Spruce Court Apartments 200 Spruce St 30 Unit Apartment Building $10,250,000 ($341,667/Unit) 6% Cap Rate Doylestown, PA 18901

30-Unit Garden-Style Apartment Investment Opportunity
Stabilized Asset | Strong Tenant Profile | Significant Rent Growth Potential
An exceptional opportunity to acquire a well-maintained, stabilized 30-unit multifamily property ideally located within walking distance of downtown Doylestown, Pennsylvania.
The property consists of 30 market-rate apartments across three attractive garden-style buildings, thoughtfully arranged around a private central courtyard. The property offers residents a quiet, well-maintained residential setting while providing convenient access to the restaurants, shops, entertainment, and amenities of downtown Doylestown.
A Stable Asset With Built-In Upside
The property is currently fully stabilized with a long-term tenant base and market-rate apartments. Residents are carefully screened through a rigorous application and background-check process, resulting in a strong, well-qualified tenant profile and consistent occupancy.
Perhaps most importantly for an investor, current rents are below comparable properties in the market, providing a compelling opportunity for a new owner to increase rents over time and unlock additional NOI without relying on a major renovation or repositioning strategy.
Key Investment Highlights
30-unit stabilized multifamily property
Three garden-style apartment buildings
Private central courtyard
100% market-rate apartments
Well-maintained property with strong physical condition
Long-term, well-qualified tenant base
Rigorous tenant screening process
Rents currently below comparable properties
Significant embedded rent-growth opportunity
Walkable to downtown Doylestown
Convenient access to restaurants, shops, nightlife, entertainment, and local amenities
Value-add potential with a relatively low-risk path to increased NOI
The Investment Story
This is an opportunity to acquire a stable, cash-flowing multifamily asset with meaningful upside already built into the existing rent roll.
Rather than taking on a heavy renovation or lease-up project, a new owner can acquire a well-maintained property with established occupancy and a proven tenant base, while gradually capturing the gap between current rents and market rents.
The combination of stability, quality tenancy, attractive physical condition, walkable location, and below-market rents makes this an especially compelling opportunity for an investor seeking both current income and long-term appreciation potential.
A rare opportunity to acquire a well-positioned 30-unit multifamily property in one of the area's most desirable walkable locations—with stable operations today and significant upside tomorrow.