Elevator Residential Income
New
For Sale
$625,000
1904 SPRING GARDEN STREET Unit 10, Philadelphia, PA 19130
Third-floor condominium residence with two private outdoor spaces and covered deeded garage parking.
Property Size1,169 SF
Days on Market3
Property Features for 1904 SPRING GARDEN STREET Unit 10
General Information
Standard status
Active
Size
1,169 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,327
Amenities
in-unit laundry
private storage locker
video intercom entry
private balcony
Juliet balcony
Building Details
Building Size
1,169 SF
Year Built
2007
Listing Agency:
Keller Williams Main Line
Listed By:
Erin E Rigo · License #RS342731
(267) 606-3318
Source:
Patmckennarealtors
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 20 at 11:08AM
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 Keller Williams Main Line
Investment Insights
Based on property information with market context.
The Sedgeley is a professionally managed condominium completed in 2007, with elevator service and secure entry. This third-floor residence offers two bedrooms and two full bathrooms within an open living and dining arrangement. Floor-to-ceiling sliding glass doors connect the interior to a private balcony with skyline views, while a second outdoor space extends the bedroom area. Interior features include bamboo hardwood flooring, fresh paint, an open kitchen with stainless steel Bosch appliances, pendant lighting, extensive cabinetry, and generous counter space. The primary suite includes substantial closet storage, a Juliet balcony, and an ensuite bathroom with an oversized walk-in shower. A second bedroom and hall bathroom with a tub and shower provide additional flexibility.
The property also includes in-unit laundry, a private storage locker, video intercom entry, and one covered, deeded, gated garage parking space near the elevator. Walkable destinations named in the property information include Whole Foods, Trader Joe's, the Barnes Foundation, Philadelphia Museum of Art, Kelly Drive, Boathouse Row, the Schuylkill River Trail, Fairmount Park, and nearby restaurants and cafes. Center City, major highways, and public transportation are also described as accessible from the property.
The property also includes in-unit laundry, a private storage locker, video intercom entry, and one covered, deeded, gated garage parking space near the elevator. Walkable destinations named in the property information include Whole Foods, Trader Joe's, the Barnes Foundation, Philadelphia Museum of Art, Kelly Drive, Boathouse Row, the Schuylkill River Trail, Fairmount Park, and nearby restaurants and cafes. Center City, major highways, and public transportation are also described as accessible from the property.
Key Highlights
- Two‑bedroom, two‑bath third‑floor condominium residence
- Professionally managed elevator building completed in 2007
- Private balcony and Juliet balcony with skyline views
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
$18,388
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
2.94%
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%
$367,760
$367.8K
Cap Rate 7%
$262,686
$262.7K
Cap Rate 9%
$204,311
$204.3K
Market Conditions
NOI Build-Up for 1,169 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
$35.5K $30.36/SF
− Vacancy
−$2.1K −$1.76/SF
EGI
$33.4K $28.60/SF
− OpEx
−$15.0K −$12.87/SF
NOI
$18.4K $15.73/SF
Area
Philadelphia, PA
Vacancy
5.80%
Lease Rate
$30.36 /SF/Yr
Expense Ratio
45.00%
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%
$367,760
Cap Rate 7%
$262,686
Cap Rate 9%
$204,311
Alternative Uses
Best Use
Apartment 5plus
$262.7K
$229.9K – $306.5K
NOI $18,388 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$285.0K
$249.4K – $332.5K
NOI $19,949 @ 7.0% cap · market cap 3.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,868
Businesses Nearby
Explore this area
Business Placement
Demographics for 19130, PA
31,477
Population
18,178
Households
1.7
Avg Household Size
34
Median Age
78%
College-Educated
98%
High-School Grad
1.2 sq mi
ZIP Area
26,231
Density / Sq Mi
$110,436
Median Household Income
$76,051
Median Earnings
$1,836
Median Rent
$483,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor condominium residence with two private outdoor spaces and covered deeded garage parking.
Where is this residential income property located?
The property is located at 1904 SPRING GARDEN STREET Unit 10 Philadelphia, PA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath third‑floor condominium residence; Professionally managed elevator building completed in 2007; Private balcony and Juliet balcony with skyline views
