Two-Bedroom Waterfront Condo
For Sale
$685,000
901 N PENN STREET Unit P1201, Philadelphia, PA 19123
Updated two-bedroom, two-and-a-half-bath residence with floor-to-ceiling windows and panoramic Delaware River views.
Property Size1,488 SF
Days on Market42
Property Features for 901 N PENN STREET Unit P1201
General Information
Standard status
Active
Size
1,488 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,224
Amenities
24-hour concierge
fitness center
indoor pool
waterfront deck
resident lounge
in-unit laundry
Building Details
Building Size
1,488 SF
Year Built
2006
Listing Agency:
Coldwell Banker Realty
Listed By:
Neil B Spak · License #RS287328
(215) 266-9895
Source:
Patmckennarealtors
Added: Jul 30
Changed: Sep 4
Last Checked: Sep 8 at 12:50PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
Updated two-bedroom, two-and-a-half-bath residence featuring floor-to-ceiling windows and an open-concept living and dining area. The modern kitchen includes sleek cabinetry, stainless steel appliances, granite countertops, and a generous island for casual dining. The primary suite offers a private layout with a walk-in closet and a spa-like en-suite bath with a double vanity, soaking tub, and glass-enclosed shower. A second bedroom provides flexible space for guests, a home office, or additional living needs. In-unit laundry and ample storage are included.
Built in 2007, the residence is set high above the Delaware River with unobstructed, private panoramic views of the water and skyline. One car parking license is included, with an additional parking license available for purchase. Residents have access to resort-style amenities including a 24-hour concierge, state-of-the-art fitness center, indoor pool, waterfront deck, resident lounge, and secure parking.
Located in Northern Liberties, the home offers easy access to Center City, major highways, dining, shopping, and entertainment.
Built in 2007, the residence is set high above the Delaware River with unobstructed, private panoramic views of the water and skyline. One car parking license is included, with an additional parking license available for purchase. Residents have access to resort-style amenities including a 24-hour concierge, state-of-the-art fitness center, indoor pool, waterfront deck, resident lounge, and secure parking.
Located in Northern Liberties, the home offers easy access to Center City, major highways, dining, shopping, and entertainment.
Key Highlights
- Floor‑to‑ceiling windows with unobstructed private panoramic views of the Delaware River and skyline
- Updated two‑bedroom, two‑and‑a‑half‑bath open‑concept layout with living and dining area
- Kitchen with stainless steel appliances, granite countertops, and an island for casual dining
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
$23,406
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
3.42%
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%
$468,120
$468.1K
Cap Rate 7%
$334,371
$334.4K
Cap Rate 9%
$260,067
$260.1K
Market Conditions
NOI Build-Up for 1,488 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
$45.2K $30.36/SF
− Vacancy
−$2.6K −$1.76/SF
EGI
$42.6K $28.60/SF
− OpEx
−$19.1K −$12.87/SF
NOI
$23.4K $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%
$468,120
Cap Rate 7%
$334,371
Cap Rate 9%
$260,067
Alternative Uses
Best Use
Apartment 5plus
$334.4K
$292.6K – $390.1K
NOI $23,406 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$362.8K
$317.4K – $423.2K
NOI $25,393 @ 7.0% cap · market cap 3.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,980
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
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, two-and-a-half-bath residence with floor-to-ceiling windows and panoramic Delaware River views.
Where is this residential income property located?
The property is located at 901 N PENN STREET Unit P1201 Philadelphia, PA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Floor‑to‑ceiling windows with unobstructed private panoramic views of the Delaware River and skyline; Updated two‑bedroom, two‑and‑a‑half‑bath open‑concept layout with living and dining area; Kitchen with stainless steel appliances, granite countertops, and an island for casual dining
