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    Center City Office Space Available Title is generated by Realmo AI

    2401 PENNSYLVANIA AVENUE 1C51, Philadelphia, PA 19130

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    Claim this Listing
    For Lease
    $1,875 /Mo

    First floor office space in prime Center City location.

    Type:Rental
    Added:
    Mar 29, 2024
    Days on Market:
    798
    Last Refresh:
    May 19 at 8:38 pm

    Property Features for 2401 PENNSYLVANIA AVENUE 1C51

    General Information

    Standard status
    Active
    Property subtype
    Rental

    Building Details

    Year Built
    1960

    We can help!

    Listing Contact
    Allan Domb
    Allan Domb

    Listing agent Allan Domb License #RB043135A

    Listing office Allan Domb Real Estate

    Listing date Mar 29, 2024

    Source Exitrealty

    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 Allan Domb Real Estate

    HighLights

    • Prime Center City location across from the Philadelphia Museum of Art
    • Versatile space suitable for professional, legal, or medical offices
    • Located on the ground floor of a secure, high‑end condominium building
    • Easy access to major thoroughfares and public transportation
    • Ample street parking available
    • Indoor parking available for additional cost (subject to availability)

    Overview

    This versatile first floor office space is situated in a prime Center City location, specifically on the ground floor of the secure, high-end Philadelphian Condominium building. The space is suitable for professional, legal, or medical offices. Indoor parking is available for an additional cost in the building’s underground garage, subject to availability. Ample street parking is also available. The property is located across the street from the Philadelphia Museum of Art and offers easy access to major thoroughfares and public transportation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Kane & Silverman P.C. Law Firm Compu_Doctor Computer & Electronic Repair Churchill Huston Law, ... Law Firm Rooney Philly Lawyer Law Firm Schain Law Firm Law Firm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

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

    Similar Places Nearby

    • The Cat Doctor — 535 N 22nd St, Philadelphia, PA 19130
    • Art Museum Veterinary Center — 1710 Fairmount Ave, Philadelphia, PA 19130
    • Art City Vets & Urgent Care — Condo, 2001 Hamilton St #1, Philadelphia, PA 19130
    • Thrive Pet Healthcare Spring Garden — 1800 Spring Garden St, Philadelphia, PA 19130
    • Art City Vets Wellness Center — 2000 Hamilton St Suite 109, Philadelphia, PA 19130

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.177849
    Latitude
    39.966768

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    FAQs

    What type of property is this?
    Medical Office Space - First floor office space in prime Center City location.
    Where is this medical office space located?
    The property is located at 2401 PENNSYLVANIA AVENUE 1C51 Philadelphia, PA.
    What is the lease rate?
    The lease rate is $1,875 /Mo.
    What are key features of this property?
    This property features: Prime Center City location across from the Philadelphia Museum of Art; Versatile space suitable for professional, legal, or medical offices; Located on the ground floor of a secure, high‑end condominium building
    (215) 545-1500
    We can help!
    Listing Contact
    Allan Domb
    Allan Domb
    Real Estate License ID: RB043135A
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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
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