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1128 Spruce St 12 Unit Apartment Building $1,850,000 ($154,167/Unit) 5.80% Cap Rate Philadelphia, PA 19107
INVESTMENT HIGHLIGHTS
- 12 Units in the Heart of the Washington Square West Neighborhood of Philadelphia
- Value-Add Opportunity: Significant Upside in Rents Through Unit Renovations
- Large Private Outdoor Patio Space
- Walking Distance to Penn and Jefferson Hospitals
- 75% One-Bedroom Units
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present for sale 1128 Spruce Street - A 12-unit apartment building located in one of the most desirable and widely known neighborhoods in Philadelphia, Washington Square West. 1128 Spruce offers a rare opportunity to invest in a well-maintained asset located in one of Philadelphia’s most stable rental markets. The property offers immediate upside through rent increases upon turnover, as many units are currently rented below market due to the owner’s focus on consistent occupancy. Additionally, most apartments are in month-to-month leases, allowing an investor to come in immediately and capture significant upside in rents through renovations. Given the property’s prime location and scale, the property is well suited to provide strong returns and long-term appreciation.
Located toward the end of the block, 1128 Spruce Street includes (9) one-bedroom units and (3) studios, with common area laundry in the basement. Units have undergone moderate upgrades at different times, with some featuring updated kitchens with newer cabinetry, countertops, appliances and flooring. The building has been kept in very good condition due to the owner’s keen attention to detail. The Landlord is responsible for water, gas for hot water and common area electric. The tenant is responsible for electric and cooking gas. Heat is electric baseboard, and cooling is window A/C units. All tenants have access to a private outdoor patio space in the backyard.
Located toward the end of the block, 1128 Spruce Street includes (9) one-bedroom units and (3) studios, with common area laundry in the basement. Units have undergone moderate upgrades at different times, with some featuring updated kitchens with newer cabinetry, countertops, appliances and flooring. The building has been kept in very good condition due to the owner’s keen attention to detail. The Landlord is responsible for water, gas for hot water and common area electric. The tenant is responsible for electric and cooking gas. Heat is electric baseboard, and cooling is window A/C units. All tenants have access to a private outdoor patio space in the backyard.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | $1,850,000 | Property Subtype | Apartment |
| Price Per Unit | $154,167 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.80% | Lot Size | 0.06 AC |
| Gross Rent Multiplier | 10.88 | Building Size | 5,850 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1860 |
| Zoning | R10, Philadelphia - Residential | ||
| Price | $1,850,000 |
| Price Per Unit | $154,167 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| Gross Rent Multiplier | 10.88 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,850 SF |
| No. Stories | 3 |
| Year Built | 1860 |
| Zoning | R10, Philadelphia - Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | $1,013 | 367 |
| 1+1 | 9 | $1,225 | 528 |
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Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 881007910 | Improvements Assessment | $983,500 |
| Land Assessment | $421,500 | Total Assessment | $1,405,000 |
PROPERTY TAXES
Parcel Number
881007910
Land Assessment
$421,500
Improvements Assessment
$983,500
Total Assessment
$1,405,000
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