Historic Mixed-Use
For Sale
$674,900
1509 Spring Garden Street, Philadelphia, PA 19130
Historic mixed-use building with RMX-1 zoning, combining residential income with commercial potential.
Property Size2,431 SF
Price / SF$277.62
Days on Market482
Property Features for 1509 Spring Garden Street
General Information
Standard status
Active
Size
2,431 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM1
Taxes and HOA fees
Annual Taxes
$7,635
Amenities
2+ Access Exits
No Pool
Above Grade
Building Details
Year Built
1915
Listing Agency:
RE/MAX Affiliates
Listed By:
Marco A Troche · License #RS309601
(267) 255-8132
Source:
Compass
Added: May 16, 2025
Changed: Sep 8
Last Checked: Aug 14 at 7:58AM
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 RE/MAX Affiliates
Investment Insights
Based on property information with market context.
This historic mixed-use investment property offers RMX-1 zoning and combines residential income with commercial potential within a well-maintained building. The asset is positioned for ownership by investors and business owners seeking to manage both living and commercial components under one roof.
Located at 1509 Spring Garden Street in Philadelphia’s Spring Garden district, the property benefits from a highly visible setting.
The offering is presented as a mixed-use building with income-producing residential elements and room to support commercial activity consistent with the RMX-1 zoning designation.
Located at 1509 Spring Garden Street in Philadelphia’s Spring Garden district, the property benefits from a highly visible setting.
The offering is presented as a mixed-use building with income-producing residential elements and room to support commercial activity consistent with the RMX-1 zoning designation.
Key Highlights
- Historic mixed‑use property built in 1915 in Philadelphia’s Spring Garden district
- RMX‑1 zoned mixed‑use building offering residential income potential and commercial potential
- Public water service; electric hot water with natural gas heating and central air
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
$38,238
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
5.67%
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%
$764,760
$764.8K
Cap Rate 7%
$546,257
$546.3K
Cap Rate 9%
$424,867
$424.9K
Market Conditions
NOI Build-Up for 2,431 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
$73.8K $30.36/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$69.5K $28.60/SF
− OpEx
−$31.3K −$12.87/SF
NOI
$38.2K $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%
$764,760
Cap Rate 7%
$546,257
Cap Rate 9%
$424,867
Alternative Uses
Best Use
Apartment 5plus
$546.3K
$478.0K – $637.3K
NOI $38,238 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$592.6K
$518.6K – $691.4K
NOI $41,485 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,402
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
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?
Multifamily property - Historic mixed-use building with RMX-1 zoning, combining residential income with commercial potential.
Where is this multifamily property located?
The property is located at 1509 Spring Garden Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: Historic mixed‑use property built in 1915 in Philadelphia’s Spring Garden district; RMX‑1 zoned mixed‑use building offering residential income potential and commercial potential; Public water service; electric hot water with natural gas heating and central air
