Renovated Duplex with Outdoor
For Sale
$1,450,000
1831 SPRUCE ST, Philadelphia, PA 19103
Four finished levels contain two flexible bi-level residences with outdoor areas and separate entrances.
Property Size2,448 SF
Price / SF$592.32
Days on Market53
Property Features for 1831 SPRUCE ST
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Amenities
outdoor space
gas fireplace
custom built-ins
plantation shutters
washer/dryer
surround sound
custom closet systems
Building Details
Year Built
1912
Buildings
1
Stories
4
Listing Agency:
Kurfiss Sotheby's International Realty
(215) 794-3227
Listed By:
Cary Simons · License #RS295353
(484) 431-9019
Source:
Imanirealtors
Added: Jul 13
Changed: Sep 2
Last Checked: Sep 2 at 4:02AM
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 four-level duplex offers two bi-level residences with distinct layouts and multiple outdoor areas. The property was originally built in 1912 and underwent a full renovation involving Gardner Fox Architects and McCroubrey Overholser. Interior details include Brazilian hardwood and bamboo flooring, exposed brick, custom built-ins, cherry cabinetry, fireplaces, wet bars, kitchens, laundry areas, and substantial storage. Both residences include two full bathrooms, while bedroom configurations range from one to four bedrooms. Separate entrances create flexibility for guests, household members, or independent occupancy within the overall layout.
Located at 1831 Spruce St in Philadelphia, the property is steps from Rittenhouse Square and a four-minute walk from the University of Penn Shuttle stop at 20th and Locust. Rittenhouse Square amenities identified nearby include restaurants, cafes, a farmers market, and seasonal events. Access is also available from Manning St, adding another entry point to the building.
Located at 1831 Spruce St in Philadelphia, the property is steps from Rittenhouse Square and a four-minute walk from the University of Penn Shuttle stop at 20th and Locust. Rittenhouse Square amenities identified nearby include restaurants, cafes, a farmers market, and seasonal events. Access is also available from Manning St, adding another entry point to the building.
Key Highlights
- Two bi‑level residences across 4 floors of finished living space
- Originally built in 1912 and fully renovated with architectural design by Gardner Fox Architects and McCroubrey Overholser
- Bedroom configurations range from 1‑2 bedrooms in Unit 1 to 3‑4 bedrooms in Unit 2
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
$41,775
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
2.88%
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%
$835,500
$835.5K
Cap Rate 7%
$596,786
$596.8K
Cap Rate 9%
$464,167
$464.2K
Market Conditions
NOI Build-Up for 2,448 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
$63.2K $25.80/SF
− Vacancy
−$3.5K −$1.42/SF
EGI
$59.7K $24.38/SF
− OpEx
−$17.9K −$7.31/SF
NOI
$41.8K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$835,500
Cap Rate 7%
$596,786
Cap Rate 9%
$464,167
Alternative Uses
Best Use
Multifamily LT 5
$596.8K
$522.2K – $696.3K
NOI $41,775 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$550.1K
$481.3K – $641.8K
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
18,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Four finished levels contain two flexible bi-level residences with outdoor areas and separate entrances.
Where is this duplex located?
The property is located at 1831 SPRUCE ST 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: Two bi‑level residences across 4 floors of finished living space; Originally built in 1912 and fully renovated with architectural design by Gardner Fox Architects and McCroubrey Overholser; Bedroom configurations range from 1‑2 bedrooms in Unit 1 to 3‑4 bedrooms in Unit 2
