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Rittenhouse Square Renovated Multi-Unit Property

1831 Spruce Street Philadelphia, PA 19103

1831 Spruce Street, Philadelphia, PA, 19103
$1,450,000
For Sale
$1,450,000

Masterfully renovated multi-unit property in the heart of Rittenhouse Square.

Property Size2,448 SF
Price / SF$592.32
Days on Market429

Property Features for 1831 Spruce Street

General Information

Standard status
Active
Size
2,448 SF
Property subtype
Multi-Family / Fee Simple

Building Details

Year Built
1800
Listing agency Kurfiss Sotheby's International Realty
Listed by Cary Simons · License #RS295353
Source Compass
Added: May 21, 2025 Updated: Jul 10 at 12:19PM Checked: Jul 22 at 11:27AM

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 Kurfiss Sotheby's International Realty


Investment Insights

Based on property information with market context.

This renovated multi-unit property, originally built in 1912, is located in the heart of Rittenhouse Square. The property offers approximately 3,000SF of flexible living space. The building is currently configured as a duplex, but could be converted into a single family residence. There are 4 floors of finished living space consisting of 2 bi-level units, each with outdoor space. Unit 1 features 1-2 bedrooms and 2 full bathrooms. The main level includes a living space with a tray ceiling, custom built-ins, plantation shutters, Brazilian hardwood floors, cherry cabinets, a gas fireplace with marble surround, wet bar and kitchenette, a bedroom, a full bathroom and a slate patio. There is also a dressing area with vanity and adjacent make-up vanity, spacious closet with custom closet built-ins, washer and dryer. The lower level features exposed brick, a living room area, a full bathroom and a kitchen space. This level has a laundry hook-up, cedar closet and additional storage. There is a separate entrance for this level that leads to the patio. This property can also be accessed from Manning St. Unit 2 features 3-4 bedrooms and 2 full bathrooms. The main level offers Bamboo floors, exposed brick wall, surround sound, a custom kitchen with cherry cabinets, granite countertops, porcelain back splash and stainless steel appliances. Located just beyond the kitchen is a den / bonus room with sliding glass doors that lead to a shared deck. The upper level is configured with 3 bedrooms, custom California closet systems and a full bathroom and laundry. The property is located steps from Rittenhouse Square and a 4-minute walk to the University of Penn Shuttle stop located at 20th and Locust. The property is located in Philadelphia County, MLS Area 19103, and the school district is PHILADELPHIA CITY.

Key Highlights

  • Prime Rittenhouse Square location, steps from restaurants, cafes, and events.
  • Masterfully renovated with over $900,000 in updates.
  • Flexible multi‑unit (duplex) easily convertible to single‑family.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $63.2k $25.80
− Vacancy −$3.5k −$1.42
EGI $59.7k $24.38
− OpEx −$17.9k −$7.31
NOI $41.8k $17.06
2,448 SF · lease $25.80/SF/yr · vacancy 5.51% · expense 30.00%

Alternative Uses

Best Use
Multifamily LT 5
$596.8K
$522.2K – $696.3K (±1% cap)
NOI $41,775 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$550.1K
$481.3K – $641.8K (±1% cap)
NOI $38,506 @ 7.0% cap · market cap 2.66%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Duplexes

Suggested Use

(Bike/Boat/Book/etc) Store Tanning Salon Clothing & Fashion Store Electrical Service Veterinary Clinic Butcher Tattoo & Piercing Shop Pet Grooming Service Adult Day Care Florist

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Duplex - Masterfully renovated multi-unit property in the heart of Rittenhouse Square.
Where is this duplex located?
The property is located at 1831 Spruce Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Prime Rittenhouse Square location, steps from restaurants, cafes, and events.; Masterfully renovated with over $900,000 in updates.; Flexible multi‑unit (duplex) easily convertible to single‑family.
Contact an agent
More about this property
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