7-Unit Brownstone Apartment
For Sale
$1,650,000
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
Price / SF$410.65
Days on Market74
Property Features for 2029 Spruce St
General Information
Standard status
Active
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: Oct 4
Last Checked: Oct 7 at 2:59PM
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
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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 / Yr
$63,201
Cap Rate
3.83%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
16,339
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
