Investment Overview

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.