6-Unit Apartment
For Sale
$1,200,000
2402 Spruce St, Philadelphia, PA 19103
Recently renovated apartment building with studio and one-bedroom layouts in Philadelphia’s Filter Square neighborhood.
Property Size3,294 SF
Price / SF$364.30
Days on Market95
Property Features for 2402 Spruce St
General Information
Standard status
Active
Size
3,294 SF
Site & Location
Neighborhood
Center City
Units
Unit Mix
3 x studio, 3 x 1BR/1BA
Multifamily Units
6
Building Details
Year Built
1910
Buildings
1
Listing Agency:
KW Commercial
Listed By:
Nile Thompson · License #RS344703
(215) 664-1091
Source:
Tbhteam
Added: Jul 30
Changed: Oct 26
Last Checked: Oct 7 at 5:41PM
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 Commercial
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Investment Insights
Based on property information with market context.
Recently renovated 6-unit apartment building at 2402 Spruce Street in Philadelphia. The property includes three studio apartments and three 1-bed / 1-bath apartments, offering a balanced mix of smaller residential layouts. Built in 1910, the building provides an established multifamily configuration with updated interiors.
Tenants pay all utilities except cold water, with the landlord responsible for cold water service. The property is within walking distance of Schuylkill River Park, downtown Philadelphia, and Rittenhouse Square. It may also be purchased with 2129 Pine St, comprising 6 units, and 1725 Bainbridge St, comprising 5 units, as a three-property portfolio.
Tenants pay all utilities except cold water, with the landlord responsible for cold water service. The property is within walking distance of Schuylkill River Park, downtown Philadelphia, and Rittenhouse Square. It may also be purchased with 2129 Pine St, comprising 6 units, and 1725 Bainbridge St, comprising 5 units, as a three-property portfolio.
Key Highlights
- 6‑unit apartment building renovated in 1910 construction
- Three studio apartments and three 1‑bed / 1‑bath apartments
- Tenants pay all utilities except cold water
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,813
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,036,260
$1.0M
Cap Rate 7%
$740,186
$740.2K
Cap Rate 9%
$575,700
$575.7K
Market Conditions
NOI Build-Up for 3,294 SF
Gross rent
$100.0K $30.36/SF
− Vacancy
−$5.8K −$1.76/SF
EGI
$94.2K $28.60/SF
− OpEx
−$42.4K −$12.87/SF
NOI
$51.8K $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%
$1,036,260
Cap Rate 7%
$740,186
Cap Rate 9%
$575,700
Alternative Uses
Best Use
Apartment 5plus
$740.2K
$647.7K – $863.6K
NOI $51,813 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$803.0K
$702.7K – $936.9K
NOI $56,212 @ 7.0% cap · market cap 4.68%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
10,554
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Recently renovated apartment building with studio and one-bedroom layouts in Philadelphia’s Filter Square neighborhood.
Where is this apartment building located?
The property is located at 2402 Spruce St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6‑unit apartment building renovated in 1910 construction; Three studio apartments and three 1‑bed / 1‑bath apartments; Tenants pay all utilities except cold water
