Historic 6-Unit Apartment
New
For Sale
$2,150,000
2132 SPRUCE STREET, Philadelphia, PA 19103
Five apartments are vacant alongside the owner-occupied residence, giving a new owner flexibility to establish the building’s tenancy.
Property Size5,400 SF
Price / SF$398.15
Days on Market2
Property Features for 2132 SPRUCE STREET
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Commercial
Site & Location
Neighborhood
Center City
Units
Unit Mix
5 x 1BR, 1 x 2BR+den
Multifamily Units
6
Amenities
common laundry facilities
rear garden
driveway rights
Building Details
Year Built
1889
Buildings
1
Listing Agency:
Compass Pennsylvania, LLC
(267) 435-8015
Listed By:
Patrick G Campbell · License #RS286983
(215) 828-6558
Source:
Cummingsrealtors
Added: Oct 23
Last Checked: Oct 23 at 6:05PM
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 Compass Pennsylvania, LLC
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Investment Insights
Based on property information with market context.
Designed by Frank Furness in 1889, this historic Philadelphia apartment building contains six residences across approximately 5,400 square feet. The unit mix includes five one-bedroom apartments and a bi-level owner’s residence with two bedrooms and a den. Interior details include fireplaces, leaded glass, skylights, varied kitchen layouts, and generous storage. Several apartments have been renovated, and all are described as rentable in their current condition.
Recent work includes replacement of the front sloped roofs in 2020, brick façade repointing, replacement windows, electrical upgrades, a newer gas boiler, and an updated hot water heater. Shared amenities include laundry, a rear garden, and driveway rights. The owner’s residence also has an eat-in kitchen, washer/dryer hookups, and roof access.
The property is at 2132 Spruce Street in Philadelphia, a few blocks from Rittenhouse Square. Five apartments are vacant, while the owner’s residence is occupied, leaving the next owner flexibility over leasing and occupancy.
Recent work includes replacement of the front sloped roofs in 2020, brick façade repointing, replacement windows, electrical upgrades, a newer gas boiler, and an updated hot water heater. Shared amenities include laundry, a rear garden, and driveway rights. The owner’s residence also has an eat-in kitchen, washer/dryer hookups, and roof access.
The property is at 2132 Spruce Street in Philadelphia, a few blocks from Rittenhouse Square. Five apartments are vacant, while the owner’s residence is occupied, leaving the next owner flexibility over leasing and occupancy.
Key Highlights
- Six apartments totaling approximately 5,400 square feet
- Unit mix: five one‑bedroom apartments and one bi‑level two‑bedroom‑plus‑den residence
- Designed by Frank Furness in 1889
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,939
Cap Rate
3.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,698,780
$1.7M
Cap Rate 7%
$1,213,414
$1.2M
Cap Rate 9%
$943,767
$943.8K
Market Conditions
NOI Build-Up for 5,400 SF
Gross rent
$163.9K $30.36/SF
− Vacancy
−$9.5K −$1.76/SF
EGI
$154.4K $28.60/SF
− OpEx
−$69.5K −$12.87/SF
NOI
$84.9K $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%
$1,698,780
Cap Rate 7%
$1,213,414
Cap Rate 9%
$943,767
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $84,939 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.32M
$1.15M – $1.54M
NOI $92,150 @ 7.0% cap · market cap 4.29%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
6
Residential units
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 - Five apartments are vacant alongside the owner-occupied residence, giving a new owner flexibility to establish the building’s tenancy.
Where is this apartment building located?
The property is located at 2132 SPRUCE STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Six apartments totaling approximately 5,400 square feet; Unit mix: five one‑bedroom apartments and one bi‑level two‑bedroom‑plus‑den residence; Designed by Frank Furness in 1889
