5-Unit Apartment
New
For Sale
$1,500,000
2131 SPRUCE STREET, Philadelphia, PA 19103
All five residences are occupied and have central air conditioning and laundry.
Property Size3,636 SF
Price / SF$412.54
Days on Market7
Property Features for 2131 SPRUCE STREET
General Information
Standard status
Active
Size
3,636 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
2 x Studio/1BA, 1 x 1BR/1BA, 1 x 3BR/2BA, 1 x 4BR/4BA
Multifamily Units
5
Additional Details
Gross Income
$146,100
Amenities
central air
laundry
Building Details
Year Built
1890
Tenancy
Multi
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Michael R. McCann · License #AB049770L
(215) 709-4141
Source:
Cummingsrealtors
Added: Sep 28
Changed: Oct 3
Last Checked: Oct 3 at 12:11AM
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 five-apartment property has a fully occupied unit mix comprising two studios, one one-bedroom apartment, one three-bedroom apartment, and one four-bedroom apartment. The building is equipped with central air conditioning and laundry facilities.
The property is in Philadelphia’s Fitler Square area, with Rittenhouse Square, the Schuylkill River Trail, neighborhood parks, restaurants, shopping, universities, and major employment centers nearby.
The property is in Philadelphia’s Fitler Square area, with Rittenhouse Square, the Schuylkill River Trail, neighborhood parks, restaurants, shopping, universities, and major employment centers nearby.
Key Highlights
- Five apartments, all occupied
- Unit mix includes two studios, one 1‑bedroom, one 3‑bedroom, and one 4‑bedroom apartment
- Central air conditioning and laundry facilities
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
$57,193
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
3.81%
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%
$1,143,860
$1.1M
Cap Rate 7%
$817,043
$817.0K
Cap Rate 9%
$635,478
$635.5K
Market Conditions
NOI Build-Up for 3,636 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
$110.4K $30.36/SF
− Vacancy
−$6.4K −$1.76/SF
EGI
$104.0K $28.60/SF
− OpEx
−$46.8K −$12.87/SF
NOI
$57.2K $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%
$1,143,860
Cap Rate 7%
$817,043
Cap Rate 9%
$635,478
Alternative Uses
Best Use
Apartment 5plus
$817.0K
$714.9K – $953.2K
NOI $57,193 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$886.4K
$775.6K – $1.03M
NOI $62,048 @ 7.0% cap · market cap 4.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
100%
Occupancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - All five residences are occupied and have central air conditioning and laundry.
Where is this apartment building located?
The property is located at 2131 SPRUCE STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Five apartments, all occupied; Unit mix includes two studios, one 1‑bedroom, one 3‑bedroom, and one 4‑bedroom apartment; Central air conditioning and laundry facilities
