Multifamily Apartment
For Sale
$1,499,900
1423 Spruce St, Philadelphia, PA 19102
For sale apartment building located off Broad Street in Philadelphia.
Property Size3,000 SF
Price / SF$499.97
Days on Market96
Property Features for 1423 Spruce St
General Information
Standard status
Active
Size
3,000 SF
Building Details
Year Built
1981
Listing Agency:
Philly Real Estate
Listed By:
Ming T Lo · License #RS292653
(215) 465-9200
Source:
Riverfoxrealty
Added: Jul 19
Changed: Oct 4
Last Checked: Oct 5 at 8:53PM
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 Philly Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This multifamily apartment building is offered for sale in Philadelphia, PA. The property is identified as 1423 Spruce St, Philadelphia, PA 19102.
Directions indicate the building is off Broad Street. The listing falls within Philadelphia County/Parish. With the provided information, no additional unit count, layout details, or income/expense figures are specified in the remarks.
Directions indicate the building is off Broad Street. The listing falls within Philadelphia County/Parish. With the provided information, no additional unit count, layout details, or income/expense figures are specified in the remarks.
Key Highlights
- Apartment building for sale off Broad Street in Philadelphia (Philadelphia County/Or Parish: PHILADELPHIA).
- Year built: 1981.
- Central air cooling.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,189
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$943,780
$943.8K
Cap Rate 7%
$674,129
$674.1K
Cap Rate 9%
$524,322
$524.3K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$91.1K $30.36/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$85.8K $28.60/SF
− OpEx
−$38.6K −$12.87/SF
NOI
$47.2K $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 Rate 5%
$943,780
Cap Rate 7%
$674,129
Cap Rate 9%
$524,322
Alternative Uses
Best Use
Apartment 5plus
$674.1K
$589.9K – $786.5K
NOI $47,189 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 3.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Location Intelligence
Trade Area within ½ mile
25,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 19102, PA
7,568
Population
4,606
Households
1.6
Avg Household Size
32
Median Age
87%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
37,840
Density / Sq Mi
$114,844
Median Household Income
$79,552
Median Earnings
$2,249
Median Rent
$412,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - For sale apartment building located off Broad Street in Philadelphia.
Where is this apartment building located?
The property is located at 1423 Spruce St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: Apartment building for sale off Broad Street in Philadelphia (Philadelphia County/Or Parish: PHILADELPHIA).; Year built: 1981.; Central air cooling.
