Two-Story Concrete Industrial
For Sale
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1617 North 2nd Street, Philadelphia, PA 19122
Load-rated concrete construction supports industrial use and a previously prepared plan for vertical expansion.
Property Size22,000 SF
Lot Size0.26 Acres
Price / SF$113.18
Days on Market51
Property Features for 1617 North 2nd Street
General Information
Standard status
Active
Size
22,000 SF
Lot size
0.26 Acres
Property subtype
Industrial
Financials
Asking Price
$2,900,000
Opportunity Zone
Yes
Building Details
Buildings
1
Stories
2
Building Size
22,000 SF
Construction
solid concrete
Listing Agency:
REAL of Pennsylvania
Listed By:
Keren Niv · License #RS226324
Source:
Crexi
Added: Sep 2
Changed: Oct 15
Last Checked: Oct 20 at 6:25PM
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 REAL of Pennsylvania
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Investment Insights
Based on property information with market context.
This two-story industrial building is constructed of solid concrete and contains approximately 22,000 SF on an 11,318 SF parcel. The structure is load-rated for vertical expansion, and a previously prepared plan set contemplates approximately 40,850 SF of total gross floor area, including 8 bi-level residential units above the existing commercial base and a roof deck.
The property is located at 1617 North 2nd Street in Philadelphia’s Olde Kensington submarket. It lies within a federally designated Qualified Opportunity Zone and is eligible for 1031 exchange treatment. Nearby development includes 288+ residential units delivered or in lease-up within approximately a quarter mile over the past two years, along with 3+ additional projects under construction within approximately one block. The area is served by SEPTA’s Market-Frankford Line at Girard Station and borders the Crane Arts District and American Street Corridor.
The property is located at 1617 North 2nd Street in Philadelphia’s Olde Kensington submarket. It lies within a federally designated Qualified Opportunity Zone and is eligible for 1031 exchange treatment. Nearby development includes 288+ residential units delivered or in lease-up within approximately a quarter mile over the past two years, along with 3+ additional projects under construction within approximately one block. The area is served by SEPTA’s Market-Frankford Line at Girard Station and borders the Crane Arts District and American Street Corridor.
Key Highlights
- Approximately 22,000 SF industrial building on an 11,318 SF parcel
- Two‑story solid concrete construction load‑rated for vertical expansion
- Plan set contemplates approximately 40,850 SF of total gross floor area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$161,515
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,230,300
$3.2M
Cap Rate 7%
$2,307,357
$2.3M
Cap Rate 9%
$1,794,611
$1.8M
Market Conditions
NOI Build-Up for 22,000 SF
Gross rent
$250.8K $11.40/SF
− Vacancy
−$20.1K −$0.91/SF
EGI
$230.7K $10.49/SF
− OpEx
−$69.2K −$3.15/SF
NOI
$161.5K $7.34/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,230,300
Cap Rate 7%
$2,307,357
Cap Rate 9%
$1,794,611
Alternative Uses
Best Use
Mixed Use
$3.73M
$3.27M – $4.36M
NOI $261,360 @ 7.0% cap · market cap 10.50%
Second Best
Industrial
$2.31M
$2.02M – $2.69M
NOI $161,515 @ 7.0% cap · market cap 6.49%
Theoretical Best
Multifamily LT 5
$5.36M
$4.69M – $6.26M
NOI $375,428 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,337
Businesses Nearby
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Business Placement
Demographics for 19122, PA
26,668
Population
10,139
Households
2.6
Avg Household Size
28
Median Age
42%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
20,514
Density / Sq Mi
$57,785
Median Household Income
$31,871
Median Earnings
$1,294
Median Rent
$341,000
Median Home Value
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Market
Vacancy Rate% for Industrial in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Industrial property - Load-rated concrete construction supports industrial use and a previously prepared plan for vertical expansion.
Where is this industrial property located?
The property is located at 1617 North 2nd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,490,000.
What are key features of this property?
This property features: Approximately 22,000 SF industrial building on an 11,318 SF parcel; Two‑story solid concrete construction load‑rated for vertical expansion; Plan set contemplates approximately 40,850 SF of total gross floor area
