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    The Largest CRE Database in the US with Over 1 Million Listings

    990 Spring Garden St Philadelphia, PA 19123

    Sponsored
    For Lease
    $24 SF/Yr

    Prime Spring Arts District Office Space

    Lot size:
    156,758 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional commercial property, located at 990 Spring Garden Street in Philadelphia County, offers 156,758 square feet of office and land space across seven suites. Originally constructed in 1920 and renovated in 1998, the building boasts brand new, move-in ready suites featuring generous window profiles and unobstructed skyline views. Currently, five spaces are available, ranging from 1,739 to 9,923 square feet, ideal for multiple tenants. Building amenities include a fitness center, a secure bicycle storage room, and a shared conference center. Tenants also benefit from private, secured parking and the convenience of two ground-floor restaurants and a brewery within the building. The Spring Arts District location offers a vibrant and walkable neighborhood with numerous restaurants, breweries, and entertainment venues nearby. Exceptional walkability (Walk Score 93), bikeability (Bike Score 94), and transit access (Transit Score 100) are complemented by easy highway access via I-676, I-76, and I-95, providing convenient access to Center City, New Jersey, and the Philadelphia suburbs. This property presents a unique opportunity in a thriving, centrally located neighborhood.

    Property Features for 990 Spring Garden St

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    156,758 SF
    Total Rate
    313516

    Building Details

    Year Built/Renovated
    1920/1998

    Spaces For Lease

    at 990 Spring Garden St, Philadelphia, PA 19123 Contact us
    Unit Suite 302

    $24 /Mo

    Size
    4,642 SF
    Contact us
    Unit Suite 704

    $24 /Mo

    Size
    2,154 SF
    Contact us
    Unit Suite 402

    $24 /Mo

    Size
    1,990 SF
    Contact us
    Unit Suite 601

    $24 /Mo

    Size
    9,923 SF
    Contact us
    Unit Suite 404

    $24 /Mo

    Size
    1,739 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Jonathan Dubrow

    Learn more

    Property Insight Report

    HighLights

    • 156,758 SF multi‑tenant office and land property in Philadelphia County.
    • Five move‑in ready office suites available, ranging from 1,739 SF to 9,923 SF.
    • Located in the Spring Arts District, a vibrant neighborhood with nationally recognized companies.
    • Building amenities include a gym, secure bike room, shared conference center, private secured parking, and on‑site restaurants and brewery.
    • Excellent walkability (Walk Score 93), bikeability (Bike Score 94), and transit access (Transit Score 100), with convenient highway access (I‑676, I‑76, I‑95).
    Property Profile Location Intelligence

    Current Use by Public Records

    Spring Garden Capital ... Bank Control Lab (Spring ... Gym & Fitness Center Motel Fried Chicken ... Restaurant National Clearinghouse for the Defense ... Charitable Organization Granum A/I Architect

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Law Firm Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1541276
    Latitude
    39.961265

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    FAQs

    What type of property is this?
    Land - Prime Spring Arts District Office Space
    Where is this land located?
    The property is located at 990 Spring Garden St Philadelphia, PA.
    What is the lease rate?
    The lease rate is $24 SF/Yr.
    What are key features of this property?
    This property features: 156,758 SF multi-tenant office and land property in Philadelphia County.; Five move-in ready office suites available, ranging from 1,739 SF to 9,923 SF.; Located in the Spring Arts District, a vibrant neighborhood with nationally recognized companies.
    Request Owner's contact information
    990 Spring Garden St Philadelphia, PA 19123
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    Philadelphia, PA 19123
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    990 Spring Garden St Philadelphia, PA 19123
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    Listing Contact
    Jonathan Dubrow
    Learn more
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