Under Contract

Listed by Steve Burke

Source: Bright MLS #PAPH2338530

4614 Spruce Street, Philadelphia, PA, 19143

$599,000

6
2
3360 sq. ft.
3413 sq. ft.

Duplex

30+ days on the market

What's around 4614 Spruce Street

About this property

8 unit approved !!!! Currently set up as a duplex. Can be a perfect house for a big family or someone looking to house hack. This is a shovel-ready opportunity with plans and building permits approved, ready for you to build a well designed, class-A, with the full 10-year tax abatement secured! The tax abatement can save approximately $470,000 in taxes over the next 10 years.* This sale includes the land, the existing structure, full plans, MEPs, geotech, phase 1, and approved building permits with a full 10-year tax abatement. This project has been designed to take full advantage of the rental potential in this neighborhood by maximizing the square footage and capitalizing on desirable floor plan configurations. Our other properties in the area are all renting around $3 a square foot. This project is also well suited for condos or executive rental apartments, as it's in an area with high-income professionals associated with the universities and the med/tech industries. The building and land alone appraised at $990k when we originally purchased it, and since then we have spent over $200k on architecture and other soft costs, but we need to sell so were are letting this go at a loss. The numbers: Estimated Cost of Construction ($150/sf): $1,425,000* Purchase Price: $599k ???????????????????????- Estimated Project Cost: $2,450,000* Projected Gross Rents: $231,600* Estimated NOI: $187,997* The subject property is in the Garden Court neighborhood of University City, Philadelphia, which has long been a desirable location and is seeing a boom of high-end mid-rise developments. This property's existing 3,360 sqft structure is a beautiful Victorian with gorgeous brickwork. Plans call for a large addition on the rear of the building to bring the completed project to approximately 9500 sqft, with a mix of 1 to 3 bedroom units. The unit layouts have been designed to optimize the achievable rents per square foot. Most units offer private outdoor space while the larger units feature multiple private outdoor spaces, large primary suites with tubs and showers, walk-in closets. One of the showpiece ?owner?s units? boasts a large kitchen surrounded by sliding glass doors that lead to a large wrap-around terrace. *All calculations and figures are estimates and are not a guarantee of terms, values, or costs

Looking for more information on 4614 Spruce Street?

Explore comparables, sales history and growth for this property.
Learn more

Similar properties for sale nearby

For Sale
$550,000
5241 Chester Avenue
Philadelphia PA 19143
6
Duplex
Listing courtesy of KW Empower
For Sale
$750,000
512 S 47th St
Philadelphia PA 19143
6
Duplex
Listing courtesy of Elizabeth Campion
Under Contract
$585,000
4630 Chester Ave
Philadelphia PA 19143
6
Duplex
Listing courtesy of Compass RE

Other properties for sale by Tesla Realty Group, LLC

For Sale
$239,000
1446 McKinley Street
Philadelphia PA 19149
4
2
1
Townhouse
Listing courtesy of Tesla Realty Group, LLC
For Sale
$525,000
933 Anvil Court
Phoenixville PA 19460
3
3
1
Townhouse
Listing courtesy of Tesla Realty Group, LLC
For Sale
$598,500
208 Chase Drive
Downingtown PA 19335
3
4
1
Townhouse
Listing courtesy of Tesla Realty Group, LLC

Browse properties sold in nearby areas

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Tesla Realty Group, LLC participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have closed or are no longer being offered for sale. Information Deemed Reliable But Not Guaranteed. Copyright © 2026 Bright MLS. All rights reserved.

The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under MLS GRID IDX Rules Updated September 16, 2024 7 U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to: dmca@ratemyagent.com

The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telephone number and email address; (4) a statement by you that you have a good faith belief that the content in the manner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner's behalf. Failure to include all of the above information may result in the delay of the processing of your complaint.

Email
© 2026 RateMyAgent