Rowhouse Multifamily
2408 Spruce Street Philadelphia, PA 19103
For Sale
$1,500,000
Five-unit rowhouse features split-system heating and cooling, tiled entries, and multiple units with bay windows.
Property Size3,135 SF
Price / SF$478.47
Days on Market159
Property Features for 2408 Spruce Street
General Information
- Standard status
- Active
- Size
- 3,135 SF
- Property subtype
- Multi-Family / Fee Simple
Listing Agency:
Solo Real Estate, Inc.
(215) 564-7656
Listed By:
Deborah E Solo · License #rm424610
(215) 564-7656
Source:
Compass
Added: Feb 15
Changed: Jul 21
Last Checked: Jul 23 at 10:38AM
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 Solo Real Estate, Inc.
Investment Insights
Based on property information with market context.
This five-unit rowhouse offers a mix of studio, one-bedroom, and two-bedroom layouts across three levels. The original tiled entry foyer includes wood wainscotting. Several units feature wood floors and bay windows, with tiled baths and split-system heating and cooling. The rear patio provides outdoor access for one of the lower-level units, and the two-bedroom unit includes a balcony. Interior finishes include updated laminate flooring in one kitchen/living area, and the two-bedroom kitchen has new quartz countertops with a tiled bath that has a new vanity.
The property is located a half block from Schuylkill River Park, with easy access to shops, markets, and universities.
On-site building amenities include a gas-fired boiler serving the second-floor units, and a shared washer/dryer in the basement.
The property is located a half block from Schuylkill River Park, with easy access to shops, markets, and universities.
On-site building amenities include a gas-fired boiler serving the second-floor units, and a shared washer/dryer in the basement.
Key Highlights
- 5‑unit rowhouse with split‑system heating and cooling across multiple units
- Original tiled entry foyer with wood wainscotting
- Unit mix: 1 floor front studio; 1 floor rear bi‑level 1 bedroom; 2nd floor includes 1‑bedroom front and studio rear; 3rd floor 2‑bedroom
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $95.2k | $30.36 |
| − Vacancy | −$5.5k | −$1.76 |
| EGI | $89.7k | $28.60 |
| − OpEx | −$40.3k | −$12.87 |
| NOI | $49.3k | $15.73 |
3,135 SF · lease $30.36/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$704.5K
$616.4K – $821.9K
NOI $49,312 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$764.3K
$668.7K – $891.6K
NOI $53,498 @ 7.0% cap · market cap 3.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Five-unit rowhouse features split-system heating and cooling, tiled entries, and multiple units with bay windows.
Where is this apartment building located?
The property is located at 2408 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: 5‑unit rowhouse with split‑system heating and cooling across multiple units; Original tiled entry foyer with wood wainscotting; Unit mix: 1 floor front studio; 1 floor rear bi‑level 1 bedroom; 2nd floor includes 1‑bedroom front and studio rear; 3rd floor 2‑bedroom
