Studio Residential Income
For Sale
$124,900
1601 SPRING GARDEN STREET Unit 502, Philadelphia, PA 19130
Fifth-floor studio condo with updated kitchen and bath, central air, and access to building amenities.
Property Size480 SF
Price / SF$260.21
Days on Market346
Property Features for 1601 SPRING GARDEN STREET Unit 502
General Information
Standard status
Active
Size
480 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Neighborhood
Center City
Units
Unit Mix
1 x studio
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,828
Amenities
front desk
fitness center
mail room
storage room
bike center
amazon storage room
pet friendly
in-unit washer/dryer
central air
Building Details
Building Size
480 SF
Year Built
1832
Listing Agency:
BHHS Fox & Roach-Center City Walnut
Listed By:
Donna M Santore · License #AB046660L
(215) 990-7042
Source:
Wagnerrealestate
Added: Nov 25, 2025
Changed: Nov 2
Last Checked: Nov 5 at 10:38AM
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
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Investment Insights
Based on property information with market context.
This 480-square-foot studio condominium occupies the fifth floor of a building constructed in 1832. The unit has a foyer, high ceilings, an extended window, closet space, and a three-piece ceramic-tile bathroom. Its kitchen features upper and lower cabinets, counter space, and upgraded appliances; the layout also includes a sleeping nook. Newer flooring, washer and dryer, central air, and hot water systems are in place.
Building amenities include a fitness center, mail room, bicycle area, package storage, and front desk support from 8 a.m. to 8 p.m. daily. The property is pet-friendly, and additional storage is available to rent. The building is in Philadelphia’s Art Museum neighborhood, near museums, restaurants, parks, transportation, and Community College.
Building amenities include a fitness center, mail room, bicycle area, package storage, and front desk support from 8 a.m. to 8 p.m. daily. The property is pet-friendly, and additional storage is available to rent. The building is in Philadelphia’s Art Museum neighborhood, near museums, restaurants, parks, transportation, and Community College.
Key Highlights
- 480‑square‑foot studio condo on the fifth floor
- Building constructed in 1832
- Updated kitchen with upper and lower cabinetry, counter space, and upgraded appliances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,550
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$151,000
$151.0K
Cap Rate 7%
$107,857
$107.9K
Cap Rate 9%
$83,889
$83.9K
Market Conditions
NOI Build-Up for 480 SF
Gross rent
$14.6K $30.36/SF
− Vacancy
−$845 −$1.76/SF
EGI
$13.7K $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 Rate 5%
$151,000
Cap Rate 7%
$107,857
Cap Rate 9%
$83,889
Alternative Uses
Best Use
Apartment 5plus
$107.9K
$94.4K – $125.8K
NOI $7,550 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$117.0K
$102.4K – $136.5K
NOI $8,191 @ 7.0% cap · market cap 6.56%
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 - Fifth-floor studio condo with updated kitchen and bath, central air, and access to building amenities.
Where is this residential income property located?
The property is located at 1601 SPRING GARDEN STREET Unit 502 Philadelphia, PA.
What is the asking price?
The asking price for this property is $124,900.
What are key features of this property?
This property features: 480‑square‑foot studio condo on the fifth floor; Building constructed in 1832; Updated kitchen with upper and lower cabinetry, counter space, and upgraded appliances
