Historic Two-Unit
For Sale
$989,000
Pending
1833 Spruce Street, Philadelphia, PA 19103
Updated interiors feature private outdoor areas, stainless-steel kitchens, and laundry in each residence.
Property Size2,448 SF
Days on Market346
Property Features for 1833 Spruce Street
General Information
Standard status
Pending
Size
2,448 SF
Property subtype
Multi-Family / Fee Simple
Zoning
RM4
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,581
Amenities
laundry
private outdoor space
No
No Pool
Above Grade, Below Grade
Building Details
Year Built
1800
Buildings
1
Listing Agency:
OCF Realty LLC
(215) 600-1732
Listed By:
Mike Goldstein · License #AB068856
(215) 600-1732
Source:
Compass
Added: Sep 18, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:17PM
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
Investment Insights
Based on property information with market context.
This historic duplex contains 2,448 square feet across two residences, combining preserved architectural character with updated interior systems and finishes. One home offers 2 bedrooms and 2 bathrooms on a single level, while the second is arranged over two levels with 3 bedrooms and 2.5 bathrooms. Hardwood flooring, tall ceilings, stainless-steel kitchen appliances, laundry, and private outdoor space are featured across the residences. The larger unit includes a primary suite with a walk-in closet and full bathroom.
Built in 1800, the property retains its original façade and architectural details. It is located at 1833 Spruce Street in Philadelphia’s 19103 area, one block from Rittenhouse Square Park and near Parc, Borromini, Vernick, The Love, cafés, and shops. The property is zoned RM4 and falls within the School District of Philadelphia.
Built in 1800, the property retains its original façade and architectural details. It is located at 1833 Spruce Street in Philadelphia’s 19103 area, one block from Rittenhouse Square Park and near Parc, Borromini, Vernick, The Love, cafés, and shops. The property is zoned RM4 and falls within the School District of Philadelphia.
Key Highlights
- 2,448‑square‑foot duplex with 2 residences
- Unit mix includes 2 bedrooms/2 bathrooms and 3 bedrooms/2.5 bathrooms
- Original façade and architectural details dating to 1800
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
4.22%
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 4.22%
Second Best
Apartment 5plus
$550.1K
$481.3K – $641.8K
NOI $38,506 @ 7.0% cap · market cap 3.89%
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 - Updated interiors feature private outdoor areas, stainless-steel kitchens, and laundry in each residence.
Where is this duplex located?
The property is located at 1833 Spruce Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: 2,448‑square‑foot duplex with 2 residences; Unit mix includes 2 bedrooms/2 bathrooms and 3 bedrooms/2.5 bathrooms; Original façade and architectural details dating to 1800
