Mezzanine-Level Residential Income
For Sale
$195,000
1601 SPRING GARDEN STREET Unit M114, Philadelphia, PA 19130
Central air, in-unit laundry, and on-site management serve this residence within a secured building.
Property Size682 SF
Price / SF$285.92
Days on Market90
Property Features for 1601 SPRING GARDEN STREET Unit M114
General Information
Standard status
Active
Size
682 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,910
Amenities
fitness center
bike room
additional basement storage
professional on-site management
24-hour security
secure mail room with Amazon Hub lockers
Building Details
Building Size
682 SF
Year Built
1932
Listing Agency:
Compass Pennsylvania, LLC
Listed By:
Eli Qarkaxhia · License #RS311277
(215) 774-5782
Source:
Wagnerrealestate
Added: Aug 7
Changed: Nov 2
Last Checked: Nov 3 at 9:01AM
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
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Investment Insights
Based on property information with market context.
This mezzanine-level residence is part of The Colonnade, a 1932 building. The unit features 12-foot ceilings, oversized windows, recessed lighting, and storage in both the bedroom and living area. A new HVAC system was installed in 2025; central air, a smart thermostat, and an in-unit washer and dryer are also included.
Building amenities include elevator access, a fitness center, a bike room, basement storage, professional on-site management, 24-hour security, and a secure mail room with Amazon Hub lockers. The community allows pets. The building is near several long-term parking garages, Giant, Whole Foods, Target, Green Street Dog Park, and Retro Fitness. A SEPTA Route 43 stop is outside the building, and the Broad Street Line is nearby.
Building amenities include elevator access, a fitness center, a bike room, basement storage, professional on-site management, 24-hour security, and a secure mail room with Amazon Hub lockers. The community allows pets. The building is near several long-term parking garages, Giant, Whole Foods, Target, Green Street Dog Park, and Retro Fitness. A SEPTA Route 43 stop is outside the building, and the Broad Street Line is nearby.
Key Highlights
- Mezzanine‑level unit with 12‑foot ceilings
- New HVAC system installed in 2025
- Oversized windows, recessed lighting, and storage in the bedroom and living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,728
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$214,560
$214.6K
Cap Rate 7%
$153,257
$153.3K
Cap Rate 9%
$119,200
$119.2K
Market Conditions
NOI Build-Up for 682 SF
Gross rent
$20.7K $30.36/SF
− Vacancy
−$1.2K −$1.76/SF
EGI
$19.5K $28.60/SF
− OpEx
−$8.8K −$12.87/SF
NOI
$10.7K $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%
$214,560
Cap Rate 7%
$153,257
Cap Rate 9%
$119,200
Alternative Uses
Best Use
Apartment 5plus
$153.3K
$134.1K – $178.8K
NOI $10,728 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$166.3K
$145.5K – $194.0K
NOI $11,638 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
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 - Central air, in-unit laundry, and on-site management serve this residence within a secured building.
Where is this residential income property located?
The property is located at 1601 SPRING GARDEN STREET Unit M114 Philadelphia, PA.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Mezzanine‑level unit with 12‑foot ceilings; New HVAC system installed in 2025; Oversized windows, recessed lighting, and storage in the bedroom and living area
