Bi-Level Residential Income
For Sale
$499,500
1903 SPRUCE STREET Unit 2C, Philadelphia, PA 19103
Updated city residence with flexible living space, in-unit laundry, and private basement storage near Rittenhouse Square.
Property Size1,015 SF
Days on Market60
Property Features for 1903 SPRUCE STREET Unit 2C
General Information
Standard status
Active
Size
1,015 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
wood-burning fireplace
in-unit washer/dryer
basement storage
stainless steel appliances
Building Details
Building Size
1,015 SF
Year Built
1900
Listing Agency:
Compass Pennsylvania, LLC
(215) 570-6768
Listed By:
Deannah Shaheen · License #RS344948
(215) 570-6768
Source:
Patmckennarealtors
Added: Jun 7
Changed: Jul 31
Last Checked: Aug 5 at 4:42AM
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 Compass Pennsylvania, LLC
Investment Insights
Based on property information with market context.
Built in 1900, this bi-level residential income property offers a flexible two-bedroom, two-bathroom layout with a main-level bedroom and full bathroom, plus a private upstairs primary suite. The open living and dining area features hardwood floors and a wood-burning fireplace. The modern kitchen includes white cabinetry, quartz countertops, a subway tile backsplash, and stainless steel appliances. Both bathrooms have been newly renovated, and the property includes an in-unit washer and dryer along with bonus basement storage.
Located on Spruce Street in Philadelphia’s Rittenhouse Square area, the property is within a few steps of dining, shopping, and Rittenhouse Square Park.
Located on Spruce Street in Philadelphia’s Rittenhouse Square area, the property is within a few steps of dining, shopping, and Rittenhouse Square Park.
Key Highlights
- Bi‑level layout with 2 bedrooms and 2 bathrooms
- Main‑level bedroom and full bathroom provide flexible use
- Private upstairs primary suite separated from the living area
Financial Insights For Apartment 5plus
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 | $30.8k | $30.36 |
| − Vacancy | −$1.8k | −$1.76 |
| EGI | $29.0k | $28.60 |
| − OpEx | −$13.1k | −$12.87 |
| NOI | $16.0k | $15.73 |
1,015 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$228.1K
$199.6K – $266.1K
NOI $15,965 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$247.4K
$216.5K – $288.7K
NOI $17,321 @ 7.0% cap · market cap 3.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated city residence with flexible living space, in-unit laundry, and private basement storage near Rittenhouse Square.
Where is this residential income property located?
The property is located at 1903 SPRUCE STREET Unit 2C Philadelphia, PA.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: Bi‑level layout with 2 bedrooms and 2 bathrooms; Main‑level bedroom and full bathroom provide flexible use; Private upstairs primary suite separated from the living area
