Mixed-Use Property with Residential
For Sale
$779,000
923 SPRING GARDEN Street, Philadelphia, PA 19123
Multi-Family, PHILADELPHIA, PA
Property Size2,836 SF
Lot Size0.02 Acres
Price / SF$274.68
Days on Market34
Property Features for 923 SPRING GARDEN Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Subdivision
SPRING ARTS
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
2,836 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
7522
Building Details
Year built
1920
Number of units
3
Building materials
Masonry
Listing Agency:
Mercury Real Estate Group
(215) 462-5100
Listed By:
Michael J Moss · License #RS286764
(215) 416-3980
Added: Aug 6
Changed: Aug 19
Last Checked: Sep 8 at 5:06AM
MLS# PAPH2656968
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.
Located at 923 Spring Garden Street in Philadelphia, this 1920 masonry mixed-use building contains 2,836 square feet across three stories. The first floor is configured as commercial space, while the second and third floors form a residential unit with four bedrooms, two full bathrooms, and two full kitchens. The arrangement creates distinct commercial and residential areas within one building and supports live-work or income-producing use as described for the property.
The property is positioned near the Broad-Spring Garden subway station, public transit, dining, and neighborhood amenities. On-street parking is available, and the site encompasses 0.0219 acres in Philadelphia’s 19123 ZIP code.
The property is positioned near the Broad-Spring Garden subway station, public transit, dining, and neighborhood amenities. On-street parking is available, and the site encompasses 0.0219 acres in Philadelphia’s 19123 ZIP code.
Key Highlights
- 2,836‑square‑foot, three‑story mixed‑use building
- Ground‑floor commercial area with residential unit above
- Upper residence includes 4 bedrooms, 2 full bathrooms, and 2 full kitchens
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
$48,396
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
6.21%
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%
$967,920
$967.9K
Cap Rate 7%
$691,371
$691.4K
Cap Rate 9%
$537,733
$537.7K
Market Conditions
NOI Build-Up for 2,836 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
$73.2K $25.80/SF
− Vacancy
−$4.0K −$1.42/SF
EGI
$69.1K $24.38/SF
− OpEx
−$20.7K −$7.31/SF
NOI
$48.4K $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%
$967,920
Cap Rate 7%
$691,371
Cap Rate 9%
$537,733
Alternative Uses
Best Use
Multifamily LT 5
$691.4K
$605.0K – $806.6K
NOI $48,396 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$637.3K
$557.6K – $743.5K
NOI $44,609 @ 7.0% cap · market cap 5.73%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,087
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
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story masonry building combining ground-floor commercial space with an upper-level residential layout.
Where is this mixed-use property located?
The property is located at 923 SPRING GARDEN Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 2,836‑square‑foot, three‑story mixed‑use building; Ground‑floor commercial area with residential unit above; Upper residence includes 4 bedrooms, 2 full bathrooms, and 2 full kitchens
