Vaulted-Ceiling Creative
For Sale
$1,500,000
1521 N 31ST STREET Unit 300, Philadelphia, PA 19121
Open-plan space with expansive windows, a private deck, exposed structural details, and secure attached garage parking.
Property Size7,000 SF
Price / SF$214.29
Days on Market320
Property Features for 1521 N 31ST STREET Unit 300
General Information
Standard status
Active
Size
7,000 SF
Total Parking Spaces
3
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$1.00
Building Details
Building Size
7,000 SF
Year Built
1925
Listing Agency:
KW Empower
(484) 429-6769
Listed By:
Jim Onesti · License #RS224457L
(484) 429-6769
Source:
Patmckennarealtors
Added: Sep 26, 2025
Changed: Aug 11
Last Checked: Aug 11 at 6:29AM
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 KW Empower
Investment Insights
Based on property information with market context.
This 7,000-square-foot creative space occupies Unit 300 within a larger building and was originally built in 1925. The interior combines an open plan with vaulted ceilings, expansive windows, exposed steel and wood beams, and hardwood flooring. A private deck extends the usable area, while a secured attached garage provides parking for three vehicles.
Barn-style doors are already installed to divide the interior into two private areas, supporting separation between work and personal spaces or other distinct uses. Existing improvements include a basketball court, theater, spa, and artist area, with additional space available for further customization. The property is part of a three-unit association.
Barn-style doors are already installed to divide the interior into two private areas, supporting separation between work and personal spaces or other distinct uses. Existing improvements include a basketball court, theater, spa, and artist area, with additional space available for further customization. The property is part of a three-unit association.
Key Highlights
- 7,000 SqFt creative space in Unit 300
- Vaulted ceilings, expansive windows, exposed steel and wood beams
- Private deck and 3‑car secured attached garage parking
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
$92,117
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
6.14%
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%
$1,842,340
$1.8M
Cap Rate 7%
$1,315,957
$1.3M
Cap Rate 9%
$1,023,522
$1.0M
Market Conditions
NOI Build-Up for 7,000 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
$153.7K $21.96/SF
− Vacancy
−$30.9K −$4.41/SF
EGI
$122.8K $17.55/SF
− OpEx
−$30.7K −$4.39/SF
NOI
$92.1K $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%
$1,842,340
Cap Rate 7%
$1,315,957
Cap Rate 9%
$1,023,522
Alternative Uses
Best Use
Office B
$1.32M
$1.15M – $1.54M
NOI $92,117 @ 7.0% cap · market cap 6.14%
Second Best
Mixed Use
$1.19M
$1.04M – $1.39M
NOI $83,160 @ 7.0% cap · market cap 5.54%
Theoretical Best
Multifamily LT 5
$1.71M
$1.49M – $1.99M
NOI $119,454 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
940
Businesses Nearby
Explore this area
Business Placement
Demographics for 19121, PA
41,799
Population
19,673
Households
2.1
Avg Household Size
28
Median Age
25%
College-Educated
84%
High-School Grad
2.4 sq mi
ZIP Area
17,416
Density / Sq Mi
$36,208
Median Household Income
$29,915
Median Earnings
$1,082
Median Rent
$250,100
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.
Frequently Asked Questions
What type of property is this?
Creative space - Open-plan space with expansive windows, a private deck, exposed structural details, and secure attached garage parking.
Where is this creative space located?
The property is located at 1521 N 31ST STREET Unit 300 Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 7,000 SqFt creative space in Unit 300; Vaulted ceilings, expansive windows, exposed steel and wood beams; Private deck and 3‑car secured attached garage parking
