Mixed-Use Property in Midtown Village

1232 Chancellor St, Philadelphia, PA

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For Sale

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Four-story mixed-use property in a dynamic Philadelphia neighborhood.

Type:OFFICE

Property size:

11,582 SF

Lot size:

0.07 Acres

Price / SF:

$246/SF

HighLights

Prime Midtown Village location in Center City, known for walkability, dining, and nightlife.
CMX‑5 zoning allows for high‑density residential development, up to 12 floors.
Potential for luxury apartments or mixed‑use conversion.
Ground‑floor retail space currently occupied by European Wax Center.
Dual entrances on 13th Street and Chancellor Street enhance accessibility.
Strategic location with seamless access to SEPTA, PATCO, and regional rail.

We can help!

Listing Contact

Larry Steinberg

For Sale

Contact for pricing

Four-story mixed-use property in a dynamic Philadelphia neighborhood.

Type:OFFICE

Property size:

11,582 SF

Lot size:

0.07 Acres

Price / SF:

$246/SF

Added:: Sep 9, 2025
Days on Market:: 278
Last Refresh:: May 19 at 8:40 pm

Property Features for 1232 Chancellor St

General Information

Standard status: Active
Size: 11,582 SF
Lot size: 0.07 Acres
Property subtype: OFFICE

We can help!

Listing Contact

Larry Steinberg

Listing agent Larry Steinberg

Listing office Colliers | Philadelphia

Listing date Sep 9, 2025

Source Moodyscre

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Colliers | Philadelphia

HighLights

Prime Midtown Village location in Center City, known for walkability, dining, and nightlife.
CMX‑5 zoning allows for high‑density residential development, up to 12 floors.
Potential for luxury apartments or mixed‑use conversion.
Ground‑floor retail space currently occupied by European Wax Center.
Dual entrances on 13th Street and Chancellor Street enhance accessibility.
Strategic location with seamless access to SEPTA, PATCO, and regional rail.

Overview

Located in the heart of Midtown Village, 1232 Chancellor Street is an 11,582 square foot, four-story mixed-use property. This increasingly desirable section of Center City is known for its walkability, vibrant dining and nightlife, and strong LGBTQ+ community. Zoned CMX-5, this property offers developers an opportunity to capitalize on high-density residential demand in one of Philadelphia’s most dynamic neighborhoods. The flexible zoning allows for multi-family redevelopment, making this site ideal for luxury apartments or mixed-use conversion, with up to 12 floors allowed without any bonuses. The building features prime ground-floor retail space currently occupied by European Wax Center, with three floors of office space that can be repurposed for residential units. Dual entrances on 13th Street and Chancellor Street enhance accessibility. The 13th Street corridor is one of the city’s most in-demand locations, surrounded by top-tier restaurants, Ensemble Arts, boutique hotels, and recreational facilities. The strategic location offers seamless access to SEPTA subway and trolley lines, PATCO, and regional rail stations. Positioned between Old City’s historic appeal and Rittenhouse Square’s luxury, 1232 Chancellor Street presents an opportunity for developers looking to create high-end urban living in a neighborhood with proven rental demand and long-term growth potential.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$254.3k	$21.96
− Vacancy	−$51.1k	−$4.41
EGI	$203.2k	$17.55
− OpEx	−$50.8k	−$4.39
NOI	$152.4k	$13.16

11,582 SF · lease $21.96/SF/yr · vacancy 20.10% · expense 25.00%

Alternative Uses

Best Use

Office B

$2.18M

$1.91M – $2.54M (±1% cap)

NOI $152,414 @ 7.0% cap · market cap 5.35%

Second Best

Mixed Use

$1.97M

$1.72M – $2.29M (±1% cap)

NOI $137,594 @ 7.0% cap · market cap 4.83%

Theoretical Best

Multifamily LT 5

$2.82M

$2.47M – $3.29M (±1% cap)

NOI $197,646 @ 7.0% cap · market cap 6.93%

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

Property Profile Location Intelligence

Current Use by Public Records

JacobsWyper Architects Interior Design Midnight Belly Restaurant

Suggested Use

Location Insight

Map
Local Demand

City: Philadelphia
County: Delaware
State: Pennsylvania
Longitude: -75.1617
Latitude: 39.9485

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What type of property is this?

Mixed-use property - Four-story mixed-use property in a dynamic Philadelphia neighborhood.

Where is this mixed-use property located?

The property is located at 1232 Chancellor St Philadelphia, PA.

What is the asking price?

The asking price for this property is $2,850,000.

What are key features of this property?

This property features: Prime Midtown Village location in Center City, known for walkability, dining, and nightlife.; CMX‑5 zoning allows for high‑density residential development, up to 12 floors.; Potential for luxury apartments or mixed‑use conversion.

1232 Chancellor St, Philadelphia, PA

Four-story mixed-use property in a dynamic Philadelphia neighborhood.

Property Features for 1232 Chancellor St

General Information

We can help!

HighLights

Overview

Local Financial Insights For Office B

Simulate Cap Rate and NOI

Alternative Uses

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Freestanding Single-Story Retail Building

Freestanding Office Building on Corner

Restaurant Opportunity in Philadelphia, PA

Medical Office Building with Parking

Iconic East Falls Cornerstone Building

Industrial Garage-Style Property Package

Mixed-Use Brownstone with Storefront

Prime Philadelphia Retail Opportunity

Mixed-Use Building with Two-Level Layout

Turnkey Three-Story Building with Elevator

Triplex with Central Air Units

Turnkey Triplex with Tax Abatement

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