Residential Income Property with
New
For Sale
$678,000
901 N PENN STREET Unit R2003, Philadelphia, PA 19123
A two-bedroom residence combines private outdoor space with views of the river and city.
Property Size1,565 SF
Price / SF$433.23
Days on Market7
Property Features for 901 N PENN STREET Unit R2003
General Information
Standard status
Active
Size
1,565 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,747
Amenities
balcony
indoor swimming pool
fitness center
spa
sauna
steam room
landscaped grounds
walking paths
dog park
putting green
on-site parking
24-hour security
concierge
Building Details
Building Size
1,565 SF
Year Built
2006
Listing Agency:
KW Empower
Listed By:
Jason Wittenstein · License #RS336344
(631) 327-0615
Source:
Patmckennarealtors
Added: Oct 2
Changed: Oct 6
Last Checked: Oct 7 at 6:42PM
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.
Located on the 20th floor of the Regatta tower at Waterfront Square, this residence contains approximately 1,565 square feet, with two bedrooms and 2.5 baths. The bedroom suites sit on opposite sides of the home, each with an en-suite bath and closet space; a separate powder room and six closets add storage. Floor-to-ceiling windows bring daylight into the living areas, and a private balcony overlooks the Delaware River, Benjamin Franklin Bridge, passing ships and Center City. The kitchen opens to the main living area and includes CAFE Collection appliances. Wood floors have been refinished, and the baths have been updated.
Waterfront Square is a gated community spanning approximately 9.5 acres along the river. Building and community amenities include 24-hour security, concierge service, an indoor pool, fitness and spa facilities, sauna and steam rooms, landscaped grounds, walking paths, dog parks, a putting green and on-site parking. The community is near Northern Liberties, Fishtown, Old City and Center City, with access to I-95 and regional bridges. Waterfront improvements cited in the surrounding area include the Delaware River Trail, new parks and connections, and the 11.5-acre Penn’s Landing Park, which is under construction farther south.
Waterfront Square is a gated community spanning approximately 9.5 acres along the river. Building and community amenities include 24-hour security, concierge service, an indoor pool, fitness and spa facilities, sauna and steam rooms, landscaped grounds, walking paths, dog parks, a putting green and on-site parking. The community is near Northern Liberties, Fishtown, Old City and Center City, with access to I-95 and regional bridges. Waterfront improvements cited in the surrounding area include the Delaware River Trail, new parks and connections, and the 11.5-acre Penn’s Landing Park, which is under construction farther south.
Key Highlights
- 20th‑floor residence with approximately 1,565 square feet
- Two bedrooms, 2.5 baths, six closets and a private balcony
- River, Benjamin Franklin Bridge, passing ship and Center City views
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,617
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$492,340
$492.3K
Cap Rate 7%
$351,671
$351.7K
Cap Rate 9%
$273,522
$273.5K
Market Conditions
NOI Build-Up for 1,565 SF
Gross rent
$47.5K $30.36/SF
− Vacancy
−$2.8K −$1.76/SF
EGI
$44.8K $28.60/SF
− OpEx
−$20.1K −$12.87/SF
NOI
$24.6K $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 Rate 5%
$492,340
Cap Rate 7%
$351,671
Cap Rate 9%
$273,522
Alternative Uses
Best Use
Apartment 5plus
$351.7K
$307.7K – $410.3K
NOI $24,617 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$381.5K
$333.8K – $445.1K
NOI $26,707 @ 7.0% cap · market cap 3.94%
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
2,980
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - A two-bedroom residence combines private outdoor space with views of the river and city.
Where is this residential income property located?
The property is located at 901 N PENN STREET Unit R2003 Philadelphia, PA.
What is the asking price?
The asking price for this property is $678,000.
What are key features of this property?
This property features: 20th‑floor residence with approximately 1,565 square feet; Two bedrooms, 2.5 baths, six closets and a private balcony; River, Benjamin Franklin Bridge, passing ship and Center City views
