30-Unit Garden-Style Apartment
For Sale
Contact for pricing
200 Spruce Street, Doylestown, PA 18901
Three brick buildings provide a low-rise multifamily configuration with documented unit improvements.
Property Size27,135 SF
Lot Size1.50 Acres
Price / SF$377.74
Days on Market14
Property Features for 200 Spruce Street
General Information
Standard status
Active
Size
27,135 SF
Class
B
Total Parking Spaces
30
Lot size
1.50 Acres
Property subtype
Multifamily
Zoning
08FC - Low-Rise Apartments
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$490,821
Additional Details
Asking Price
$10,250,000
Multifamily Units
30
Building Details
Year Built
1963
Year Renovated
2021
Buildings
3
Units
30
Tenancy
Multi
Construction
garden-style
Listing Agency:
Lombardi Residential
Listed By:
Christopher Lombardi · License #PA RM422451
Source:
Crexi
Added: Aug 10
Changed: Aug 18
Last Checked: Aug 22 at 4:17AM
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 Lombardi Residential
Investment Insights
Based on property information with market context.
Spruce Court Apartments is a 30-unit garden-style multifamily property comprising three brick buildings identified as A, B, and C. The community occupies a ±1.5-acre parcel and was constructed in 1963. Renovation work has been completed across the majority of units, including kitchen, bathroom, flooring, and electrical upgrades.
The property is located at 200 Spruce Street in Downtown Doylestown, Bucks County, Pennsylvania. It is situated within the county seat and is zoned 08FC - Low-Rise Apartments. The offering consists of the fee-simple interest in the apartment community, providing a single multifamily asset with three low-rise buildings and a documented history of ongoing maintenance and capital improvements.
The property is located at 200 Spruce Street in Downtown Doylestown, Bucks County, Pennsylvania. It is situated within the county seat and is zoned 08FC - Low-Rise Apartments. The offering consists of the fee-simple interest in the apartment community, providing a single multifamily asset with three low-rise buildings and a documented history of ongoing maintenance and capital improvements.
Key Highlights
- 30‑unit garden‑style apartment community
- Three brick buildings on a ±1.5‑acre parcel
- Majority of units renovated with kitchen, bath, flooring, and electrical upgrades
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
$335,971
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
3.28%
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%
$6,719,420
$6.7M
Cap Rate 7%
$4,799,586
$4.8M
Cap Rate 9%
$3,733,011
$3.7M
Market Conditions
NOI Build-Up for 27,135 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
$631.7K $23.28/SF
− Vacancy
−$20.8K −$0.77/SF
EGI
$610.9K $22.51/SF
− OpEx
−$274.9K −$10.13/SF
NOI
$336.0K $12.38/SF
Area
Bucks County, PA
Vacancy
3.30%
Lease Rate
$23.28 /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%
$6,719,420
Cap Rate 7%
$4,799,586
Cap Rate 9%
$3,733,011
Alternative Uses
Best Use
Apartment 5plus
$4.80M
$4.20M – $5.60M
NOI $335,971 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.23M
$7.20M – $9.60M
NOI $575,894 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
Explore this area
Business Placement
Demographics for 18901, PA
28,395
Population
11,431
Households
2.5
Avg Household Size
47
Median Age
58%
College-Educated
98%
High-School Grad
21.0 sq mi
ZIP Area
1,352
Density / Sq Mi
$115,425
Median Household Income
$54,548
Median Earnings
$1,890
Median Rent
$544,200
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 - Three brick buildings provide a low-rise multifamily configuration with documented unit improvements.
Where is this apartment building located?
The property is located at 200 Spruce Street Doylestown, PA.
What is the asking price?
The asking price for this property is $10,250,000.
What are key features of this property?
This property features: 30‑unit garden‑style apartment community; Three brick buildings on a ±1.5‑acre parcel; Majority of units renovated with kitchen, bath, flooring, and electrical upgrades
