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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    990 Spring Garden St Philadelphia, PA 19123

    • Office buildings
    • 174,097 SF
    • 1.00 lot acres
    For Lease
    View listing
    $24 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1017007
    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

    • Spring Garden Capital Group / Bank / Credit Union
    • Control Lab (Spring Garden) / Gym & Fitness Center
    • Motel Fried Chicken - Spring Arts Philly / Restaurant
    • National Clearinghouse for the Defense of Battered Women / Charitable Organization / Social Service Agency
    • Granum A/I / Architect / Interior Designer

    Property Details for 990 Spring Garden St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.00 lot acres
    Property size
    174,097 SF
    Zone code
    CMX3
    Property type
    Office buildings
    APN
    88-3-5231-00
    APU
    883523100

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $40,730,000
      6.5%
      $37,595,000
      7%
      $34,910,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $37,729,000
      Market price range: $24.1M - $75.7M
      AI Estimate
      $21,706,000
      Market price range: $12.3M - $38.5M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $44,295,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $48,420,000
      Change: +9% Conversion: Easy
      MEDICAL BUILDING
      $42,750,000
      Change: -3% Conversion: Easy
      COMMERCIAL (GENERAL)
      $38,030,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1542
    Latitude
    39.9612
    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
    $288,710
    $4,125,020
    $16,500,080
    $20,625,100
    -
    $4,125,020
    $16,500,080
    $20,625,100

    Comparable in this City

    • Value Estimation
      $11,730,000
      354,991 SF

      416 Spg Gdn St, Unit 38

      OFFICE BUILDING • 354,991 SF
      416 Spg Gdn St, Philadelphia, PA 19123-2819
      View Details
    • Value Estimation
      $725,000
      3,361 SF

      1329 Buttonwood St, Unit 31

      OFFICE BUILDING • 3,361 SF
      1329 Buttonwood St, Philadelphia, PA 19123-3609
      View Details
    • Value Estimation
      $3,335,000
      16,643 SF

      428 American St

      OFFICE BUILDING • 16,643 SF
      428 American St, Philadelphia, PA 19123-4200
      View Details
    • Value Estimation
      $11,340,000
      56,592 SF

      701 Broad St, Unit 15

      OFFICE BUILDING • 56,592 SF
      701 Broad St, Philadelphia, PA 19123-2402
      View Details
    • Value Estimation
      $840,000
      7,908 SF

      704 Girard Ave, Unit 6

      OFFICE BUILDING • 7,908 SF
      704 Girard Ave, Philadelphia, PA 19123-1313
      View Details
    • Value Estimation
      $1,895,000
      15,399 SF

      1028 3rd St, Unit 34

      OFFICE BUILDING • 15,399 SF
      1028 3rd St, Philadelphia, PA 19123-1532
      View Details

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    990 Spring Garden St
    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
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