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15 units multi-family 1113-1115 Spruce St 15 Unit Apartment Building $2,875,000 ($191,667/Unit) 6.50% Cap Rate Philadelphia, PA 19107
INVESTMENT HIGHLIGHTS
- Prime Center City Location – Steps from Independence and City Hall; premier dining, shopping, and transit nearby.
- Strong Income & Upside – 6.5% cap, 13.35 GRM, below-market rents offer NOI growth potential.
- Investment-Ready – Low operating expenses, strong occupancy history, and prime location in a supply-constrained rental submarket.
- 15-Unit Multifamily Asset – 7,950 SF, RM-1 zoning, well-maintained, strong tenant demand.
- Historic Meets Modern – Built in 1899 with preserved charm and updated systems that appeal to today’s urban renters.
EXECUTIVE SUMMARY
LOCATION DESCRIPTION
Situated in the heart of Center City, this location blends historic charm with modern convenience. Within walking distance are iconic landmarks such as the Liberty Bell, Independence Hall, and City Hall, along with premier dining, retail, and entertainment. Excellent public transportation connects the neighborhood to Philadelphia’s business and cultural districts. This combination of accessibility, prestige, and vibrancy makes it a proven driver of rental demand and long-term property value.
Other Available Properties:
https://www.loopnet.com/Listing/1113-1115-Spruce-St-Philadelphia-PA/36175031/
https://www.loopnet.com/Listing/319-S-12th-St-Philadelphia-PA/36177097/
https://www.loopnet.com/Listing/238-S-22nd-St-Philadelphia-PA/36177193/
https://www.loopnet.com/Listing/Mix-Use-Building-with-Townhouse/36376035/
Situated in the heart of Center City, this location blends historic charm with modern convenience. Within walking distance are iconic landmarks such as the Liberty Bell, Independence Hall, and City Hall, along with premier dining, retail, and entertainment. Excellent public transportation connects the neighborhood to Philadelphia’s business and cultural districts. This combination of accessibility, prestige, and vibrancy makes it a proven driver of rental demand and long-term property value.
Other Available Properties:
https://www.loopnet.com/Listing/1113-1115-Spruce-St-Philadelphia-PA/36175031/
https://www.loopnet.com/Listing/319-S-12th-St-Philadelphia-PA/36177097/
https://www.loopnet.com/Listing/238-S-22nd-St-Philadelphia-PA/36177193/
https://www.loopnet.com/Listing/Mix-Use-Building-with-Townhouse/36376035/
DATA ROOM Click Here to Access
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,875,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $191,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 6.50% | Building Size | 7,950 SF |
| Sale Condition | Bulk/Portfolio Sale | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1899 |
| Property Subtype | Apartment | Cross Streets | 11th St |
| Zoning | CMX1 | ||
| Price | $2,875,000 |
| Price Per Unit | $191,667 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 7,950 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1899 |
| Cross Streets | 11th St |
| Zoning | CMX1 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Tub/Shower
- Views
- Wi-Fi
- Yard
- Basement
- Deck
- Framed Mirrors
- Freezer
- Instant Hot Water
- Island Kitchen
- Large Bedrooms
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Walk To Campus
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | $1,245 | - |
| 1+1 | 5 | $1,373 | - |
| 2+1 | 1 | $1,800 | - |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 881007915 | Total Assessment | $1,960,000 (2026) |
| Land Assessment | $588,000 (2026) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,372,000 (2026) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
881007915
Land Assessment
$588,000 (2026)
Improvements Assessment
$1,372,000 (2026)
Total Assessment
$1,960,000 (2026)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Contact the Sale Advisor
15 units multi-family | 1113-1115 Spruce St
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