Approved CMX-5 Mixed-Use Development
For Sale
$1,499,900
1423 SPRUCE STREET, Philadelphia, PA 19102
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$499.97
Days on Market81
Property Features for 1423 SPRUCE STREET
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
CMX-5
Building Details
Year Built
1981
Stories
2
Construction
brick
Listing Agency:
Philly Real Estate
Listed By:
Ming T Lo
(215) 722-0800
Source:
Cummingsrealtors
Added: Jun 21
Changed: Sep 9
Last Checked: Sep 9 at 6:23AM
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
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
$47,189
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
3.15%
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%
$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
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
$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 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%
$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
Mixed Use
$509.1K
$445.5K – $594.0K
NOI $35,640 @ 7.0% cap · market cap 2.38%
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.
Property Analytics
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Current Use
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
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 $1,499,900.
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
