Renovated Residential Income
For Sale
$159,900
1601 SPRING GARDEN STREET Unit 318, Philadelphia, PA 19130
Efficient one-bedroom residence with updated finishes, high ceilings, hardwood flooring, and building amenities.
Property Size392 SF
Price / SF$407.91
Days on Market336
Property Features for 1601 SPRING GARDEN STREET Unit 318
General Information
Standard status
Active
Size
392 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Furnished
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,127
Amenities
24-hour security
concierge services
basement storage
exercise room
bike storage
Building Details
Building Size
392 SF
Year Built
1832
Listing Agency:
Real of Pennsylvania
Listed By:
Sabina Sultanova · License #RS359819
(267) 981-9428
Source:
Patmckennarealtors
Added: Oct 9, 2025
Changed: Sep 6
Last Checked: Sep 8 at 10:21AM
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 Real of Pennsylvania
Investment Insights
Based on property information with market context.
This 392-square-foot residential income property includes one bedroom, one bathroom, a renovated kitchen, and a refreshed full hall bathroom. The open layout features 12-foot ceilings and hardwood floors, while the kitchen is equipped with an electric stove, dishwasher, refrigerator, and breakfast bar. Furniture and furnishings currently in the residence convey with the sale.
The property is located at 1601 Spring Garden Street in Philadelphia’s Art Museum area, near the Philadelphia Museum of Art, Barnes Museum, Ben Franklin Parkway, Kelly Drive, and Boathouse Row. The Colonnade provides 24-hour security, concierge service, elevator access, basement storage, an exercise room, and bike storage. The building also welcomes pets and offers access to public transportation, shopping, restaurants, and cultural destinations.
The property is located at 1601 Spring Garden Street in Philadelphia’s Art Museum area, near the Philadelphia Museum of Art, Barnes Museum, Ben Franklin Parkway, Kelly Drive, and Boathouse Row. The Colonnade provides 24-hour security, concierge service, elevator access, basement storage, an exercise room, and bike storage. The building also welcomes pets and offers access to public transportation, shopping, restaurants, and cultural destinations.
Key Highlights
- 392‑square‑foot one‑bedroom, one‑bathroom residence
- Renovated kitchen and full hall bathroom
- 12‑foot ceilings and hardwood floors
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
$6,166
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
3.86%
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%
$123,320
$123.3K
Cap Rate 7%
$88,086
$88.1K
Cap Rate 9%
$68,511
$68.5K
Market Conditions
NOI Build-Up for 392 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
$11.9K $30.36/SF
− Vacancy
−$690 −$1.76/SF
EGI
$11.2K $28.60/SF
− OpEx
−$5.0K −$12.87/SF
NOI
$6.2K $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%
$123,320
Cap Rate 7%
$88,086
Cap Rate 9%
$68,511
Alternative Uses
Best Use
Apartment 5plus
$88.1K
$77.1K – $102.8K
NOI $6,166 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$95.6K
$83.6K – $111.5K
NOI $6,689 @ 7.0% cap · market cap 4.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,435
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Efficient one-bedroom residence with updated finishes, high ceilings, hardwood flooring, and building amenities.
Where is this residential income property located?
The property is located at 1601 SPRING GARDEN STREET Unit 318 Philadelphia, PA.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: 392‑square‑foot one‑bedroom, one‑bathroom residence; Renovated kitchen and full hall bathroom; 12‑foot ceilings and hardwood floors
