Renovated Residential Income Property with
For Sale
$899,900
901 N PENN STREET Unit R2301, Philadelphia, PA 19123
Two-bedroom residence with a glass-enclosed solarium, private outdoor space, skyline views, and extensive interior upgrades.
Property Size1,766 SF
Days on Market84
Property Features for 901 N PENN STREET Unit R2301
General Information
Standard status
Active
Size
1,766 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$11,908
Amenities
24/7 guard and gate security
concierge service
indoor pool
hot tub
river deck
fitness center
sauna
steam rooms
massage suites
community lounges
landscaped riverfront grounds
on-site management
advanced security systems
three-level garage
weekday shuttle service
Building Details
Building Size
1,766 SF
Year Built
2006
Listing Agency:
BHHS Fox & Roach The Harper at Rittenhouse Square
(267) 247-2389
Listed By:
Stephanie H Gross · License #AB068305
(267) 247-2389
Source:
Patmckennarealtors
Added: May 13
Changed: Aug 3
Last Checked: Aug 3 at 6:57AM
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 The Harper at Rittenhouse Square
Investment Insights
Based on property information with market context.
Residence R2301 is a two-bedroom mini penthouse in Waterfront Square Condominium & Spa, positioned on the Regatta’s northeast corner. The home includes approximately 500 square feet of private terrace space, a fully glass-enclosed solarium, oversized windows, and views toward the Philadelphia skyline, river, and Ben Franklin Bridge. A recent renovation introduced hardwood flooring, coffered ceiling millwork, recessed lighting, and a redesigned kitchen with quartz countertops, stainless steel appliances, 33 cabinets and drawers, and 42-inch custom cabinetry. The primary suite is separated from the entertaining areas, while the secondary bedroom includes a Murphy bed system for flexible use. Three bathrooms include two spa-style baths and a powder room. Custom closets and built-ins add storage, and the residence includes a parking license.
Waterfront Square is a gated community spanning 9.5 acres with 24/7 guard and gate security, concierge service, on-site management, an indoor pool and hot tub, fitness facilities, sauna and steam rooms, massage suites, lounges, riverfront grounds, a three-level garage, and weekday shuttle service to and from 30th Street Station. The building was completed in 2006.
Waterfront Square is a gated community spanning 9.5 acres with 24/7 guard and gate security, concierge service, on-site management, an indoor pool and hot tub, fitness facilities, sauna and steam rooms, massage suites, lounges, riverfront grounds, a three-level garage, and weekday shuttle service to and from 30th Street Station. The building was completed in 2006.
Key Highlights
- Two‑bedroom mini penthouse on the Regatta’s northeast corner
- Approximately 500 square foot private terrace with glass‑enclosed solarium
- Renovated kitchen with 33 cabinets and drawers plus 42‑inch custom cabinetry
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $53.6k | $30.36 |
| − Vacancy | −$3.1k | −$1.76 |
| EGI | $50.5k | $28.60 |
| − OpEx | −$22.7k | −$12.87 |
| NOI | $27.8k | $15.73 |
1,766 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$396.8K
$347.2K – $463.0K
NOI $27,778 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$430.5K
$376.7K – $502.3K
NOI $30,137 @ 7.0% cap · market cap 3.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
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
$544,700
Median Home Value
Market
Average Price Trend$/SF for Residential income properties in Philadelphia, PA
Properties on Market for Residential income properties in Philadelphia
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with a glass-enclosed solarium, private outdoor space, skyline views, and extensive interior upgrades.
Where is this residential income property located?
The property is located at 901 N PENN STREET Unit R2301 Philadelphia, PA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Two‑bedroom mini penthouse on the Regatta’s northeast corner; Approximately 500 square foot private terrace with glass‑enclosed solarium; Renovated kitchen with 33 cabinets and drawers plus 42‑inch custom cabinetry
