Waterfront Residential Income
For Sale
$589,000
717 S CHRISTOPHER COLUMBUS BOULEVARD S Unit 714, Philadelphia, PA 19147
Updated two-bedroom condominium residence with two remodeled baths, Viking appliances, river views, and full-service community amenities.
Property Size1,304 SF
Days on Market136
Property Features for 717 S CHRISTOPHER COLUMBUS BOULEVARD S Unit 714
General Information
Standard status
Active
Size
1,304 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$6,775
Building Details
Building Size
1,304 SF
Year Built
1995
Listing Agency:
BHHS Fox & Roach-Center City Walnut
Listed By:
Darryl M Ridgeway · License #RS297773
(215) 806-5435
Source:
Patmckennarealtors
Added: May 8
Changed: Sep 17
Last Checked: Sep 20 at 10:42AM
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 BHHS Fox & Roach-Center City Walnut
Investment Insights
Based on property information with market context.
Unit 714 is a 1,304-square-foot, two-bedroom, two-bath condominium residence on the seventh floor of a 1995 building. The interior includes hardwood flooring, wainscoting, large windows, and a kitchen equipped with Viking stainless steel appliances and a wine cooler. The primary suite features a redesigned walk-in closet and remodeled en-suite bath, while the second bathroom has also been updated with Calacatta marble flooring. LED mirrors with backlit, anti-fog vanities add functional detail in both baths.
Building amenities include 24-hour concierge service, controlled-access security, reserved parking, a fitness center, clubroom, indoor pool and hot tub, and an outdoor terrace with river views. The property is positioned along the Delaware River waterfront near Penn's Landing, Queen Village, Society Hill, Old City, South Street, Spruce Street Harbor Park, restaurants, shopping, parks, and major commuter routes.
Building amenities include 24-hour concierge service, controlled-access security, reserved parking, a fitness center, clubroom, indoor pool and hot tub, and an outdoor terrace with river views. The property is positioned along the Delaware River waterfront near Penn's Landing, Queen Village, Society Hill, Old City, South Street, Spruce Street Harbor Park, restaurants, shopping, parks, and major commuter routes.
Key Highlights
- 1,304‑square‑foot seventh‑floor condominium residence with 2 bedrooms and 2 baths
- South‑facing exposure with seventh‑floor water views
- Viking stainless steel appliance package includes a wine cooler
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
3.48%
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 3.48%
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 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom condominium residence with two remodeled baths, Viking appliances, river views, and full-service community amenities.
Where is this residential income property located?
The property is located at 717 S CHRISTOPHER COLUMBUS BOULEVARD S Unit 714 Philadelphia, PA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 1,304‑square‑foot seventh‑floor condominium residence with 2 bedrooms and 2 baths; South‑facing exposure with seventh‑floor water views; Viking stainless steel appliance package includes a wine cooler
