Waterfront Residential Income
For Sale
$999,900
901 N PENN STREET Unit R2101, Philadelphia, PA 19123
Residential unit within a gated waterfront community offering river views, security, parking, and extensive shared amenities.
Property Size2,192 SF
Days on Market78
Property Features for 901 N PENN STREET Unit R2101
General Information
Standard status
Active
Size
2,192 SF
Property subtype
Penthouse Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$13,187
Amenities
spa
fitness center
sundeck
swimming pool
community rooms
park
dog run
putting green
walking/jogging trail
shuttle service
24-hour security
CCTV
access-controlled entrance
doorman and concierge
Building Details
Building Size
2,192 SF
Year Built
2006
Listing Agency:
Realty Mark Cityscape
(215) 783-8731
Listed By:
George J Cahill · License #RM044684
(215) 783-8731
Source:
Patmckennarealtors
Added: Jun 15
Changed: Aug 28
Last Checked: Aug 30 at 10:28PM
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 Realty Mark Cityscape
Investment Insights
Based on property information with market context.
Residential income property identified as Unit R2101 at Waterfront Square, a 9.5-acre gated community along the Philadelphia waterfront. The residence includes river and Benjamin Franklin Bridge views from the living room and most bedrooms, along with substantial closet storage.
Community features include a 24-hour manned guard gate, access-controlled entry, closed-circuit television, onsite parking, valet service, doorman and concierge support. Shared amenities include a European-style spa, fitness center, 25-meter swimming pool, riverfront sundeck, community rooms, landscaped dog park, dog run, putting green, walking and jogging trail, and shuttle service to Center City. The property was built in 2006 and is situated near I-95, I-676, the Atlantic City Expressway, Philadelphia International Airport, dining, shopping, entertainment, and sports complexes.
Community features include a 24-hour manned guard gate, access-controlled entry, closed-circuit television, onsite parking, valet service, doorman and concierge support. Shared amenities include a European-style spa, fitness center, 25-meter swimming pool, riverfront sundeck, community rooms, landscaped dog park, dog run, putting green, walking and jogging trail, and shuttle service to Center City. The property was built in 2006 and is situated near I-95, I-676, the Atlantic City Expressway, Philadelphia International Airport, dining, shopping, entertainment, and sports complexes.
Key Highlights
- Unit R2101 at 901 N Penn Street, Philadelphia, PA 19123
- 9.5‑acre gated waterfront community
- River and Benjamin Franklin Bridge views from the living room and most bedrooms
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
$34,479
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
3.45%
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%
$689,580
$689.6K
Cap Rate 7%
$492,557
$492.6K
Cap Rate 9%
$383,100
$383.1K
Market Conditions
NOI Build-Up for 2,192 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
$66.5K $30.36/SF
− Vacancy
−$3.9K −$1.76/SF
EGI
$62.7K $28.60/SF
− OpEx
−$28.2K −$12.87/SF
NOI
$34.5K $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%
$689,580
Cap Rate 7%
$492,557
Cap Rate 9%
$383,100
Alternative Uses
Best Use
Apartment 5plus
$492.6K
$431.0K – $574.7K
NOI $34,479 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$534.4K
$467.6K – $623.4K
NOI $37,406 @ 7.0% cap · market cap 3.74%
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 - Residential unit within a gated waterfront community offering river views, security, parking, and extensive shared amenities.
Where is this residential income property located?
The property is located at 901 N PENN STREET Unit R2101 Philadelphia, PA.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Unit R2101 at 901 N Penn Street, Philadelphia, PA 19123; 9.5‑acre gated waterfront community; River and Benjamin Franklin Bridge views from the living room and most bedrooms
