7-Unit Brownstone Apartment
For Sale
$1,650,000
Pending
2029 Spruce St, Philadelphia, PA 19103
Historic multifamily property with varied apartment layouts, updated interiors, individual electric climate control, and on-site laundry options.
Property Size4,018 SF
Lot Size0.04 Acres
Days on Market26
Property Features for 2029 Spruce St
General Information
Standard status
Pending
Size
4,018 SF
Lot size
0.04 Acres
Net Operating Income
$118,358
Units
Unit Mix
3 x 1BR, 3 x studio, 1 x 2BR
Multifamily Units
7
Amenities
laundry
Building Details
Year Built
1890
Buildings
1
Construction
brownstone
Tenancy
Multi
Listing Agency:
KW Empower
Listed By:
Michael R. McCann · License #AB049770L
(215) 607-6007
Source:
Selltheshore
Added: Aug 9
Changed: Sep 2
Last Checked: Sep 1 at 10:04PM
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.
Built in 1890, this Fitler Square brownstone contains seven apartments arranged as three one-bedroom homes, three studios, and one two-bedroom residence. Most units have received updates within the past decade. Separate split-zone electric heating and cooling serves the apartments, while laundry is available within the building or individual units.
The property occupies a 19' x 96' lot at 2029 Spruce St in Philadelphia. Residents pay their own electric and cooking gas, with ownership covering water, sewer, and gas hot water except in Unit 1, where the tenant is responsible for electric hot water heating. The apartment mix and established neighborhood setting provide a clearly defined multifamily configuration.
The property occupies a 19' x 96' lot at 2029 Spruce St in Philadelphia. Residents pay their own electric and cooking gas, with ownership covering water, sewer, and gas hot water except in Unit 1, where the tenant is responsible for electric hot water heating. The apartment mix and established neighborhood setting provide a clearly defined multifamily configuration.
Key Highlights
- Seven apartments: three one‑bedroom units, three studios, and one two‑bedroom unit
- 1890 construction on a 19' x 96' lot
- Most apartments updated within the past decade
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
$63,201
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
3.83%
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%
$1,264,020
$1.3M
Cap Rate 7%
$902,871
$902.9K
Cap Rate 9%
$702,233
$702.2K
Market Conditions
NOI Build-Up for 4,018 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
$122.0K $30.36/SF
− Vacancy
−$7.1K −$1.76/SF
EGI
$114.9K $28.60/SF
− OpEx
−$51.7K −$12.87/SF
NOI
$63.2K $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%
$1,264,020
Cap Rate 7%
$902,871
Cap Rate 9%
$702,233
Alternative Uses
Best Use
Apartment 5plus
$902.9K
$790.0K – $1.05M
NOI $63,201 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$979.5K
$857.1K – $1.14M
NOI $68,567 @ 7.0% cap · market cap 4.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
16,339
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 - Historic multifamily property with varied apartment layouts, updated interiors, individual electric climate control, and on-site laundry options.
Where is this apartment building located?
The property is located at 2029 Spruce St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Seven apartments: three one‑bedroom units, three studios, and one two‑bedroom unit; 1890 construction on a 19' x 96' lot; Most apartments updated within the past decade
