Park-Facing Residential Income
New
For Sale
$610,000
604 S WASHINGTON SQUARE Unit 416, Philadelphia, PA 19106
Corner residence with two bedrooms, two full baths, a private balcony, and views toward Washington Square Park.
Property Size1,200 SF
Days on Market7
Property Features for 604 S WASHINGTON SQUARE Unit 416
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$6,579
Building Details
Building Size
1,200 SF
Year Built
1963
Listing Agency:
KW Empower
Listed By:
Jennifer Grosskopf · License #RS299355
(215) 498-4010
Source:
Patmckennarealtors
Added: Sep 9
Changed: Sep 13
Last Checked: Sep 15 at 10:50AM
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.
Unit 416 at Hopkinson House is a northwest-facing corner residence with 2 bedrooms, 2 full baths, and a private balcony overlooking Washington Square Park. The interior includes an open living and dining area, hardwood flooring, a custom built-in wall unit, a spacious entry foyer, and extensive closet storage. The kitchen is equipped with flat-panel cabinetry, under-mount lighting, granite countertops, subway-tile backsplash, and stainless-steel appliances. An in-unit stackable washer and dryer adds convenience. The primary bedroom has an ensuite bath with a step-in shower, while the second bedroom receives natural light.
Hopkinson House is a nonsmoking building with a 24-hour doorman and front desk security, underground secured valet parking, a community room with library, and a seasonal rooftop pool. The condo fee includes utilities, high-speed internet, and cable TV with HBO. The property is steps from restaurants, shopping, coffee shops, galleries, theaters, and museums, with public transportation nearby and Philadelphia Sports Club, markets, dry cleaners, and pharmacies one block away.
Hopkinson House is a nonsmoking building with a 24-hour doorman and front desk security, underground secured valet parking, a community room with library, and a seasonal rooftop pool. The condo fee includes utilities, high-speed internet, and cable TV with HBO. The property is steps from restaurants, shopping, coffee shops, galleries, theaters, and museums, with public transportation nearby and Philadelphia Sports Club, markets, dry cleaners, and pharmacies one block away.
Key Highlights
- 2‑bedroom, 2‑full‑bath corner residence in Hopkinson House
- Private balcony with views overlooking Washington Square Park
- Kitchen with granite countertops and stainless‑steel appliances
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
$18,875
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
3.09%
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%
$377,500
$377.5K
Cap Rate 7%
$269,643
$269.6K
Cap Rate 9%
$209,722
$209.7K
Market Conditions
NOI Build-Up for 1,200 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
$36.4K $30.36/SF
− Vacancy
−$2.1K −$1.76/SF
EGI
$34.3K $28.60/SF
− OpEx
−$15.4K −$12.87/SF
NOI
$18.9K $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%
$377,500
Cap Rate 7%
$269,643
Cap Rate 9%
$209,722
Alternative Uses
Best Use
Apartment 5plus
$269.6K
$235.9K – $314.6K
NOI $18,875 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$292.5K
$256.0K – $341.3K
NOI $20,478 @ 7.0% cap · market cap 3.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Corner residence with two bedrooms, two full baths, a private balcony, and views toward Washington Square Park.
Where is this residential income property located?
The property is located at 604 S WASHINGTON SQUARE Unit 416 Philadelphia, PA.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑full‑bath corner residence in Hopkinson House; Private balcony with views overlooking Washington Square Park; Kitchen with granite countertops and stainless‑steel appliances
