New Construction Office
For Sale
$525,000
160 2ND STREET, Philadelphia, PA 19106
Private offices and an open collaboration area support a flexible professional workspace.
Property Size1,387 SF
Price / SF$378.51
Days on Market94
Property Features for 160 2ND STREET
General Information
Standard status
Active
Size
1,387 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,436
Amenities
Central Air
3
No Parking.
Building Details
Year Built
2024
Listing Agency:
KW Empower
(215) 627-3500
Listed By:
Jim Onesti · License #RS224457L
(484) 429-6769
Source:
Xome
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 2 at 2:14PM
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.
Built in 2024, this Philadelphia office unit combines private offices with a large open area suited to collaborative work. Central air and luxury finishes are among the stated interior features, while CMX3 zoning supports its commercial setting. A tax abatement is also associated with the property.
The unit is located at 160 N 2nd Street in Old City, near the Ben Franklin Bridge and a surrounding mix of residential, retail, dining, and cultural destinations. Residential condominiums above the commercial space provide an established presence within the building. The property does not include parking.
The unit is located at 160 N 2nd Street in Old City, near the Ben Franklin Bridge and a surrounding mix of residential, retail, dining, and cultural destinations. Residential condominiums above the commercial space provide an established presence within the building. The property does not include parking.
Key Highlights
- 2024‑built office unit in Philadelphia’s Old City
- Private offices plus a large open collaboration area
- CMX3 zoning
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
$18,252
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
3.48%
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%
$365,040
$365.0K
Cap Rate 7%
$260,743
$260.7K
Cap Rate 9%
$202,800
$202.8K
Market Conditions
NOI Build-Up for 1,387 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
$30.5K $21.96/SF
− Vacancy
−$6.1K −$4.41/SF
EGI
$24.3K $17.55/SF
− OpEx
−$6.1K −$4.39/SF
NOI
$18.3K $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%
$365,040
Cap Rate 7%
$260,743
Cap Rate 9%
$202,800
Alternative Uses
Best Use
Office B
$260.7K
$228.2K – $304.2K
NOI $18,252 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$338.1K
$295.9K – $394.5K
NOI $23,669 @ 7.0% cap · market cap 4.51%
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
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.
Frequently Asked Questions
What type of property is this?
Office units - Private offices and an open collaboration area support a flexible professional workspace.
Where is this office units located?
The property is located at 160 2ND STREET Philadelphia, PA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 2024‑built office unit in Philadelphia’s Old City; Private offices plus a large open collaboration area; CMX3 zoning
