1937 Spring Garden StPhiladelphia, PA 19130

Property Details for 1937 Spring Garden St

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.04 AC

Property size (Sq ft)

3,760 SF

Zone code

RM1

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

88-1-5831-05

APU

881583105

Description

This exceptional five-unit apartment building, located at 1937 Spring Garden Street in Philadelphia's desirable Fairmount-Art Museum neighborhood, presents a compelling investment opportunity. The property, a four-story, 3,760 square foot brownstone built in 1900, sits on a 1,800 square foot lot (APN 88-1583105) and is zoned RM-1. The building features a desirable unit mix of three one-bedroom and two three-bedroom apartments, offering a strong foundation for rental income. Priced at $1,350,000 ($270,000 per unit), this property boasts a pro-forma cap rate of 6.60%. Its prime location offers easy access to numerous amenities, including award-winning restaurants, boutique shops, and museums. Convenient access to major highways (I-95, I-76, and I-676) and proximity to Center City employers like Aramark and Comcast Universal further enhance its appeal. The property's walkability to the Schuylkill River Trail, Martin Luther King Drive, and Center City, along with its proximity to the SEPTA Broad Street Subway Line (Spring Garden Station), adds to its desirability. This value-add opportunity allows for interior renovations to increase rental income, aligning rents with market comparables. The absence of oversupply in this highly regarded neighborhood makes this a rare find for discerning investors.

• CAP approach

  CAP return

  Valuation

  6%

  $1,501,986

  6.5%

  $1,386,449

  7%

  $1,287,417

• Comparable approach

  Method

  Valuation

  Relative Method

  $761,486

  Geo Method

  $761,486

• Alternative Use

  Use

  Valuation

  Residential

  $1,386,449

  Hospitality

  $1,269,980

  Educational

  $1,056,608

  Medical

  $1,092,947

  Retail

  $1,643,613

Location Insight

City

Philadelphia

County

Philadelphia

State

Pennsylvania

Latitude

39.9639

Longitude

-75.1706

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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