Updated Mar 11, 2025
Rittenhouse Realty Advisors Sells Multifamily Portfolio In Philadelphia For $8.5M
623 Spruce Street, Philadelphia, PA, USA
$8,500,000
Units
40
Asset Type
MultiFamily
Closing
Sep 8, 2021
About this deal
AI
623 & 625 Pine Street, 2015 Walnut Street, 614 South 3rd Street, 735 Spruce Street, and 1127 Spruce Street in Philadelphia, PA have been sold in a multifamily property transaction. The sale was completed on 09/08/2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,500,000
- Units: 40
- Price Per Unit (PPU): $212,500
Rittenhouse Realty Advisors, represented by Ken Wellar and Alan Krawitz, acted as the seller in this transaction.
The multifamily sale at 623 Spruce Street, Philadelphia, PA, USA in Philadelphia, Pennsylvania sold for $8.5M in 2021. Reported inventory is 40 units across 40 units. Alan Krawitz, Kenneth (Ken) Wellar, Global Real Estate Advisors (GREA), Rittenhouse Realty Advisors appear on the sale alongside Global Real Estate Advisors (GREA), Rittenhouse Realty Advisors. This page is the Philadelphia, Pennsylvania file for the 623 Spruce Street, Philadelphia, PA, USA multifamily sold: pricing, party profiles, and other closed multifamily comps from the same Philadelphia sit in the Market section below. Filter that Philadelphia multifamily set by closing date to see what else sold near 623 Spruce Street, Philadelphia, PA, USA around 2021. Published consideration for 623 Spruce Street, Philadelphia, PA, USA is $8.5M, dated 2021. Cite this Rittenhouse Realty Advisors Sells Multifamily Portfolio In Philadelphia For $8.5M sale when underwriting similar multifamily product around Philadelphia, Pennsylvania.
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Philadelphia MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.87%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93