Charming Condo in Art
For Sale
$139,500
2019 SPRING GARDEN ST STREET #2R, Philadelphia, PA 19130
Sun-filled 1 bed, 1 bath condo in prime location.
Property Size472 SF
Days on Market285
Property Features for 2019 SPRING GARDEN ST STREET #2R
General Information
Standard status
Active
Size
472 SF
Property subtype
Apartment
Amenities
Forced Air
Central A/C
Baseboard - Electric
Building Details
Building Size
472 SF
Year Built
1900
Listing Agency:
KW Empower
Listed By:
Edward Foy · License #RS331193
(610) 908-9391
Source:
Kw
Added: Nov 24, 2025
Changed: Aug 27
Last Checked: Sep 4 at 4:09PM
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 KW Empower
Investment Insights
Based on property information with market context.
Located on a tree-lined block in the Art Museum neighborhood, this condo is set within a preserved historic brownstone. The residence features original hardwood floors, high ceilings, and large windows that provide natural light. The open living and kitchen area includes classic moldings and cabinetry, with space for dining and entertaining. The bedroom has multiple windows. A full bath with a tub and shower is included. The property is near Fairmount Avenue, restaurants, cafes, museums, Kelly Drive, and public transit, offering access to city amenities. This property is suitable for a first-time buyer, investor.
Key Highlights
- Prime Art Museum location, steps from Fairmount Avenue, restaurants, cafes, museums, Kelly Drive, and public transit.
- Low monthly condo fee.
- Original hardwood floors, soaring ceilings, and oversized windows providing abundant natural light.
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
$7,424
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
5.32%
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%
$148,480
$148.5K
Cap Rate 7%
$106,057
$106.1K
Cap Rate 9%
$82,489
$82.5K
Market Conditions
NOI Build-Up for 472 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
$14.3K $30.36/SF
− Vacancy
−$831 −$1.76/SF
EGI
$13.5K $28.60/SF
− OpEx
−$6.1K −$12.87/SF
NOI
$7.4K $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%
$148,480
Cap Rate 7%
$106,057
Cap Rate 9%
$82,489
Alternative Uses
Best Use
Apartment 5plus
$106.1K
$92.8K – $123.7K
NOI $7,424 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$115.1K
$100.7K – $134.3K
NOI $8,055 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,705
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Sun-filled 1 bed, 1 bath condo in prime location.
Where is this apartment building located?
The property is located at 2019 SPRING GARDEN ST STREET #2R Philadelphia, PA.
What is the asking price?
The asking price for this property is $139,500.
What are key features of this property?
This property features: Prime Art Museum location, steps from Fairmount Avenue, restaurants, cafes, museums, Kelly Drive, and public transit.; Low monthly condo fee.; Original hardwood floors, soaring ceilings, and oversized windows providing abundant natural light.
