Renovated Two-Unit
For Sale
$1,150,000
4320 SPRUCE Street, Philadelphia, PA 19104
Multi-Family, PHILADELPHIA, PA
Property Size3,780 SF
Lot Size0.05 Acres
Price / SF$304.23
Days on Market187
Property Features for 4320 SPRUCE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
SPRUCE HILL
High school
WEST PHILADELPHIA
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Size
3,780 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
19178
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1925
Number of units
4
Building materials
Masonry
Architectural style
Contemporary
Listing Agency:
RE/MAX Access · RE/MAX International
(215) 400-2600
Listed By:
Michael D Fabrizio · License #RS321641
(609) 221-7123
Added: Mar 5
Changed: Aug 19
Last Checked: Sep 8 at 10:06PM
MLS# PAPH2590474
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex provides approximately 3,780 square feet across a pair of four-bedroom residences, each with two full bathrooms. Recent renovations include updated kitchens and baths, while the masonry construction, central heating, and central air conditioning provide durable building infrastructure. The layouts are configured for residential occupancy, with a total of eight bedrooms and four full bathrooms.
Located at 4320 Spruce Street in Philadelphia’s University City, the property is just steps from the University of Pennsylvania, Drexel University, and Penn Medicine. Public transportation, restaurants, cafes, and neighborhood amenities are also nearby. The property’s two-unit configuration supports separate residential occupancy and offers flexibility for an owner-occupant or an investor, subject to applicable local regulations.
Located at 4320 Spruce Street in Philadelphia’s University City, the property is just steps from the University of Pennsylvania, Drexel University, and Penn Medicine. Public transportation, restaurants, cafes, and neighborhood amenities are also nearby. The property’s two-unit configuration supports separate residential occupancy and offers flexibility for an owner-occupant or an investor, subject to applicable local regulations.
Key Highlights
- Two‑unit duplex with 3,780 square feet of living space
- Each unit includes 4 bedrooms and 2 full bathrooms
- Total of 8 bedrooms and 4 full bathrooms
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
$64,505
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
5.61%
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%
$1,290,100
$1.3M
Cap Rate 7%
$921,500
$921.5K
Cap Rate 9%
$716,722
$716.7K
Market Conditions
NOI Build-Up for 3,780 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
$97.5K $25.80/SF
− Vacancy
−$5.4K −$1.42/SF
EGI
$92.2K $24.38/SF
− OpEx
−$27.6K −$7.31/SF
NOI
$64.5K $17.06/SF
Area
Philadelphia, PA
Vacancy
5.51%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,290,100
Cap Rate 7%
$921,500
Cap Rate 9%
$716,722
Alternative Uses
Best Use
Multifamily LT 5
$921.5K
$806.3K – $1.08M
NOI $64,505 @ 7.0% cap · market cap 5.61%
Second Best
Apartment 5plus
$849.4K
$743.2K – $991.0K
NOI $59,458 @ 7.0% cap · market cap 5.17%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,419
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?
Duplex - Renovated duplex with two four-bedroom units and updated kitchens and baths.
Where is this duplex located?
The property is located at 4320 SPRUCE Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,780 square feet of living space; Each unit includes 4 bedrooms and 2 full bathrooms; Total of 8 bedrooms and 4 full bathrooms
