Top-Floor Corner Residential
For Sale
$190,000
1601 SPRING GARDEN STREET Unit 508, Philadelphia, PA 19130
The 537-square-foot residence is currently tenant occupied.
Property Size537 SF
Price / SF$353.82
Days on Market83
Property Features for 1601 SPRING GARDEN STREET Unit 508
General Information
Standard status
Active
Size
537 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Public Transit
Yes
Additional Details
Multifamily Units
1
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$2,445
Amenities
in-unit washer/dryer
smart home features
Building Details
Building Size
537 SF
Year Built
1832
Tenancy
Single
Listing Agency:
JG Real Estate LLC
Listed By:
Yadira Toledo · License #RS338110
(215) 313-1512
Source:
Wagnerrealestate
Added: Aug 14
Changed: Nov 2
Last Checked: Nov 3 at 8:58AM
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 JG Real Estate LLC
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Investment Insights
Based on property information with market context.
Located on the top floor of The Colonnade, this 537-square-foot corner residence has a one-bedroom layout, an open living area and a galley kitchen. The kitchen is equipped with shaker cabinetry, quartz counters, stainless steel appliances and a breakfast bar. The full bathroom includes a tiled stall shower and a stacked washer and dryer. Built-in bedroom storage and smart-home controls are among the additional interior features.
The property is at 1601 Spring Garden Street in Philadelphia’s Spring Garden neighborhood, with Center City, transit, dining, parks and shopping described as nearby. The residence is currently tenant occupied. The listed year built is 1832.
The property is at 1601 Spring Garden Street in Philadelphia’s Spring Garden neighborhood, with Center City, transit, dining, parks and shopping described as nearby. The residence is currently tenant occupied. The listed year built is 1832.
Key Highlights
- Top‑floor corner residence at The Colonnade
- 537‑square‑foot, one‑bedroom layout
- Galley kitchen with quartz counters, stainless steel appliances and bar seating
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$8,447
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$168,940
$168.9K
Cap Rate 7%
$120,671
$120.7K
Cap Rate 9%
$93,856
$93.9K
Market Conditions
NOI Build-Up for 537 SF
Gross rent
$16.3K $30.36/SF
− Vacancy
−$946 −$1.76/SF
EGI
$15.4K $28.60/SF
− OpEx
−$6.9K −$12.87/SF
NOI
$8.4K $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 Rate 5%
$168,940
Cap Rate 7%
$120,671
Cap Rate 9%
$93,856
Alternative Uses
Best Use
Apartment 5plus
$120.7K
$105.6K – $140.8K
NOI $8,447 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$130.9K
$114.6K – $152.7K
NOI $9,164 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,435
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - The 537-square-foot residence is currently tenant occupied.
Where is this residential income property located?
The property is located at 1601 SPRING GARDEN STREET Unit 508 Philadelphia, PA.
What is the asking price?
The asking price for this property is $190,000.
What are key features of this property?
This property features: Top‑floor corner residence at The Colonnade; 537‑square‑foot, one‑bedroom layout; Galley kitchen with quartz counters, stainless steel appliances and bar seating
