Renovated Historic Office
For Sale
$3,995,000
1710-12 Locust Street, Philadelphia, PA 19103
Completely renovated historic building with elevator, offices, conference rooms, and 3–4 car parking.
Property Size9,500 SF
Price / SF$420.53
Days on Market538
Property Features for 1710-12 Locust Street
General Information
Standard status
Active
Size
9,500 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
CMX3
Taxes and HOA fees
Annual Taxes
$20,156
Amenities
Fully Finished
Natural Gas
Yes
Natural Gas,Electric
No
Estimated
4
No Pool
Public
DD0
34.00 x 90.00
0.07
Assessor
Driveway
Concrete Perimeter
287980.00
Building Details
Building Size
9,500 SF
Year Built
1853
Listing Agency:
Keller Williams Liberty Place
(856) 222-0077
Listed By:
Ryan LeBon
Source:
Thetristaterealestategroup
Added: Mar 17, 2025
Changed: Sep 4
Last Checked: Sep 5 at 4:55AM
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 Keller Williams Liberty Place
Investment Insights
Based on property information with market context.
Built circa 1853, 1710–1712 Locust is a historic brick property that has been superbly and completely renovated throughout in pristine, meticulously maintained condition. The building is currently configured as a spacious office with an elevator, reception area, multiple offices and conference rooms, kitchen and eating area, and significant storage, supported by multi-bathroom facilities.
The property features a broad, historic brick façade with a large window assembly that brings substantial natural light into the building. It includes multiple conference rooms, numerous offices, and additional interior spaces designed to operate as an office or transition to other formats.
At approximately 34 feet wide, the offering totals 9,500 square feet and is listed with CMX-3 zoning. The property is described as having 3 to 4 car parking and is positioned within a half block of Rittenhouse Square, providing a setting for multiple flexible use possibilities, including office, residential conversion, live-work, or mixed-use arrangements.
The property features a broad, historic brick façade with a large window assembly that brings substantial natural light into the building. It includes multiple conference rooms, numerous offices, and additional interior spaces designed to operate as an office or transition to other formats.
At approximately 34 feet wide, the offering totals 9,500 square feet and is listed with CMX-3 zoning. The property is described as having 3 to 4 car parking and is positioned within a half block of Rittenhouse Square, providing a setting for multiple flexible use possibilities, including office, residential conversion, live-work, or mixed-use arrangements.
Key Highlights
- Completely renovated historic double property c. 1853 with 9,500 SF and CMX‑3 zoning
- First‑floor office setup includes elevator, reception, multiple offices, conference rooms, kitchen/eating area, and significant storage
- 3 to 4 car parking with total 4 parking spaces and driveway parking; concrete perimeter foundation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,016
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,500,320
$2.5M
Cap Rate 7%
$1,785,943
$1.8M
Cap Rate 9%
$1,389,067
$1.4M
Market Conditions
NOI Build-Up for 9,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$208.6K $21.96/SF
− Vacancy
−$41.9K −$4.41/SF
EGI
$166.7K $17.55/SF
− OpEx
−$41.7K −$4.39/SF
NOI
$125.0K $13.16/SF
Area
Philadelphia, PA
Vacancy
20.10%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,500,320
Cap Rate 7%
$1,785,943
Cap Rate 9%
$1,389,067
Alternative Uses
Best Use
Office B
$1.79M
$1.56M – $2.08M
NOI $125,016 @ 7.0% cap · market cap 3.13%
Second Best
Mixed Use
$1.61M
$1.41M – $1.88M
NOI $112,860 @ 7.0% cap · market cap 2.83%
Theoretical Best
Multifamily LT 5
$2.32M
$2.03M – $2.70M
NOI $162,116 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
21,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Completely renovated historic building with elevator, offices, conference rooms, and 3–4 car parking.
Where is this office building located?
The property is located at 1710-12 Locust Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: Completely renovated historic double property c. 1853 with 9,500 SF and CMX‑3 zoning; First‑floor office setup includes elevator, reception, multiple offices, conference rooms, kitchen/eating area, and significant storage; 3 to 4 car parking with total 4 parking spaces and driveway parking; concrete perimeter foundation
