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    Boutique Office Suites with Skylights Title is generated by Realmo AI

    1522 ALTER Street, Philadelphia, PA 19146

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    Claim this Listing
    New
    For Lease
    $1,199 /Mo

    CommercialLease - PHILADELPHIA, PA

    Type:Office
    Lot size:
    0.06 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 8:06 am

    Property Features for 1522 ALTER Street

    General Information

    Property type
    Other
    Property subtype
    Office
    Standard status
    Active
    Lot size
    0.06 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Number of units
    5
    Building materials
    Masonry

    We can help!

    Listing Contact
    Joseph Solomon

    Listing agent Joseph Solomon License #RS362078

    Listing office Coldwell Banker Realty 325 Chestnut Street unit: 1300, Plymouth Meeting, PA

    Listing date Jun 2, 2026

    MLS# PAPH2629024

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Renovated boutique office building with suites for lease on the 2nd floor
    • All available suites include hardwood floors, skylights, a private bathroom, and a kitchenette
    • Suites can be joined for more space if desired and available
    • Secure building access with phone entry to allow remote guest access, plus camera security
    • Forced‑air heating and central air cooling
    • Masonry construction; built in 1930

    Overview

    Alter Street Studios is a newly renovated boutique office building offering second-floor suite space for lease. Suites include hardwood floors, skylights, a private bathroom, and a kitchenette, creating a comfortable, self-contained work environment. The building also supports flexible occupancy, as available suites can be joined for more space if desired and available.

    The property is located conveniently near the Washington Avenue and Broad Street intersection, providing an accessible setting for daily operations. Building entry is secure, with phone-line access that allows guests in remotely while maintaining camera security.

    This setup is well-suited for professional tenants seeking an upgraded, small-to-mid sized office environment with private amenities. The ability to combine suites can benefit growing teams or businesses that may want to expand within the same building while keeping the same core suite features.
    Property Profile Location Intelligence

    Current Use by Public Records

    Le Atelier Aesthetics Spa & Massage Center White Kitchen Cabinets Hardware & Home Improvement

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.16963
    Latitude
    39.9376

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    FAQs

    What type of property is this?
    Office units - Newly renovated second-floor suites offer hardwood floors, skylights, private baths, and kitchenettes in a secure building.
    Where is this office units located?
    The property is located at 1522 ALTER Street Philadelphia, PA.
    What is the lease rate?
    The lease rate is $1,199 /Mo.
    What are key features of this property?
    This property features: Renovated boutique office building with suites for lease on the 2nd floor; All available suites include hardwood floors, skylights, a private bathroom, and a kitchenette; Suites can be joined for more space if desired and available
    (215) 687-2784
    We can help!
    Listing Contact
    Joseph Solomon
    Real Estate License ID: RS362078
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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.

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