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Renovated Multi-Unit Property in Rittenhouse

1831 SPRUCE Street Philadelphia, PA 19103

1831 SPRUCE Street, Philadelphia, PA, 19103
$1,450,000
For Sale
$1,450,000

MULTI_FAMILY - PHILADELPHIA, PA

Property Size2,448 SF
Lot Size0.02 Acres
Price / SF$592.32
Days on Market406

Property Features for 1831 SPRUCE Street

General Information

Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
On Street
Interior features
2nd Kitchen, Additional Stairway, Built-Ins, Wet/Dry Bar, Wood Floors
Fireplace
1
Standard status
Active
Size
2,448 SF
Lot size
0.02 Acres

Taxes and HOA fees

Tax Annual Amount
11581

Utilities

Heating system
Hot Water(Heating), Baseboard, Electric (Heating)
Cooling system
Central Air

Building Details

Year built
1800
Number of units
2
Building materials
Masonry
Listing agency Kurfiss Sotheby's International Realty
Listed by Cary Simons · License #RS295353
Added: Jun 13, 2025 Updated: Jul 13 at 10:38AM Checked: Jul 23 at 1:06AM
MLS# PAPH2494546

Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.


Investment Insights

Based on property information with market context.

This renovated multi-unit property, originally built in 1912, is located in the heart of Rittenhouse Square. The property offers approximately 3,000 square feet of flexible living space and has undergone over $900,000 in renovations and updates. Currently configured as a duplex, the building could be converted into a single-family residence. It features four floors of finished living space consisting of two bi-level units, each with outdoor space. Unit 1 includes one to two bedrooms and two full bathrooms. The main level features living space with a tray ceiling, custom built-ins, plantation shutters, Brazilian hardwood floors, cherry cabinets, a gas fireplace with marble surround, a wet bar and kitchenette, a bedroom, a full bathroom, and a slate patio. There is also a dressing area with vanity, a spacious closet with custom closet built-ins, and a washer and dryer. The lower level has exposed brick, a living room area, a full bathroom, and a kitchen space. This level has a laundry hook-up, cedar closet, and additional storage, with a separate entrance leading to the patio. Unit 2 includes three to four bedrooms and two full bathrooms. The main level offers bamboo floors, an exposed brick wall, surround sound, a custom kitchen with cherry cabinets, granite countertops, porcelain backsplash, and stainless steel appliances. A den or bonus room with sliding glass doors leads to a shared deck. The upper level is configured with three bedrooms, custom California closet systems, a full bathroom, and laundry. The property is suitable for investors or owner-occupiers seeking rental income, multi-generational living, or an au pair suite. It is located near Rittenhouse Square and a short walk to the University of Penn Shuttle stop. The lot size is approximately 0.0238 acres. The property size is 2,448 square feet.

Key Highlights

  • Multi‑unit duplex configured as 2 bi‑level units across 4 floors of finished living space, each with outdoor space
  • Approximately 3,000 SF flexible living space; currently duplex but could be converted into a single‑family residence
  • Renovated with $900,000+ in renovations/updates, including work by Gardner Fox Architects and McCroubrey Overholser

Local Financial Insights For Multifamily LT 5

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 $63.2k $25.80
− Vacancy −$3.5k −$1.42
EGI $59.7k $24.38
− OpEx −$17.9k −$7.31
NOI $41.8k $17.06
2,448 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$596.8K
$522.2K – $696.3K (±1% cap)
NOI $41,775 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$550.1K
$481.3K – $641.8K (±1% cap)
NOI $38,506 @ 7.0% cap · market cap 2.66%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Duplexes

Suggested Use

(Bike/Boat/Book/etc) Store Tanning Salon Clothing & Fashion Store Electrical Service Veterinary Clinic Butcher Tattoo & Piercing Shop Pet Grooming Service Adult Day Care Florist

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Duplex - Masterfully renovated multi-unit property near Rittenhouse Square, Philadelphia.
Where is this duplex located?
The property is located at 1831 SPRUCE Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Multi‑unit duplex configured as 2 bi‑level units across 4 floors of finished living space, each with outdoor space; Approximately 3,000 SF flexible living space; currently duplex but could be converted into a single‑family residence; Renovated with $900,000+ in renovations/updates, including work by Gardner Fox Architects and McCroubrey Overholser
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More about this property
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