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Renovated Multi-Unit Property in Rittenhouse
For Sale
$1,450,000

1831 SPRUCE Street, Philadelphia, PA 19103

MULTI_FAMILY - PHILADELPHIA, PA

Property Size2,448 SF
Lot Size0.02 Acres
Price / SF$592.32
Days on Market416

Property Features for 1831 SPRUCE Street

General Information

Property type Residential Multi Family
Property subtype Duplex
Rooms Basement
Parking features On Street
Interior features 2nd Kitchen, Additional Stairway, Built-Ins, Wet/Dry Bar, Wood Floors
Fireplace 1
Elementary school district PHILADELPHIA CITY
Middle school district PHILADELPHIA CITY
High school district PHILADELPHIA CITY
Standard status Active
Size 2,448 SF
Lot size 0.02 Acres

Taxes and HOA fees

Tax Annual Amount 11581

Utilities

Heating system Electric (Heating), Hot Water(Heating), Baseboard
Cooling system Central Air

Building Details

Year built 1912
Number of units 2
Building materials Masonry
Listing Agency: Kurfiss Sotheby's International Realty
Listed By: Cary Simons · License #RS295353
Added: Jun 13, 2025 Changed: Jul 28 Last Checked: Aug 2 at 5:06PM
MLS# PAPH2494546

Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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 3,000 square feet of flexible living space and has undergone over $900,000 in renovations and updates. Currently configured as a duplex, the building could be converted into a single-family residence. It features four floors of finished living space consisting of two bi-level units, each with outdoor space. Unit 1 includes one to two bedrooms and two full bathrooms. The main level features living space with a tray ceiling, custom built-ins, plantation shutters, Brazilian hardwood floors, cherry cabinets, a gas fireplace with marble surround, a wet bar and kitchenette, a bedroom, a full bathroom, and a slate patio. There is also a dressing area with vanity, a spacious closet with custom closet built-ins, and a washer and dryer. The lower level has 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, with a separate entrance leading to the patio. Unit 2 includes three to four bedrooms and two full bathrooms. The main level offers bamboo floors, an exposed brick wall, surround sound, a custom kitchen with cherry cabinets, granite countertops, porcelain backsplash, and stainless steel appliances. A den or bonus room with sliding glass doors leads to a shared deck. The upper level is configured with three bedrooms, custom California closet systems, a full bathroom, and laundry. The property is suitable for investors or owner-occupiers seeking rental income, multi-generational living, or an au pair suite. It is located near Rittenhouse Square and a short walk to the University of Penn Shuttle stop. The lot size is approximately 0.0238 acres. The property size is 2,448 square feet.

Key Highlights

  • Multi‑unit duplex configured as 2 bi‑level units across 4 floors of finished living space, each with outdoor space
  • Approximately 3,000 SF flexible living space; currently duplex but could be converted into a single‑family residence
  • Renovated with $900,000+ in renovations/updates, including work by Gardner Fox Architects and McCroubrey Overholser

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 authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Tanning Salon Clothing & Fashion Store Electrical Service Veterinary Clinic Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2
Residential units
Multi-tenant
Tenancy

Location Intelligence

Trade Area within ½ mile

18,587
Businesses Nearby

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

4% 2022
4.6% 2023
5.3% 2024
5.6% 2025
Rey
Questions? Ask Rey
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Frequently Asked Questions

What type of property is this?
Duplex - Masterfully renovated multi-unit property near Rittenhouse Square, Philadelphia.
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: Multi‑unit duplex configured as 2 bi‑level units across 4 floors of finished living space, each with outdoor space; Approximately 3,000 SF flexible living space; currently duplex but could be converted into a single‑family residence; Renovated with $900,000+ in renovations/updates, including work by Gardner Fox Architects and McCroubrey Overholser
More about this property
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