Five-Unit Apartment
For Sale
$1,350,000
1937 Spring Garden Street, Philadelphia, PA 19130
Five apartment units with a mix of one-bedroom and three-bedroom floor plans offered for fee-simple sale.
Property Size3,760 SF
Price / SF$359.04
Days on Market170
Property Features for 1937 Spring Garden Street
General Information
Standard status
Active
Size
3,760 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$13,334
Amenities
Central Air
3
RM1
Parking.
On Street.
Building Details
Year Built
1900
Listing Agency:
TCS Management, LLC
(215) 383-1439
Listed By:
Alex Prince · License #RS322309
(215) 431-5652
Source:
Xome
Added: Mar 20
Changed: Sep 1
Last Checked: Sep 5 at 3:42AM
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 TCS Management, LLC
Investment Insights
Based on property information with market context.
This five-unit apartment building offers a mix of (3) one-bedroom and (2) three-bedroom floor plans. The property is presented as a brownstone-style asset with five separate residential units, providing income potential through an investor-focused acquisition.
The building is located in the Fairmount–Art Museum section of Center City Philadelphia, within walking distance to the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia. It is described as transit-oriented, with Spring Garden Station on the SEPTA Broad Street Subway Line approximately 0.5 miles away, and minutes from major highway routes including I-76, I-676, and I-95.
The offering is for the fee-simple interest in 1937 Spring Garden Street and is marketed to qualified investors seeking to support performance through targeted interior upgrades to select units.
The building is located in the Fairmount–Art Museum section of Center City Philadelphia, within walking distance to the Schuylkill River Trail, Martin Luther King Drive, and Center City Philadelphia. It is described as transit-oriented, with Spring Garden Station on the SEPTA Broad Street Subway Line approximately 0.5 miles away, and minutes from major highway routes including I-76, I-676, and I-95.
The offering is for the fee-simple interest in 1937 Spring Garden Street and is marketed to qualified investors seeking to support performance through targeted interior upgrades to select units.
Key Highlights
- Fee‑simple sale: 1937 Spring Garden Street in Center City Philadelphia (Fairmount‑Art Museum section)
- Multi‑family asset with 5 apartment units: 3 one‑bedroom and 2 three‑bedroom floor plans
- Newer owner investment potential noted: light value‑add via upgrades to select unit interiors to pursue higher rents
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
$59,143
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
4.38%
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%
$1,182,860
$1.2M
Cap Rate 7%
$844,900
$844.9K
Cap Rate 9%
$657,144
$657.1K
Market Conditions
NOI Build-Up for 3,760 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
$114.2K $30.36/SF
− Vacancy
−$6.6K −$1.76/SF
EGI
$107.5K $28.60/SF
− OpEx
−$48.4K −$12.87/SF
NOI
$59.1K $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%
$1,182,860
Cap Rate 7%
$844,900
Cap Rate 9%
$657,144
Alternative Uses
Best Use
Apartment 5plus
$844.9K
$739.3K – $985.7K
NOI $59,143 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$916.6K
$802.1K – $1.07M
NOI $64,164 @ 7.0% cap · market cap 4.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,334
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
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 - Five apartment units with a mix of one-bedroom and three-bedroom floor plans offered for fee-simple sale.
Where is this apartment building located?
The property is located at 1937 Spring Garden Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Fee‑simple sale: 1937 Spring Garden Street in Center City Philadelphia (Fairmount‑Art Museum section); Multi‑family asset with 5 apartment units: 3 one‑bedroom and 2 three‑bedroom floor plans; Newer owner investment potential noted: light value‑add via upgrades to select unit interiors to pursue higher rents
