Residential Income Property with Roof
For Sale
$283,000
1010 SPRUCE STREET Unit 1F, Philadelphia, PA 19107
Three-level condominium features a 12-foot living room, contemporary kitchen, and lower-level primary suite.
Property Size1,344 SF
Price / SF$212.14
Days on Market46
Property Features for 1010 SPRUCE STREET Unit 1F
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,948
Amenities
roof deck
courtyards
outdoor heated pool
BBQ area
fireplace
Building Details
Building Size
1,344 SF
Year Built
1965
Listing Agency:
Anju Realty LLC
Listed By:
Weili He · License #RM423736
(609) 933-1831
Source:
Patmckennarealtors
Added: Jul 25
Changed: Sep 4
Last Checked: Sep 7 at 8:32AM
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 Anju Realty LLC
Investment Insights
Based on property information with market context.
This one-bedroom, one-and-a-half-bath condominium offers 1,334 sq ft across three floors. The main-level living room occupies the original parlor of a mansion and includes 12 ft ceilings, floor-to-ceiling windows facing Spruce St, hardwood flooring, a fireplace, and preserved architectural details. A contemporary kitchen and dining area overlook the living space.
The lower level contains the primary bedroom suite, a den or office area, full tiled bathroom with pedestal sink, walk-in closet, and additional storage. The residence is located in Washington Sq West within Center City Philadelphia. Common amenities include a large roof deck with a 360 degree view, private courtyards, an outdoor heated pool, and a BBQ area. Parking choices are available nearby. The property was built in 1965.
The lower level contains the primary bedroom suite, a den or office area, full tiled bathroom with pedestal sink, walk-in closet, and additional storage. The residence is located in Washington Sq West within Center City Philadelphia. Common amenities include a large roof deck with a 360 degree view, private courtyards, an outdoor heated pool, and a BBQ area. Parking choices are available nearby. The property was built in 1965.
Key Highlights
- 1bed/1.5 bath condominium with 1,334 sq ft across 3 floors
- Main living room features 12 ft ceilings, floor‑to‑ceiling windows, hardwood floors, and a fireplace
- Lower‑level primary suite includes den/office area, tiled bathroom, walk‑in closet, and additional storage
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
$20,983
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
7.41%
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%
$419,660
$419.7K
Cap Rate 7%
$299,757
$299.8K
Cap Rate 9%
$233,144
$233.1K
Market Conditions
NOI Build-Up for 1,334 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
$40.5K $30.36/SF
− Vacancy
−$2.3K −$1.76/SF
EGI
$38.2K $28.60/SF
− OpEx
−$17.2K −$12.87/SF
NOI
$21.0K $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%
$419,660
Cap Rate 7%
$299,757
Cap Rate 9%
$233,144
Alternative Uses
Best Use
Apartment 5plus
$299.8K
$262.3K – $349.7K
NOI $20,983 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$325.2K
$284.6K – $379.4K
NOI $22,765 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
23,668
Businesses Nearby
Explore this area
Business Placement
Demographics for 19107, PA
17,600
Population
10,239
Households
1.7
Avg Household Size
32
Median Age
72%
College-Educated
92%
High-School Grad
0.5 sq mi
ZIP Area
35,200
Density / Sq Mi
$70,382
Median Household Income
$57,694
Median Earnings
$1,691
Median Rent
$452,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-level condominium features a 12-foot living room, contemporary kitchen, and lower-level primary suite.
Where is this residential income property located?
The property is located at 1010 SPRUCE STREET Unit 1F Philadelphia, PA.
What is the asking price?
The asking price for this property is $283,000.
What are key features of this property?
This property features: 1bed/1.5 bath condominium with 1,334 sq ft across 3 floors; Main living room features 12 ft ceilings, floor‑to‑ceiling windows, hardwood floors, and a fireplace; Lower‑level primary suite includes den/office area, tiled bathroom, walk‑in closet, and additional storage
