Residential Income Property with River
New
For Sale
$575,000
7 N CHRISTOPHER COLUMBUS BOULEVARD Unit 246, Philadelphia, PA 19106
Bi-level residence with three bedrooms, updated baths, private parking, and extensive Delaware River vistas.
Property Size2,016 SF
Days on Market4
Property Features for 7 N CHRISTOPHER COLUMBUS BOULEVARD Unit 246
General Information
Standard status
Active
Size
2,016 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,341
Amenities
24-hour doorman
outdoor gardens
river deck
Delaware River Trail access
on-site management
Building Details
Building Size
2,016 SF
Year Built
1982
Listing Agency:
Allan Domb Real Estate
Listed By:
Allan Domb · License #RB043135A
(215) 545-1500
Source:
Patmckennarealtors
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 19 at 2:39PM
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 Allan Domb Real Estate
Investment Insights
Based on property information with market context.
Residence 246 is a bi-level home with three bedrooms and two and a half bathrooms, arranged around an open dining area, sunken living room, and kitchen with granite counters, stainless steel appliances, breakfast bar, and river-facing passthrough. Oversized windows provide views toward the Delaware River and Ben Franklin Bridge, while hardwood and stone tile flooring, a wood-burning fireplace, built-in shelving, and updated lighting add practical and architectural detail. The upper level includes a primary suite with two walk-in closets and a renovated ensuite bath, two additional bedrooms, an updated hall bath, and a laundry room with a Maytag washer and dryer.
The home includes a deeded parking space in the gated garage. Pier 5 offers a 24-hour doorman, guest parking upon request, landscaped gardens, a river deck, on-site management, and access to the Delaware River Trail. The property is steps from Old City and near highways and public transportation. Built in 1982, the residence also features fresh paint and a recently installed hot water heater.
The home includes a deeded parking space in the gated garage. Pier 5 offers a 24-hour doorman, guest parking upon request, landscaped gardens, a river deck, on-site management, and access to the Delaware River Trail. The property is steps from Old City and near highways and public transportation. Built in 1982, the residence also features fresh paint and a recently installed hot water heater.
Key Highlights
- Bi‑level layout with 3 bedrooms and 2.5 bathrooms
- Oversized windows with Delaware River and Ben Franklin Bridge views
- Renovated primary ensuite bath with double vanity, jacuzzi tub, and walk‑in shower
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
$31,711
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
5.51%
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%
$634,220
$634.2K
Cap Rate 7%
$453,014
$453.0K
Cap Rate 9%
$352,344
$352.3K
Market Conditions
NOI Build-Up for 2,016 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
$61.2K $30.36/SF
− Vacancy
−$3.5K −$1.76/SF
EGI
$57.7K $28.60/SF
− OpEx
−$25.9K −$12.87/SF
NOI
$31.7K $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%
$634,220
Cap Rate 7%
$453,014
Cap Rate 9%
$352,344
Alternative Uses
Best Use
Apartment 5plus
$453.0K
$396.4K – $528.5K
NOI $31,711 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$491.5K
$430.0K – $573.4K
NOI $34,403 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
11,111
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Bi-level residence with three bedrooms, updated baths, private parking, and extensive Delaware River vistas.
Where is this residential income property located?
The property is located at 7 N CHRISTOPHER COLUMBUS BOULEVARD Unit 246 Philadelphia, PA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Bi‑level layout with 3 bedrooms and 2.5 bathrooms; Oversized windows with Delaware River and Ben Franklin Bridge views; Renovated primary ensuite bath with double vanity, jacuzzi tub, and walk‑in shower
