Historic Flex Space with Open
For Sale
$199,500
136 N 2nd Street 1b, Philadelphia, PA 19106
Adaptable commercial condominium with exposed brick, vaulted ceilings, and a kitchenette for creative, office, or studio use.
Property Size1,145 SF
Price / SF$174.24
Days on Market18
Property Features for 136 N 2nd Street 1b
General Information
Standard status
Active
Size
1,145 SF
Amenities
kitchenette
powder room
Building Details
Year Built
1900
Construction
brick
Listing Agency:
BHHS Fox & Roach-Center City Walnut
Listed By:
Gregory J Damis, Jacky C Damis · License #RS351640
(267) 977-2961
Source:
Premierehomegroup
Added: Aug 17
Changed: Aug 31
Last Checked: Sep 1 at 11:01PM
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 BHHS Fox & Roach-Center City Walnut
Investment Insights
Based on property information with market context.
This 1,145-square-foot flex condominium occupies a historic 1900 building and combines an open interior with distinctive architectural details. The space includes vaulted brick ceilings, interior arches, exposed brick, finished walls and flooring, a powder room, and a kitchenette equipped with a stainless steel refrigerator, basin, counters, cabinets, and bright lighting. A sliding barn door provides the entry feature.
Located at 136 N 2nd Street in Philadelphia’s Old City, the property sits within a walkable commercial district with diverse surrounding businesses. The stated Walk Score is 95, supporting convenient pedestrian access and proximity to nearby services and destinations. The layout is suited to a range of business configurations, including studio, salon, office, design, or storage applications.
Located at 136 N 2nd Street in Philadelphia’s Old City, the property sits within a walkable commercial district with diverse surrounding businesses. The stated Walk Score is 95, supporting convenient pedestrian access and proximity to nearby services and destinations. The layout is suited to a range of business configurations, including studio, salon, office, design, or storage applications.
Key Highlights
- 1,145 SF flex condominium in Philadelphia’s Old City
- Historic 1900 building with vaulted brick ceilings and exposed brick
- Open interior layout with arches, finished flooring, and a powder room
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
$15,068
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
7.55%
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%
$301,360
$301.4K
Cap Rate 7%
$215,257
$215.3K
Cap Rate 9%
$167,422
$167.4K
Market Conditions
NOI Build-Up for 1,145 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
$25.1K $21.96/SF
− Vacancy
−$5.1K −$4.41/SF
EGI
$20.1K $17.55/SF
− OpEx
−$5.0K −$4.39/SF
NOI
$15.1K $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%
$301,360
Cap Rate 7%
$215,257
Cap Rate 9%
$167,422
Alternative Uses
Best Use
Office B
$215.3K
$188.4K – $251.1K
NOI $15,068 @ 7.0% cap · market cap 7.55%
Second Best
Flex RnD
$172.2K
$150.7K – $201.0K
NOI $12,057 @ 7.0% cap · market cap 6.04%
Theoretical Best
Multifamily LT 5
$279.1K
$244.2K – $325.7K
NOI $19,539 @ 7.0% cap · market cap 9.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,253
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- City Kitchen Catering — 257 S 10th St, Philadelphia, PA 19107
- Union Gourmet Catering — 150S S Independence Mall W, Philadelphia, PA 19106
- Elegant Tents & Catering — 303 N 3rd St, Philadelphia, PA 19106
- Di Bruno Bros. Catering — 435 Fairmount Ave, Philadelphia, PA 19123
- It's a CupCake! Sweet & Savory Boutique — Philadelphia, PA 19123
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial condominium with exposed brick, vaulted ceilings, and a kitchenette for creative, office, or studio use.
Where is this flex space located?
The property is located at 136 N 2nd Street 1b Philadelphia, PA.
What is the asking price?
The asking price for this property is $199,500.
What are key features of this property?
This property features: 1,145 SF flex condominium in Philadelphia’s Old City; Historic 1900 building with vaulted brick ceilings and exposed brick; Open interior layout with arches, finished flooring, and a powder room
