Residential Income Property with Rooftop
For Sale
$270,000
906 N 16TH STREET Unit 3R, Philadelphia, PA 19130
Bi-level two-bedroom, two-bath condo with private rooftop deck, open-concept living and kitchen, and stainless appliances.
Property Size1,242 SF
Days on Market113
Property Features for 906 N 16TH STREET Unit 3R
General Information
Standard status
Active
Size
1,242 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,636
Amenities
rooftop deck
stacked washer/dryer
Juliette balcony
Building Details
Building Size
1,242 SF
Year Built
2014
Listing Agency:
Ehret Realty Inc
Listed By:
Emily M Stout · License #RM420868
(610) 656-5065
Source:
Patmckennarealtors
Added: Jun 2
Changed: Sep 17
Last Checked: Sep 21 at 7:29AM
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 Ehret Realty Inc
Investment Insights
Based on property information with market context.
Bi-level, two-bedroom, two-bath condominium built in 2014 with an open-concept great room combining living, dining, and kitchen. Interior finishes include wood flooring, recessed lighting, and oversized windows that bring in abundant natural light. The kitchen features stainless steel appliances, granite countertops, and a ceramic tile backsplash, with a stacked washer/dryer closet between the kitchen and living areas.
The main level provides access to a sunlit bedroom and a ceramic-tiled bath with a tub shower. The second-floor master bedroom includes a large walk-in closet, a Juliette balcony, and an en suite bath with a double vessel sink vanity and rain shower.
Outside, enjoy the private rooftop deck with panoramic views of the Center City skyline. Located in the Francisville (Fairmount) neighborhood, the home has easy access to the Broad Street Line via the Girard stop a couple of blocks away, with dining, shopping, and cultural destinations in walking distance.
The main level provides access to a sunlit bedroom and a ceramic-tiled bath with a tub shower. The second-floor master bedroom includes a large walk-in closet, a Juliette balcony, and an en suite bath with a double vessel sink vanity and rain shower.
Outside, enjoy the private rooftop deck with panoramic views of the Center City skyline. Located in the Francisville (Fairmount) neighborhood, the home has easy access to the Broad Street Line via the Girard stop a couple of blocks away, with dining, shopping, and cultural destinations in walking distance.
Key Highlights
- Private rooftop deck with panoramic Center City skyline views
- Bi‑level condominium with two bedrooms and two ceramic‑tiled bathrooms
- Open‑concept great room with living, dining, and kitchen
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
$19,536
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
7.24%
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%
$390,720
$390.7K
Cap Rate 7%
$279,086
$279.1K
Cap Rate 9%
$217,067
$217.1K
Market Conditions
NOI Build-Up for 1,242 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
$37.7K $30.36/SF
− Vacancy
−$2.2K −$1.76/SF
EGI
$35.5K $28.60/SF
− OpEx
−$16.0K −$12.87/SF
NOI
$19.5K $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%
$390,720
Cap Rate 7%
$279,086
Cap Rate 9%
$217,067
Alternative Uses
Best Use
Apartment 5plus
$279.1K
$244.2K – $325.6K
NOI $19,536 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$302.8K
$264.9K – $353.3K
NOI $21,195 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,682
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Bi-level two-bedroom, two-bath condo with private rooftop deck, open-concept living and kitchen, and stainless appliances.
Where is this residential income property located?
The property is located at 906 N 16TH STREET Unit 3R Philadelphia, PA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Private rooftop deck with panoramic Center City skyline views; Bi‑level condominium with two bedrooms and two ceramic‑tiled bathrooms; Open‑concept great room with living, dining, and kitchen
