Approved CMX-5 Mixed-Use Development
1423 SPRUCE STREET Philadelphia, PA 19102
For Sale
$1,570,000
Approved CMX-5 site with an existing two-story brick building and a planned 7-story mixed-use project.
Property Size3,000 SF
Price / SF$523.33
Days on Market11
Property Features for 1423 SPRUCE STREET
General Information
- Standard status
- Active
- Size
- 3,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1981
Listing Agency:
Philly Real Estate
(215) 722-0800
Listed By:
Ming T Lo
(215) 722-0800
Source:
Cummingsrealtors
Added: Jul 15
Changed: Jul 25
Last Checked: Jul 25 at 10:25AM
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
Investment Insights
Based on property information with market context.
This offering is an approved CMX-5 mixed-use development site with an existing modern two-story brick building and four parking spaces. The approved project contemplates a 7-story mixed-use building totaling approximately 17,010.5 gross square feet, including 26 residential units (21 studio apartments and 5 one-bedroom apartments) and approximately 1,450 square feet of ground-floor commercial space. Plans include elevator service, bicycle storage, two exit stairs, front and rear access, and basement utility and storage areas. The approved design also provides roof-deck and roof-deck access structure, along with a rear parking or loading area subject to the approved plans; architectural and MEP plans are currently being finalized.
The site is located near Rittenhouse Square in Center City Philadelphia and is described as being close to Avenue of the Arts, Broad Street, Jefferson University and Jefferson Hospital, Pennsylvania Hospital, Washington Square West, Midtown Village, restaurants, shopping, offices, public transportation, and major Center City employers.
A buyer may continue operating the existing income-producing property while finalizing plans, permits, and financing, or proceed with construction of the approved development. The remarks state estimated market rent of approximately $5,800 per month for the ground-floor commercial space and $4,300 per month for the second floor, for a combined estimated rental income of approximately $10,100 per month, or $121,200 annually, before expenses and subject to buyer verification. The sale includes available zoning drawings, architectural plans, floor plans, elevations, massing materials, approvals, and due-diligence information upon request.
The site is located near Rittenhouse Square in Center City Philadelphia and is described as being close to Avenue of the Arts, Broad Street, Jefferson University and Jefferson Hospital, Pennsylvania Hospital, Washington Square West, Midtown Village, restaurants, shopping, offices, public transportation, and major Center City employers.
A buyer may continue operating the existing income-producing property while finalizing plans, permits, and financing, or proceed with construction of the approved development. The remarks state estimated market rent of approximately $5,800 per month for the ground-floor commercial space and $4,300 per month for the second floor, for a combined estimated rental income of approximately $10,100 per month, or $121,200 annually, before expenses and subject to buyer verification. The sale includes available zoning drawings, architectural plans, floor plans, elevations, massing materials, approvals, and due-diligence information upon request.
Key Highlights
- Approved CMX‑5 mixed‑use development site for a 7‑story project totaling approx. 17,010.5 gross SF
- Planned unit mix: 26 residential units—21 studio apartments and 5 one‑bedroom apartments
- Includes approx. 1,450 SF of ground‑floor commercial space plus elevator service, bicycle storage, and two exit stairs
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $91.1k | $30.36 |
| − Vacancy | −$5.3k | −$1.76 |
| EGI | $85.8k | $28.60 |
| − OpEx | −$38.6k | −$12.87 |
| NOI | $47.2k | $15.73 |
3,000 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$674.1K
$589.9K – $786.5K
NOI $47,189 @ 7.0% cap · market cap 3.01%
Second Best
Mixed Use
$509.1K
$445.5K – $594.0K
NOI $35,640 @ 7.0% cap · market cap 2.27%
Theoretical Best
Multifamily LT 5
$731.4K
$639.9K – $853.3K
NOI $51,195 @ 7.0% cap · market cap 3.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Storefront properties
FAQs
What type of property is this?
Mixed-use property - Approved CMX-5 site with an existing two-story brick building and a planned 7-story mixed-use project.
Where is this mixed-use property located?
The property is located at 1423 SPRUCE STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,570,000.
What are key features of this property?
This property features: Approved CMX‑5 mixed‑use development site for a 7‑story project totaling approx. 17,010.5 gross SF; Planned unit mix: 26 residential units—21 studio apartments and 5 one‑bedroom apartments; Includes approx. 1,450 SF of ground‑floor commercial space plus elevator service, bicycle storage, and two exit stairs
