Renovated Duplex with Outdoor
For Sale
$1,450,000
1831 SPRUCE Street, Philadelphia, PA 19103
Multi-Family, PHILADELPHIA, PA
Property Size2,448 SF
Lot Size0.02 Acres
Price / SF$592.32
Days on Market452
Property Features for 1831 SPRUCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Parking features
On Street
Interior features
2nd Kitchen, Additional Stairway, Built-Ins, Wet/Dry Bar, Wood Floors
Fireplace
1
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,448 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
11581
Utilities
Heating system
Baseboard, Electric (Heating), Hot Water(Heating)
Cooling system
Central Air
Amenities
outdoor space
patio
deck
fireplace
custom built-ins
plantation shutters
hardwood floors
cherry cabinets
granite countertops
stainless steel appliances
bamboo floors
exposed brick
surround sound
washer/dryer
Building Details
Year built
1912
Number of units
2
Building materials
Masonry
Listing Agency:
Kurfiss Sotheby's International Realty
(215) 794-3227
Listed By:
Cary Simons · License #RS295353
(484) 431-9019
Added: Jun 13, 2025
Changed: Aug 19
Last Checked: Sep 7 at 8:06PM
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 masonry duplex, built in 1912 and subsequently renovated, spans four finished floors configured as two bi-level residences. The first unit includes one to two bedrooms, two full bathrooms, a living area with custom built-ins, Brazilian hardwood flooring, fireplace, wet bar, kitchenette, dressing area, laundry, storage, and a slate patio. The second unit offers three to four bedrooms, two full bathrooms, bamboo flooring, exposed brick, a custom kitchen, den or bonus room, laundry, and a shared deck. Central air, electric baseboard and hot-water heating, wood floors, and on-street parking are included. The property also features two kitchens, a wet bar, multiple entrances, and additional storage areas.
The property is located at 1831 Spruce Street in Philadelphia’s Rittenhouse Square area, within a 4-minute walk of the University of Penn Shuttle stop at 20th and Locust. Rittenhouse Square amenities include restaurants, cafes, a farmers market, and recurring events.
The property is located at 1831 Spruce Street in Philadelphia’s Rittenhouse Square area, within a 4-minute walk of the University of Penn Shuttle stop at 20th and Locust. Rittenhouse Square amenities include restaurants, cafes, a farmers market, and recurring events.
Key Highlights
- Duplex configuration with 2 bi‑level units across 4 floors of finished living space
- Unit 1 offers 1‑2 bedrooms and 2 full bathrooms; Unit 2 offers 3‑4 bedrooms and 2 full bathrooms
- Each unit includes outdoor space, with a slate patio and shared deck
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
$41,775
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
2.88%
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%
$835,500
$835.5K
Cap Rate 7%
$596,786
$596.8K
Cap Rate 9%
$464,167
$464.2K
Market Conditions
NOI Build-Up for 2,448 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
$63.2K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$59.7K $24.38/SF
− OpEx
−$17.9K −$7.31/SF
NOI
$41.8K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$835,500
Cap Rate 7%
$596,786
Cap Rate 9%
$464,167
Alternative Uses
Best Use
Multifamily LT 5
$596.8K
$522.2K – $696.3K
NOI $41,775 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$550.1K
$481.3K – $641.8K
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
18,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two bi-level units provide flexible layouts, separate entrances, and outdoor areas.
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: Duplex configuration with 2 bi‑level units across 4 floors of finished living space; Unit 1 offers 1‑2 bedrooms and 2 full bathrooms; Unit 2 offers 3‑4 bedrooms and 2 full bathrooms; Each unit includes outdoor space, with a slate patio and shared deck
