Renovated Residential Income
For Sale
$569,900
Pending
1035 SPRUCE STREET Unit 306, Philadelphia, PA 19107
Two-bedroom, two-bath residence with a dramatic two-level interior and extensive 2021 renovations.
Property Size1,252 SF
Days on Market56
Property Features for 1035 SPRUCE STREET Unit 306
General Information
Standard status
Pending
Size
1,252 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,529
Amenities
on-site bike room
trash facilities
dedicated basement storage unit
Building Details
Building Size
1,252 SF
Year Built
1900
Year Renovated
2021
Listing Agency:
Real of Pennsylvania
Listed By:
William Holder · License #AB069692
(484) 744-4053
Source:
Patmckennarealtors
Added: Sep 7
Changed: Oct 31
Last Checked: Nov 1 at 12:17PM
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 Real of Pennsylvania
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Investment Insights
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Located within the historic Roberts-Quay House, this renovated residential income property combines a two-bedroom, two-bath layout with distinctive architectural volume. The two-level home features ceilings approaching 17 feet, arched windows, plaster detailing, custom millwork, European white oak herringbone floors, and a carved marble fireplace. Completed in 2021, the renovation also introduced a custom kitchen with a Carrara Vagli marble waterfall island, skylight, tailored cabinetry, brass hardware, and premium appliances.
The upper level includes a dining area overlooking the double-height living room and a primary suite with built-in shelving and two closets. The primary bath offers a walk-in shower, double vanity, and Bosch stacked washer and dryer, while the second bedroom has its own full ensuite bath. Additional property features include private fire-escape access, under-stair storage, a dedicated basement storage unit, bike room, and trash facilities.
The property is at 1035 Spruce Street in Philadelphia's Washington Square West. Whole Foods, Acme, and MOM's Organic Market are an 8-minute walk away; Seger Park is 6 minutes away, and Jefferson and Penn hospitals are within a short walk.
The upper level includes a dining area overlooking the double-height living room and a primary suite with built-in shelving and two closets. The primary bath offers a walk-in shower, double vanity, and Bosch stacked washer and dryer, while the second bedroom has its own full ensuite bath. Additional property features include private fire-escape access, under-stair storage, a dedicated basement storage unit, bike room, and trash facilities.
The property is at 1035 Spruce Street in Philadelphia's Washington Square West. Whole Foods, Acme, and MOM's Organic Market are an 8-minute walk away; Seger Park is 6 minutes away, and Jefferson and Penn hospitals are within a short walk.
Key Highlights
- Two‑bedroom, two‑bath residence in the historic Roberts‑Quay House
- Renovated in 2021 with a two‑level layout and ceilings approaching 17 feet
- Custom kitchen with Carrara Vagli marble waterfall island and oversized skylight
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,693
Cap Rate
3.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$393,860
$393.9K
Cap Rate 7%
$281,329
$281.3K
Cap Rate 9%
$218,811
$218.8K
Market Conditions
NOI Build-Up for 1,252 SF
Gross rent
$38.0K $30.36/SF
− Vacancy
−$2.2K −$1.76/SF
EGI
$35.8K $28.60/SF
− OpEx
−$16.1K −$12.87/SF
NOI
$19.7K $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 Rate 5%
$393,860
Cap Rate 7%
$281,329
Cap Rate 9%
$218,811
Alternative Uses
Best Use
Apartment 5plus
$281.3K
$246.2K – $328.2K
NOI $19,693 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$305.2K
$267.1K – $356.1K
NOI $21,365 @ 7.0% cap · market cap 3.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
23,668
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom, two-bath residence with a dramatic two-level interior and extensive 2021 renovations.
Where is this residential income property located?
The property is located at 1035 SPRUCE STREET Unit 306 Philadelphia, PA.
What is the asking price?
The asking price for this property is $569,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath residence in the historic Roberts‑Quay House; Renovated in 2021 with a two‑level layout and ceilings approaching 17 feet; Custom kitchen with Carrara Vagli marble waterfall island and oversized skylight
