Studio Residential Income
For Sale
$120,000
1601 SPRING GARDEN STREET Unit 402, Philadelphia, PA 19130
Vacant condominium unit with updated finishes, full appliance package, and owner-occupancy requirements.
Property Size482 SF
Days on Market154
Property Features for 1601 SPRING GARDEN STREET Unit 402
General Information
Standard status
Active
Size
482 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,038
Amenities
Washer
Dryer
Refrigerator
Dishwasher
Microwave Oven
Building Details
Building Size
482 SF
Year Built
1832
Listing Agency:
BHHS Fox & Roach-Center City Walnut
(267) 972-3056
Listed By:
Thomas A Reichner · License #RS-163894-L
(267) 972-3056
Source:
Patmckennarealtors
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 4:48PM
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 BHHS Fox & Roach-Center City Walnut
Investment Insights
Based on property information with market context.
This studio condominium is vacant and configured for immediate owner occupancy. The unit has been freshly painted and includes new wall-to-wall carpeting, a washer, dryer, refrigerator, dishwasher, and microwave oven. The building dates to 1832, providing a historic residential setting.
Public transportation, regional highway access, and shopping are nearby. Walk Score is 95, Transit Score is 85, and Bikeable Score is 84. Condominium management does not permit the unit to be rented, so ownership is limited to occupants who will use the residence themselves.
Public transportation, regional highway access, and shopping are nearby. Walk Score is 95, Transit Score is 85, and Bikeable Score is 84. Condominium management does not permit the unit to be rented, so ownership is limited to occupants who will use the residence themselves.
Key Highlights
- Vacant studio condominium offered for owner occupancy
- Washer, dryer, refrigerator, dishwasher, and microwave included
- Fresh paint and new wall‑to‑wall carpeting
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
$7,582
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
6.32%
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%
$151,640
$151.6K
Cap Rate 7%
$108,314
$108.3K
Cap Rate 9%
$84,244
$84.2K
Market Conditions
NOI Build-Up for 482 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
$14.6K $30.36/SF
− Vacancy
−$849 −$1.76/SF
EGI
$13.8K $28.60/SF
− OpEx
−$6.2K −$12.87/SF
NOI
$7.6K $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%
$151,640
Cap Rate 7%
$108,314
Cap Rate 9%
$84,244
Alternative Uses
Best Use
Apartment 5plus
$108.3K
$94.8K – $126.4K
NOI $7,582 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$117.5K
$102.8K – $137.1K
NOI $8,225 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Vacant condominium unit with updated finishes, full appliance package, and owner-occupancy requirements.
Where is this residential income property located?
The property is located at 1601 SPRING GARDEN STREET Unit 402 Philadelphia, PA.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Vacant studio condominium offered for owner occupancy; Washer, dryer, refrigerator, dishwasher, and microwave included; Fresh paint and new wall‑to‑wall carpeting
