Nine-Unit Multifamily Property For
For Sale
Contact for pricing
3423 Spring Garden St, Philadelphia, PA 19104
High-visibility corner asset with nine units and twenty-seven beds.
Property Size8,544 SF
Price / SF$207.75
Days on Market155
Property Features for 3423 Spring Garden St
General Information
Standard status
Active
Size
8,544 SF
Class
C
Property subtype
Multifamily
Zoning
RM-1
Building Details
Year Built
2014
Buildings
1
Stories
3
Units
9
Listing Agency:
GREA
Listed By:
Ken Wellar · License #PA 10401252368
Source:
Crexi
Added: Mar 12
Changed: Aug 8
Last Checked: Aug 12 at 10:35AM
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 high-visibility corner property features nine units with a total of 27 beds. The three-story building is located at the intersection of 34th and Spring Garden. Each of the nine units includes three bedrooms and three bathrooms. The building is equipped with 24-hour video monitoring and an on-site shuttle service to campus. The property is described as a "Smart-Ready" building, featuring USB charging ports and high-speed Wi-Fi integration. Situated in University City, the location has a Walk Score of 89, indicating it is a "Walker’s Paradise" within the core Drexel residential area. University City is a regional hub for science and innovation, home to universities and hospitals. The neighborhood spans 2.4 square miles and has over 50,000 residents and 85,000 jobs across medicine, higher education, real estate, technology, and hospitality. University City provides real estate development opportunities and transportation infrastructure, including bicycle and pedestrian routes. This area is a cultural destination, transportation hub, and employment center supporting development projects and life sciences advancements. University City is considered a premier Philadelphia neighborhood with a diverse population, housing options, educational institutions, medical facilities, and amenities. The property size is 8,544 square feet.
Key Highlights
- Prime corner location in the heart of University City.
- Nine large 3BR/3BA units, ideal for attracting tenants.
- On‑site shuttle service to campus.
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
$134,393
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
7.57%
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%
$2,687,860
$2.7M
Cap Rate 7%
$1,919,900
$1.9M
Cap Rate 9%
$1,493,256
$1.5M
Market Conditions
NOI Build-Up for 8,544 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
$259.4K $30.36/SF
− Vacancy
−$15.0K −$1.76/SF
EGI
$244.4K $28.60/SF
− OpEx
−$110.0K −$12.87/SF
NOI
$134.4K $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%
$2,687,860
Cap Rate 7%
$1,919,900
Cap Rate 9%
$1,493,256
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,393 @ 7.0% cap · market cap 7.57%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.08M
$1.82M – $2.43M
NOI $145,802 @ 7.0% cap · market cap 8.21%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - High-visibility corner asset with nine units and twenty-seven beds.
Where is this apartment building located?
The property is located at 3423 Spring Garden St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Prime corner location in the heart of University City.; Nine large 3BR/3BA units, ideal for attracting tenants.; On‑site shuttle service to campus.
