Residential Income Property with
For Sale
$549,000
Pending
2308 SPRUCE STREET Unit 2310B, Philadelphia, PA 19103
Multi-level home with renovated kitchen, private balcony, and abundant natural light.
Property Size1,101 SF
Days on Market20
Property Features for 2308 SPRUCE STREET Unit 2310B
General Information
Standard status
Pending
Size
1,101 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,166
Amenities
private courtyard
private balcony
updated kitchen
washer/dryer
Building Details
Building Size
1,101 SF
Year Built
1900
Listing Agency:
Keller Williams Liberty Place
Listed By:
Nicole Carter · License #RS287426
(267) 975-7034
Source:
Patmckennarealtors
Added: Aug 21
Changed: Sep 2
Last Checked: Aug 31 at 9:29PM
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
This multi-level residential income property offers two bedrooms and one and a half bathrooms within a home built in 1900. The main level combines living and dining areas with refinished original hardwood floors, southern-facing windows, built-in shelving, recessed lighting, and a powder room. The kitchen has stainless steel appliances, granite countertops, and custom cabinetry. A private brick courtyard and treetop balcony provide two separate outdoor areas, while the upper-level primary suite includes a walk-in closet and bay window. The renovated full bathroom features a glass-enclosed shower, tile flooring, modern vanity, and storage. The lower level includes the second bedroom, full-sized washer and dryer, and flexible space for an office, den, or fitness area.
The property is in Fitler Square, near Fitler Square Park, Pine Street Grill, Rival Bros. Coffee, Sally, and the Schuylkill River Trail. Rittenhouse Square, University City, Penn, 30th Street Station, the South Street Bridge, and I-76 are also within easy reach.
The property is in Fitler Square, near Fitler Square Park, Pine Street Grill, Rival Bros. Coffee, Sally, and the Schuylkill River Trail. Rittenhouse Square, University City, Penn, 30th Street Station, the South Street Bridge, and I-76 are also within easy reach.
Key Highlights
- Two‑bedroom, one‑and‑a‑half‑bath multi‑level residence built in 1900
- Two private outdoor spaces: a brick courtyard and treetop balcony
- Renovated kitchen with stainless steel appliances, granite countertops, and custom cabinetry
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
$17,318
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
3.15%
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%
$346,360
$346.4K
Cap Rate 7%
$247,400
$247.4K
Cap Rate 9%
$192,422
$192.4K
Market Conditions
NOI Build-Up for 1,101 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
$33.4K $30.36/SF
− Vacancy
−$1.9K −$1.76/SF
EGI
$31.5K $28.60/SF
− OpEx
−$14.2K −$12.87/SF
NOI
$17.3K $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%
$346,360
Cap Rate 7%
$247,400
Cap Rate 9%
$192,422
Alternative Uses
Best Use
Apartment 5plus
$247.4K
$216.5K – $288.6K
NOI $17,318 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$268.4K
$234.9K – $313.1K
NOI $18,788 @ 7.0% cap · market cap 3.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
10,554
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Multi-level home with renovated kitchen, private balcony, and abundant natural light.
Where is this residential income property located?
The property is located at 2308 SPRUCE STREET Unit 2310B Philadelphia, PA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Two‑bedroom, one‑and‑a‑half‑bath multi‑level residence built in 1900; Two private outdoor spaces: a brick courtyard and treetop balcony; Renovated kitchen with stainless steel appliances, granite countertops, and custom cabinetry
