Second-Floor Office
For Sale
Contact for pricing
1423 SPRUCE STREET, Philadelphia, PA 19102
Office space with dedicated rear parking in Philadelphia’s Center City business district.
Property Size1,500 SF
Price / SF$2.50
Days on Market74
Property Features for 1423 SPRUCE STREET
General Information
Standard status
Active
Size
1,500 SF
Total Parking Spaces
3
Property subtype
Commercial
Additional Details
Floor
Second Floor
Public Transit
Yes
Building Details
Year Built
1981
Listing Agency:
Philly Real Estate
Listed By:
Ming T Lo · License #RS292653
(215) 722-0800
Source:
Cummingsrealtors
Added: Aug 7
Changed: Oct 16
Last Checked: Oct 16 at 9:37AM
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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Investment Insights
Based on property information with market context.
This second-floor office unit contains 1,500 square feet within a building constructed in 1981. A rear parking lot accommodates two to three cars, adding on-site convenience for an office user in a dense urban setting.
The property is near Broad Street and one block from a major subway station, with access to Center City’s established office, residential, retail, restaurant, and service environment. The surrounding area includes office buildings and residential high-rises, placing the space within an active commercial corridor. The configuration is suited to professional office operations, including legal, medical, consulting, creative, and boutique business uses as identified for the property.
The property is near Broad Street and one block from a major subway station, with access to Center City’s established office, residential, retail, restaurant, and service environment. The surrounding area includes office buildings and residential high-rises, placing the space within an active commercial corridor. The configuration is suited to professional office operations, including legal, medical, consulting, creative, and boutique business uses as identified for the property.
Key Highlights
- 1,500 SF second‑floor office unit
- Rear parking lot accommodates two to three cars
- Constructed in 1981
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,739
Suggested Prices Based on Cap Rates
Cap Rate 5%
$394,780
$394.8K
Cap Rate 7%
$281,986
$282.0K
Cap Rate 9%
$219,322
$219.3K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$32.9K $21.96/SF
− Vacancy
−$6.6K −$4.41/SF
EGI
$26.3K $17.55/SF
− OpEx
−$6.6K −$4.39/SF
NOI
$19.7K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$394,780
Cap Rate 7%
$281,986
Cap Rate 9%
$219,322
Alternative Uses
Best Use
Office B
$282.0K
$246.7K – $329.0K
NOI $19,739 @ 7.0% cap · market cap 526.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$365.7K
$320.0K – $426.6K
NOI $25,597 @ 7.0% cap · market cap 682.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Office units - Office space with dedicated rear parking in Philadelphia’s Center City business district.
Where is this office units located?
The property is located at 1423 SPRUCE STREET Philadelphia, PA.
What are key features of this property?
This property features: 1,500 SF second‑floor office unit; Rear parking lot accommodates two to three cars; Constructed in 1981
