
For Sale
$285,000
604 S WASHINGTON SQUARE Unit 3105, Philadelphia, PA 19106
One-bedroom penthouse residence with flexible storage, open living areas, and building amenities including a rooftop pool and garage parking.
Property Size1,003 SF
Days on Market143
Property Features for 604 S WASHINGTON SQUARE Unit 3105
General Information
Standard status
Active
Size
1,003 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,706
Building Details
Building Size
1,003 SF
Year Built
1973
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Phyllis N Greenberg · License #AB045017A
(215) 421-1853
Source:
Patmckennarealtors
Added: Apr 27
Changed: Sep 11
Last Checked: Sep 15 at 9:08AM
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
Investment Insights
Based on property information with market context.
This one-bedroom residence occupies the penthouse floor of the Hopkinson House, a building completed in 1973. The interior includes a foyer with a large coat and storage closet, an expansive living and dining area, and a galley kitchen with an open counter facing the dining space. The bedroom offers substantial closet storage, while oversized windows bring in morning light. A full bathroom and washer/dryer closet are positioned off the hallway.
Building services and amenities include 24-hour desk staff, a rooftop pool, a landscaped patio, and underground garage parking. The property is located at 604 S Washington Square, Unit 3105, in Philadelphia, Pennsylvania.
Building services and amenities include 24-hour desk staff, a rooftop pool, a landscaped patio, and underground garage parking. The property is located at 604 S Washington Square, Unit 3105, in Philadelphia, Pennsylvania.
Key Highlights
- Penthouse‑floor one‑bedroom residence in the Hopkinson House
- Foyer includes a spacious coat and storage closet
- Open living and dining area connects to a galley kitchen
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
$15,777
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
5.54%
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%
$315,540
$315.5K
Cap Rate 7%
$225,386
$225.4K
Cap Rate 9%
$175,300
$175.3K
Market Conditions
NOI Build-Up for 1,003 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
$30.5K $30.36/SF
− Vacancy
−$1.8K −$1.76/SF
EGI
$28.7K $28.60/SF
− OpEx
−$12.9K −$12.87/SF
NOI
$15.8K $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%
$315,540
Cap Rate 7%
$225,386
Cap Rate 9%
$175,300
Alternative Uses
Best Use
Apartment 5plus
$225.4K
$197.2K – $263.0K
NOI $15,777 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$244.5K
$214.0K – $285.3K
NOI $17,116 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
16,563
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom penthouse residence with flexible storage, open living areas, and building amenities including a rooftop pool and garage parking.
Where is this residential income property located?
The property is located at 604 S WASHINGTON SQUARE Unit 3105 Philadelphia, PA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Penthouse‑floor one‑bedroom residence in the Hopkinson House; Foyer includes a spacious coat and storage closet; Open living and dining area connects to a galley kitchen
