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    The Largest CRE Database in the US with Over 1 Million Listings

    1516 N 5Th St Philadelphia, PA 19122

    Sponsored
    For Lease
    $20 SF/Yr

    CommercialLease - PHILADELPHIA, PA

    Type:Office
    Lot size:
    1.40 Acres
    Days on Market:
    5
    Last Refresh:
    Feb 2 at 6:06 pm

    Property Features for 1516 N 5Th St

    General Information

    Property type
    Other
    Property subtype
    Office
    Standard status
    Active
    Parking
    100
    Parking features
    Parking Lot
    Lot size
    1.40 Acres

    Utilities

    Heating system
    Heat Pump (Heating)
    Cooling system
    Heat Pump

    Building Details

    Year built
    1950
    Building materials
    Masonry

    We can help!

    Listing Contact
    Tobias Lee Biddle

    Quality Real Estate, Inc. (215) 457-2600

    Listing agent Tobias Lee Biddle (215) 457-2600

    Listing date Jan 29, 2026

    MLS# PAPH2495878

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Historic Warehouse Creative Workspace

    This historic warehouse, dating back to the early 1900s, has been renovated into modern business and retail spaces. Located in Philadelphia, PA, Billy Penn Studios offers flexible commercial suites suitable for office, e-commerce, photography, production, wellness, and other uses. The property provides over 180,000 square feet of reimagined space, retaining original character while incorporating modern infrastructure. Originally constructed in Olde Kensington as a lumber facility, the building later housed the Billy Penn Corporation, an aluminum products facility. The property features a lobby with original old growth yellow pine beams and a three-story atrium. Business spaces range from 450 to 10,000 square feet. Amenities include off-street parking, a passenger elevator, a freight elevator, loading docks, conference rooms and lounges, plumbing and kitchen options, and high tension 3-phase power, with 1, 2, and 3 Phase Electric (208 / 120). Co-working spaces are also available. Custom office fit-outs are offered, and flexible lease terms are available within a diverse community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    WeBuyHouses.com Philadelphia Real Estate Agency Perla Cafe Restaurant Nosey Palate Bar & Pub Spire Abstract Title Company Billy Penn Studios Business Service Center

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.14428
    Latitude
    39.97451

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    FAQs

    What type of property is this?
    Creative space - Unique commercial suites for office, e-commerce, photography, production, wellness.
    Where is this creative space located?
    The property is located at 1516 N 5Th St Philadelphia, PA.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: - Unique creative workspace in a historic, renovated warehouse with original character and modern infrastructure.; - Flexible commercial suites available, ranging from 450 sq ft to 10,000 sq ft, suitable for diverse business needs.; - Amenities include off-street parking, conference rooms, lounges, loading docks, and passenger/freight elevators.
    (215) 457-2600
    Request Owner's contact information
    1516 N 5Th St Philadelphia, PA 19122
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    Philadelphia, PA 19122
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1516 N 5Th St Philadelphia, PA 19122
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    We can help!
    Listing Contact
    Tobias Lee Biddle
    (215) 457-2600
    Learn more
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