One-Bedroom Residential Income
For Sale
$139,900
1601 SPRING GARDEN STREET Unit 208, Philadelphia, PA 19130
First-floor residence with hardwood flooring, natural light, in-unit laundry, and access to building amenities.
Property Size537 SF
Price / SF$237.12
Days on Market413
Property Features for 1601 SPRING GARDEN STREET Unit 208
General Information
Standard status
Active
Size
537 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,203
Amenities
concierge services
front desk security
atrium lobby
fitness center
in-unit washer and dryer
hardwood floors
additional storage
Building Details
Building Size
537 SF
Year Built
1832
Listing Agency:
OCF Realty LLC - Philadelphia
Listed By:
Gregg Kravitz · License #RS303432
(215) 353-7762
Source:
Patmckennarealtors
Added: Jul 23, 2025
Changed: Sep 3
Last Checked: Sep 7 at 6:45AM
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 OCF Realty LLC - Philadelphia
Investment Insights
Based on property information with market context.
Set within the historic Colonnade building, this approximately 590-square-foot first-floor residence offers a one-bedroom layout with high ceilings, abundant windows, and hardwood flooring. The kitchen connects visually to the living room and includes granite countertops and stainless-steel features. A walk-in bedroom closet, hallway storage, built-in bathroom cabinetry, and an in-unit washer and dryer add practical functionality. Basement storage is also included.
The 1832 building provides concierge service, front desk security, an atrium lobby, a fitness center, and pet-friendly accommodations. The property offers access to Broad Street, I-676, and the Ben Franklin Parkway, with local universities, Boathouse Row, and the Art Museum nearby.
The 1832 building provides concierge service, front desk security, an atrium lobby, a fitness center, and pet-friendly accommodations. The property offers access to Broad Street, I-676, and the Ben Franklin Parkway, with local universities, Boathouse Row, and the Art Museum nearby.
Key Highlights
- Approximately 590 square feet in the largest one‑bedroom layout in the building
- First‑floor unit with high ceilings and abundant windows
- Granite kitchen countertops with stainless‑steel features
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
$9,280
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
6.63%
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%
$185,600
$185.6K
Cap Rate 7%
$132,571
$132.6K
Cap Rate 9%
$103,111
$103.1K
Market Conditions
NOI Build-Up for 590 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
$17.9K $30.36/SF
− Vacancy
−$1.0K −$1.76/SF
EGI
$16.9K $28.60/SF
− OpEx
−$7.6K −$12.87/SF
NOI
$9.3K $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%
$185,600
Cap Rate 7%
$132,571
Cap Rate 9%
$103,111
Alternative Uses
Best Use
Apartment 5plus
$132.6K
$116.0K – $154.7K
NOI $9,280 @ 7.0% cap · market cap 6.63%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$143.8K
$125.9K – $167.8K
NOI $10,068 @ 7.0% cap · market cap 7.20%
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
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor residence with hardwood flooring, natural light, in-unit laundry, and access to building amenities.
Where is this residential income property located?
The property is located at 1601 SPRING GARDEN STREET Unit 208 Philadelphia, PA.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Approximately 590 square feet in the largest one‑bedroom layout in the building; First‑floor unit with high ceilings and abundant windows; Granite kitchen countertops with stainless‑steel features
