Three-Story Mixed-Use
For Sale
$779,000
937 SPRING GARDEN STREET, Philadelphia, PA 19123
Street-level commercial space is paired with an upper-floor residential unit featuring two kitchens.
Property Size3,252 SF
Price / SF$239.54
Days on Market9
Property Features for 937 SPRING GARDEN STREET
General Information
Standard status
Active
Size
3,252 SF
Property subtype
Triplex
Additional Details
Public Transit
Yes
Building Details
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
Mercury Real Estate Group
(215) 416-3980
Listed By:
Michael J Moss · License #RS286764
(215) 416-3980
Source:
Cummingsrealtors
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 6:17AM
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 Mercury Real Estate Group
Investment Insights
Based on property information with market context.
This three-story mixed-use property contains 3,252 square feet, with retail space at ground level and a residential unit spanning the second and third floors. The residence includes four bedrooms, two bathrooms, and two full kitchens, creating a flexible arrangement across the upper levels. Built in 1915, the building combines commercial and residential components within one structure.
The property is located at 937 Spring Garden Street in Philadelphia, near the Broad Street Line’s Spring Garden station. Dining, shopping, schools, and additional public transportation are located nearby, with rail access connecting the property to Center City and surrounding neighborhoods.
The property is located at 937 Spring Garden Street in Philadelphia, near the Broad Street Line’s Spring Garden station. Dining, shopping, schools, and additional public transportation are located nearby, with rail access connecting the property to Center City and surrounding neighborhoods.
Key Highlights
- 3,252‑square‑foot mixed‑use building
- Three‑story structure built in 1915
- Ground‑floor retail space
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
$51,152
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
6.57%
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%
$1,023,040
$1.0M
Cap Rate 7%
$730,743
$730.7K
Cap Rate 9%
$568,356
$568.4K
Market Conditions
NOI Build-Up for 3,252 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
$98.7K $30.36/SF
− Vacancy
−$5.7K −$1.76/SF
EGI
$93.0K $28.60/SF
− OpEx
−$41.9K −$12.87/SF
NOI
$51.2K $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%
$1,023,040
Cap Rate 7%
$730,743
Cap Rate 9%
$568,356
Alternative Uses
Best Use
Apartment 5plus
$730.7K
$639.4K – $852.5K
NOI $51,152 @ 7.0% cap · market cap 6.57%
Second Best
Office B
$611.4K
$534.9K – $713.3K
NOI $42,795 @ 7.0% cap · market cap 5.49%
Theoretical Best
Multifamily LT 5
$792.8K
$693.7K – $924.9K
NOI $55,495 @ 7.0% cap · market cap 7.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level commercial space is paired with an upper-floor residential unit featuring two kitchens.
Where is this mixed-use property located?
The property is located at 937 SPRING GARDEN STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $779,000.
What are key features of this property?
This property features: 3,252‑square‑foot mixed‑use building; Three‑story structure built in 1915; Ground‑floor retail space
