Waterfront Residential Income
New
For Sale
$390,000
901 N PENN STREET Unit R308, Philadelphia, PA 19123
Flexible residence offers two full bathrooms, a private balcony, river views, and an included parking license.
Property Size1,114 SF
Days on Market5
Property Features for 901 N PENN STREET Unit R308
General Information
Standard status
Active
Size
1,114 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x Junior 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,645
Amenities
24/7 concierge
gated security
Junior Olympic-size heated pool
hot tub
expansive sun deck
full fitness center
sauna
steam room
massage rooms
Philadelphia's largest green roof
beautifully landscaped grounds
on-site management
EV charging stations
weekday shuttle to 30th Street Station
private balcony
full-size washer and dryer
built-in shelving
integrated storage
granite countertops
stainless steel appliances
Building Details
Building Size
1,114 SF
Year Built
2006
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Naomi Kurzyna · License #RS343663
(301) 520-3224
Source:
Patmckennarealtors
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 20 at 10:02AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Residence R308 is a spacious junior two-bedroom home with a den that can serve as a second bedroom, office, or guest suite. The layout includes 2 Full Bathrooms, an open kitchen with granite counters and stainless steel appliances, a full-size washer and dryer, built-in storage, and floor-to-ceiling windows. A private balcony is accessible from both the living room and den, while northern and eastern Delaware River views extend to the primary bedroom. The primary suite includes a four-piece bath with marble tile, a jetted tub, and a separate shower.
The home is located within Waterfront Square, a secure 9.5-acre gated community along the Delaware River. Community features include 24/7 concierge service, gated security, a heated Junior Olympic-size pool, hot tub, fitness center, sauna, steam room, massage rooms, landscaped grounds, EV charging stations, on-site management, and a weekday shuttle to 30th Street Station. The building dates to 2006 and offers access to highways, bridges, Philadelphia International Airport, and city destinations.
The home is located within Waterfront Square, a secure 9.5-acre gated community along the Delaware River. Community features include 24/7 concierge service, gated security, a heated Junior Olympic-size pool, hot tub, fitness center, sauna, steam room, massage rooms, landscaped grounds, EV charging stations, on-site management, and a weekday shuttle to 30th Street Station. The building dates to 2006 and offers access to highways, bridges, Philadelphia International Airport, and city destinations.
Key Highlights
- Junior 2‑Bedroom layout with a flexible den
- 2 Full Bathrooms, including a primary suite with jetted tub and separate shower
- Private Balcony accessible from both the Living Room and 2nd Bedroom/Den
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
$17,523
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
4.49%
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%
$350,460
$350.5K
Cap Rate 7%
$250,329
$250.3K
Cap Rate 9%
$194,700
$194.7K
Market Conditions
NOI Build-Up for 1,114 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
$33.8K $30.36/SF
− Vacancy
−$2.0K −$1.76/SF
EGI
$31.9K $28.60/SF
− OpEx
−$14.3K −$12.87/SF
NOI
$17.5K $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%
$350,460
Cap Rate 7%
$250,329
Cap Rate 9%
$194,700
Alternative Uses
Best Use
Apartment 5plus
$250.3K
$219.0K – $292.1K
NOI $17,523 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$271.6K
$237.6K – $316.8K
NOI $19,010 @ 7.0% cap · market cap 4.87%
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
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible residence offers two full bathrooms, a private balcony, river views, and an included parking license.
Where is this residential income property located?
The property is located at 901 N PENN STREET Unit R308 Philadelphia, PA.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Junior 2‑Bedroom layout with a flexible den; 2 Full Bathrooms, including a primary suite with jetted tub and separate shower; Private Balcony accessible from both the Living Room and 2nd Bedroom/Den
