Renovated Residential Income
New
For Sale
$569,900
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 Market7
Property Features for 1035 SPRUCE STREET Unit 306
General Information
Standard status
Active
Size
1,252 SF
Property subtype
Unit/Flat/Apartment
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 3
Changed: Sep 7
Last Checked: Sep 8 at 11:35AM
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
Investment Insights
Based on property information with market context.
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 = 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
$19,693
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
3.46%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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 - 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
