Architectural Masterpiece in University
For Sale
Contact for pricing
3205 Spring Garden St, Philadelphia, PA 19104
48-unit multifamily property with green features in prime location.
Property Size50,176 SF
Price / SF$378.67
Days on Market155
Property Features for 3205 Spring Garden St
General Information
Standard status
Active
Size
50,176 SF
Property subtype
Multifamily
Zoning
RM-1
Building Details
Year Built
2022
Buildings
1
Stories
4
Units
48
Listing Agency:
GREA
Listed By:
Ken Wellar · License #PA 10401252368
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 12 at 1:20PM
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 GREA
Investment Insights
Based on property information with market context.
This architectural masterpiece features 48 units and 133 beds. The 4-story building, covering approximately 50,176 square feet, is a "Sustainability" flagship, featuring a green roof and eco-friendly design. It commands top-of-market rents due to its unique aesthetic and "Green" branding. Amenities include an "Expresso Go" interactive bike studio and a green roof terrace. The property is located steps from the Schuylkill River Park and Drexel’s athletic fields in University City, a regional leader in science and innovation, featuring distinguished universities and hospitals. The neighborhood spans 2.4 square miles and accommodates over 50,000 residents, alongside 85,000 jobs in various sectors, including medicine, higher education, real estate, technology, and hospitality. University City offers extensive real estate development opportunities and provides some of the region's best transportation infrastructure, including highly accessible bicycle and pedestrian thoroughfares. This prominent section of the City stands as a cultural destination and transportation hub, as well as an employment center that supports significant development projects and advances in life sciences. With a diverse population, varied housing and rental options, exceptional educational institutions and medical facilities, and a wide array of amenities, University City is considered one of Philadelphia’s premier neighborhoods and is well-positioned to address both current and future needs.
Key Highlights
- "Sustainability" flagship building with green roof and eco‑friendly design.
- Commands top‑of‑market rents due to unique aesthetic and "Green" branding.
- Located steps from Schuylkill River Park and Drexel’s athletic fields.
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
$789,244
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
4.15%
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%
$15,784,880
$15.8M
Cap Rate 7%
$11,274,914
$11.3M
Cap Rate 9%
$8,769,378
$8.8M
Market Conditions
NOI Build-Up for 50,176 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
$1.52M $30.36/SF
− Vacancy
−$88.4K −$1.76/SF
EGI
$1.43M $28.60/SF
− OpEx
−$645.7K −$12.87/SF
NOI
$789.2K $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%
$15,784,880
Cap Rate 7%
$11,274,914
Cap Rate 9%
$8,769,378
Alternative Uses
Best Use
Apartment 5plus
$11.27M
$9.87M – $13.15M
NOI $789,244 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$12.23M
$10.70M – $14.27M
NOI $856,248 @ 7.0% cap · market cap 4.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 19104, PA
56,839
Population
23,888
Households
2.4
Avg Household Size
26
Median Age
47%
College-Educated
90%
High-School Grad
3.1 sq mi
ZIP Area
18,335
Density / Sq Mi
$39,526
Median Household Income
$18,420
Median Earnings
$1,329
Median Rent
$268,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 48-unit multifamily property with green features in prime location.
Where is this apartment building located?
The property is located at 3205 Spring Garden St Philadelphia, PA.
What is the asking price?
The asking price for this property is $19,000,000.
What are key features of this property?
This property features: "Sustainability" flagship building with green roof and eco‑friendly design.; Commands top‑of‑market rents due to unique aesthetic and "Green" branding.; Located steps from Schuylkill River Park and Drexel’s athletic fields.
