Historic Mixed-Use
1509 Spring Garden Street Philadelphia, PA 19130
For Sale
$674,900
Historic mixed-use building with RMX-1 zoning, combining residential income with commercial potential.
Property Size2,431 SF
Price / SF$277.62
Days on Market429
Property Features for 1509 Spring Garden Street
General Information
- Standard status
- Active
- Size
- 2,431 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1915
Listing Agency:
Compass Pennsylvania, LLC
(609) 744-6614
Listed By:
Brittany Moody
(609) 744-6614
Source:
Thetristaterealestategroup
Added: May 22, 2025
Changed: Jul 22
Last Checked: Jul 24 at 5:24AM
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 Compass Pennsylvania, LLC
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 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 | $73.8k | $30.36 |
| − Vacancy | −$4.3k | −$1.76 |
| EGI | $69.5k | $28.60 |
| − OpEx | −$31.3k | −$12.87 |
| NOI | $38.2k | $15.73 |
2,431 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$546.3K
$478.0K – $637.3K
NOI $38,238 @ 7.0% cap · market cap 5.67%
Second Best
Retail
$392.5K
$343.5K – $457.9K
NOI $27,476 @ 7.0% cap · market cap 4.07%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Milano Di Rouge
Clothing Store
FAQs
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
