Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1600 Spruce St Philadelphia, PA 19103-6819

    • Investment properties
    • 4,254 SF
    • 0.03 lot acres
    OFF-MARKET
    Last Sale
    Aug 03, 2022
    $1,165,000
    Value Estimations
    $1,030,000
    Show details
    Cap Rate Potential
    4.9%
    Investment properties
    Location Intelligence
    Property ID
    US73-0194157
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Malmaison Luxe Bougie / Home Decor Store
    • Interiors Designed / Home Decor Store / Department Store
    • Clinical Orthopaedics and Related Research® / Corporate Office

    Property Details for 1600 Spruce St

    Year built
    1800
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.03 lot acres
    Property size
    4,254 SF
    Zone code
    CMX2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    87-1-5135-00
    APU
    871513500

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,030,000
      ML approach
      $1,015,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $840,000
      6.5%
      $780,000
      7%
      $720,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,490,000
      Current use
      OFFICE BUILDING
      $1,420,000
      Change: -4% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1682
    Latitude
    39.9473
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $19,830
    $283,320
    $1,133,280
    $1,416,600
    -
    $283,320
    $1,133,280
    $1,416,600

    Comparable in this City

    • Value Estimation by Request
      2,672 SF

      2122 Race St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,672 SF
      2122 Race St, Philadelphia, PA 19103-1010
      View Details
    • Value Estimation
      $870,000
      4,967 SF

      1708 Locust St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,967 SF
      1708 Locust St, Philadelphia, PA 19103-6107
      View Details
    • Value Estimation by Request
      2,217 SF

      266 20th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,217 SF
      266 20th St, Philadelphia, PA 19103-5601
      View Details
    • Value Estimation by Request
      2,142 SF

      231 24th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,142 SF
      231 24th St, Philadelphia, PA 19103-5529
      View Details
    • Value Estimation
      $825,000
      3,861 SF

      1606 Spruce St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,861 SF
      1606 Spruce St, Philadelphia, PA 19103-6739
      View Details
    • Value Estimation
      $915,000
      4,264 SF

      2044 Chestnut St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,264 SF
      2044 Chestnut St, Philadelphia, PA 19103-4411
      View Details

    Similar Nearby for Sale

    • New
      $1,999,000
      4,086 SF

      Rittenhouse Square Mixed-Use Investment

      Rare investment opportunity near Rittenhouse Square with medical office and apartments.
      112 S 20Th St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      17,558 SF

      Development or Redevelopment Opportunity

      Value-add opportunity with liquor license available.
      2007 Walnut St, Philadelphia, PA 19103
      View Details
    • $1,999,000

      Rittenhouse Square Mixed-Use Investment

      Mixed-use building near Rittenhouse Square with medical office and apartments.
      112 S 20Th St, Philadelphia, PA 19103
      View Details
    • $1,875,000
      3,400 SF

      Rittenhouse Square Versatile Income Property

      Income-producing property near Rittenhouse Square, suitable for various uses.
      2047 Locust St, Philadelphia, PA 19103
      View Details
    • $1,450,000
      3,046 SF

      Renovated Multi-Unit Property in Rittenhouse

      Masterfully renovated multi-unit property in the heart of Rittenhouse Square.
      1831 Mutli-Unit Spruce St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      3,642 SF

      Prime Retail Space on Chestnut

      Flagship retail space on Philadelphia's busiest corner.
      1600 Chestnut St, Philadelphia, PA 19103
      View Details

    Similar Nearby for Lease

    • $2,395 /Mo

      Fitler Square Lower-Level Office Space

      Versatile 2,092 sq ft office space in Fitler Square.
      266 23Rd St, Philadelphia, PA 19103
      View Details
    • $28 SF/Yr
      3,355 SF

      Class A Office Space

      Established office building with direct access to public transportation.
      1628 John F Kennedy Blvd, Philadelphia, PA 19103
      View Details
    • Contact for pricing

      Prime Corner Retail/Restaurant Location

      Flagship location on 17th and Chestnut Streets.
      1625 Chestnut St, Philadelphia, PA 19103
      View Details
    • Contact for pricing

      Retail Space For Lease

      Retail spaces available for lease.
      2001 Chestnut St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      9,804 SF

      LEED Gold Certified Office Space

      Office space with river views and sustainable features for lease.
      2401 Walnut St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      2,758 SF

      Retail Space Near Comcast Center

      Retail space available adjacent to Comcast Center and Four Seasons.
      1819 John F Kennedy Blvd, Philadelphia, PA 19103
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1600 Spruce St
    Philadelphia, PA 19103-6819
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!