10-Unit Renovated Apartment
For Sale
Contact for pricing
1933 SPRUCE ST, Philadelphia, PA 19103
Fully leased multifamily asset with a diversified unit mix in Philadelphia’s Rittenhouse Square area.
Property Size6,627 SF
Price / SF$513.05
Days on Market126
Property Features for 1933 SPRUCE ST
General Information
Standard status
Active
Size
6,627 SF
Property subtype
Multifamily
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
minimal deferred maintenance
Units
Unit Mix
2 x studio, 2 x 2BR/2BA, 6 x 1BR/1BA
Multifamily Units
10
Additional Details
Road Access
Yes
Building Details
Year Built
1860
Stories
3
Units
1
Listing Agency:
The Oceanside Realty Team
Listed By:
PHL · License #Pennsylvania RS316262
Source:
Crexi
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 3:12AM
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 The Oceanside Realty Team
Investment Insights
Based on property information with market context.
This apartment building contains 6,627 square feet and was built in 1860. The property includes 10 renovated apartments with a balanced configuration: two studio units, six one-bedroom, one-bath units, and two two-bedroom, two-bath units. All apartments are fully leased, and the building is described as having minimal deferred maintenance.
The property occupies the corner of 20th and Spruce Streets at 1933-5 Spruce Street in Philadelphia. Rittenhouse Square Park is approximately 1.5 blocks away, while dining, shopping, and nightlife destinations are within walking distance. The asset’s urban setting and established apartment configuration support its positioning as a multifamily property in the Rittenhouse Square area.
The property occupies the corner of 20th and Spruce Streets at 1933-5 Spruce Street in Philadelphia. Rittenhouse Square Park is approximately 1.5 blocks away, while dining, shopping, and nightlife destinations are within walking distance. The asset’s urban setting and established apartment configuration support its positioning as a multifamily property in the Rittenhouse Square area.
Key Highlights
- 10 apartments totaling 6,627 square feet
- Unit mix includes 2 studios, 6 one‑bedroom/one‑bath, and 2 two‑bedroom/two‑bath units
- Renovated apartments with all units fully leased
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
$104,240
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
3.07%
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%
$2,084,800
$2.1M
Cap Rate 7%
$1,489,143
$1.5M
Cap Rate 9%
$1,158,222
$1.2M
Market Conditions
NOI Build-Up for 6,627 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
$201.2K $30.36/SF
− Vacancy
−$11.7K −$1.76/SF
EGI
$189.5K $28.60/SF
− OpEx
−$85.3K −$12.87/SF
NOI
$104.2K $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%
$2,084,800
Cap Rate 7%
$1,489,143
Cap Rate 9%
$1,158,222
Alternative Uses
Best Use
Apartment 5plus
$1.49M
$1.30M – $1.74M
NOI $104,240 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.62M
$1.41M – $1.88M
NOI $113,089 @ 7.0% cap · market cap 3.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Paved road access
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?
Apartment building - Fully leased multifamily asset with a diversified unit mix in Philadelphia’s Rittenhouse Square area.
Where is this apartment building located?
The property is located at 1933 SPRUCE ST Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 10 apartments totaling 6,627 square feet; Unit mix includes 2 studios, 6 one‑bedroom/one‑bath, and 2 two‑bedroom/two‑bath units; Renovated apartments with all units fully leased
