Residential Income Property with Water
For Sale
$460,500
717 S CHRIS COLUMBUS BOULEVARD Unit 1509, Philadelphia, PA 19147
South-facing upper-floor residence with planned interior updates and access to extensive Dockside amenities.
Property Size1,304 SF
Days on Market58
Property Features for 717 S CHRIS COLUMBUS BOULEVARD Unit 1509
General Information
Standard status
Active
Size
1,304 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$6,920
Amenities
security-gated access
concierge
health and fitness facility
heated indoor swimming pool and hot tub
community/entertainment room
party kitchen
big screen TV
surround sound system
expansive terrace
high-speed internet access
Building Details
Building Size
1,304 SF
Year Built
1995
Listing Agency:
DePaul Realty
(267) 464-0040
Listed By:
Michael Tyrrell · License #RM421699
(267) 464-0040
Source:
Patmckennarealtors
Added: Jun 27
Changed: Aug 20
Last Checked: Aug 23 at 8:30AM
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 DePaul Realty
Investment Insights
Based on property information with market context.
Unit 1509 is a south-facing residence on the 15th floor at The Residences at Dockside. The Reliance floor plan includes two bedrooms, and planned improvements include hardwood flooring, stainless-steel appliances, new carpet in the bedrooms and closets, and fresh paint. Large windows provide water, city, and river views. The residence is wired for high-speed internet access and includes a designer kitchen configuration.
Dockside provides three levels of security-gated indoor parking, with one reserved space assigned to each resident. Building amenities include a staffed lobby with 24-hour concierge service, a health and fitness facility, heated indoor pool, hot tub, community and entertainment room, party kitchen, big-screen television, surround sound, and an expansive terrace. The property was built in 1995 and is shown by appointment only.
Dockside provides three levels of security-gated indoor parking, with one reserved space assigned to each resident. Building amenities include a staffed lobby with 24-hour concierge service, a health and fitness facility, heated indoor pool, hot tub, community and entertainment room, party kitchen, big-screen television, surround sound, and an expansive terrace. The property was built in 1995 and is shown by appointment only.
Key Highlights
- 15th‑floor, south‑facing Unit 1509 with water views
- Reliance floor plan with two bedrooms
- Planned hardwood floors, stainless‑steel appliances, bedroom carpeting, and fresh paint
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
$20,511
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
4.45%
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%
$410,220
$410.2K
Cap Rate 7%
$293,014
$293.0K
Cap Rate 9%
$227,900
$227.9K
Market Conditions
NOI Build-Up for 1,304 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
$39.6K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$37.3K $28.60/SF
− OpEx
−$16.8K −$12.87/SF
NOI
$20.5K $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%
$410,220
Cap Rate 7%
$293,014
Cap Rate 9%
$227,900
Alternative Uses
Best Use
Apartment 5plus
$293.0K
$256.4K – $341.9K
NOI $20,511 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$317.9K
$278.2K – $370.9K
NOI $22,253 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,558
Businesses Nearby
Explore this area
Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - South-facing upper-floor residence with planned interior updates and access to extensive Dockside amenities.
Where is this residential income property located?
The property is located at 717 S CHRIS COLUMBUS BOULEVARD Unit 1509 Philadelphia, PA.
What is the asking price?
The asking price for this property is $460,500.
What are key features of this property?
This property features: 15th‑floor, south‑facing Unit 1509 with water views; Reliance floor plan with two bedrooms; Planned hardwood floors, stainless‑steel appliances, bedroom carpeting, and fresh paint
