5038 Spruce Street

Philadelphia, PA 19143

$810,000
Last Sold Price
10
Beds
6
Baths
6,400 Sq. Ft.
$127 / Sq. Ft.
6,400
Sq. Ft.
$127
per Sq. Ft.

Description

Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500’ residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home,...Huge, 12-year old, four-unit building in excellent condition. Located at the intersection of the highly desirable Garden Court and Walnut Hill neighborhoods of University City, this turn-key property offers four 1,500’ residences, each with central air; in-unit washers and dryers; modern, newer kitchen and baths with solid finishes; recessed lighting; excellent space and storage; bright natural light; and really nice outdoor space. These sought after units are each the size of a comfortable home, yet offering single floor living. So easy to rent. The 1st floor offers 3 bedrooms, 2 full baths, and a very large rear yard. The 2nd floor offers 3 bedrooms, 2 full baths, and a rear deck. The 3rd and 4th floors each offer 2 full bedrooms, 1.5 baths, huge living spaces, and rear decks. Super convenient location with a 93 WalkScore and tons of SEPTA options to Center City, Penn, Drexel, HUP, 30th Street, etc. This building currently brings in $71,000+/year with very low expenses. While the list price reflects these numbers, the building is significantly under-rented with three leases expiring in March 2023 and one is currently month-to-month. Just ideal, as new owner is set up to seamlessly bring rents up to our projected rents of $2,000+ per unit (for first two floors)and $1,800+ per unit (for upper two floors) or $91,000+/year. Additional bonus potential: Other quads on the block have successfully applied for variance for 5th unit in lower level. This building has lower level just waiting to be finished. Potentially add another $1,200-$1,500/month to your rent roll. All utilities and mechanicals are separated (except for cold water). A superb investment opportunity in a red-hot neighborhood.

Listing Agent

  1. Jeff City Block

    Jeff City Block

    Listing Agent

    Compass

    jeff.block@compass.com

    P: (215)-833-7088

Property Details for 5038 Spruce Street

Tax ID Number
602108800
Ownership
Fee Simple
Structure Type
Detached
Style
Other
Waterfront
No
Garage
No
Expected On Market Date
07-29-2022
Subdivision
UNIVERSITY CITY
LISTING UPDATED: 10/21/2022 03:47 PM

Property Details for 5038 Spruce Street

StatusClosed
MLS #PAPH2141148
Days on Market59
Taxes$9,307 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti-Family / Fee Simple
Year Built2010
Lot Size0.06 AC / 2,616 SF
CountyPhiladelphia County

Virtual Tour

Building Information for 5038 Spruce Street

Stories-Residences4Year Built2010Building Size-Lot Size0.06 AC / 2,616 SF

Property Information for 5038 Spruce Street

Location
Location
  • School District Name: THE SCHOOL DISTRICT OF PHILADELPHIA
  • School District County ID: 300200397108
  • SchoolDistrictSource: Listing Agent
  • County: PHILADELPHIA
  • MLS Area: 19139 (19139)
Waterfront / Water Access
Waterfront / Water Access
  • Water View: No
  • Water Access: No
  • Water Oriented: No
  • Navigable Water: No
  • Tidal Water: No
  • Riparian Rights Y/N: No
Taxes and Assessment
Taxes and Assessment
  • Tax Year: 2022
  • Tax Assessed Value: $664,900
  • Year Assessed: 2022
  • County Tax: $0
  • Improvement Assessed Value: $571,814
  • City Town Tax: $4,200
  • Land Assessed Value: $93,086
  • Clean Green Assessed: No
  • Land Use Code: W70
  • Zoning: RSA3
  • Tax Lot: 155
  • School Tax: $5,107
  • Automatically Update Tax Values Y/N: Yes
Lease Information
Lease Information
  • Concessions: Yes
  • Concessions Amount: $15,000
Unit Information
Unit Information
  • Single Room Units Count: 0
  • One Bedroom Units Count: 0
  • Two Bedroom Units Count: 2
  • Three Bedroom Units Count: 2
  • Other Units: Unit 1,Unit 2,Unit 4,Unit 3
  • Units Leased Count: 4
  • Number Of Units Vacant: 0
  • Number Of Units Month To Month: 1
Multi Family
Unit 1
  • Type: Unit 1
  • Unit Type Occupied YN: Yes
  • Level: 1
  • Unit Type Finished SQFT: 1500
  • Unit Type Lease Type: Month to Month
  • Beds Total: 3
  • Full Baths Count: 2
Unit 2
  • Type: Unit 2
  • Unit Type Occupied YN: Yes
  • Level: 2
  • Unit Type Finished SQFT: 1500
  • Unit Type Lease Type: Yearly
  • Beds Total: 3
  • Full Baths Count: 2
Unit 3
  • Type: Unit 3
  • Unit Type Occupied YN: Yes
  • Level: 3
  • Unit Type Finished SQFT: 1500
  • Unit Type Lease Type: Yearly
  • Beds Total: 2
  • Half Baths Count: 1
  • Full Baths Count: 1
Unit 4
  • Type: Unit 4
  • Unit Type Occupied YN: Yes
  • Level: 4
  • Unit Type Finished SQFT: 1500
  • Unit Type Lease Type: Yearly
  • Beds Total: 2
  • Half Baths Count: 1
  • Full Baths Count: 1
Financial Information
Expenses
  • Operating Expense: $15,600
Financial Information
  • Gross Income: $71,220
  • Annual Rental Income: $71,220
Building Info
Building Info
  • Building Units Total: 4
  • Total Finished SQFT: 6,400.00
Lot / Land Information
Lot / Land Information
  • Lot Size Source: Assessor
  • Lot Size Dimensions: 24.00 x 109.00
  • Lot Dimensions Source: Assessor
  • Lot Features: Rear Yard
  • Parcel ID: 1324618
Parking
Parking
  • Type Of Parking: On Street
Interior Features
Interior Features
  • Fireplaces Count: 0
  • Accessibility Features: None
Exterior Features
Exterior Features
  • Pool: No Pool
  • Other Structures: Above Grade, Below Grade
Utilities
Utilities
  • Heating: Yes
  • Cooling Type: Central A/C, Zoned
  • Cooling Fuel: Electric
  • Heating Type: Forced Air, Zoned
  • Heating Fuel: Natural Gas
  • Hot Water: Natural Gas
  • Water Source: Public
  • Sewer Septic: Public Sewer
Confidential Data
Listing Office
  • List Agent AOR: Greater Philadelphia Association of REALTORS
  • List Agent URL: www.cityblockteam.com

Property History for 5038 Spruce Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 5038 Spruce Street

Taxable ValueLand$203,980Additions$815,920Total$1,019,900
Tax Record2024$14,277 ($1,190 / month)
Home Facts
Total Finished SqFt6,400 SqFtAbove Grade Finished SqFt6,400 SqFtStories4Lot Size2,616 SqFtStyleMulti-Family Dwelling (2-4)Year Built2015ZoningRSA3CountyPHILADELPHIAAPN60-2-1088-00

Schools near 5038 Spruce Street

This home is within The School District of Philadelphia.
Rating
School
Type
Grades
Distance
Charter - K to 8
Public - 9 to 12
Public - 9 to 12
Public - 6 to 8
Rating
School
Distance
Sayre William L Middle School
Public9 to 12

The Workshop School
Public9 to 12

Middle Years Alternative School
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Based on information from one of the following Multiple Listing Services: BRIGHT, Greator Scranton Board of REALTORS®. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by BRIGHT, Greator Scranton Board of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.