Two-Story Corner Office
For Sale
$399,000
2149 S 3Rd Street, Philadelphia, PA 19148
Two-story corner office building with large window-lined work areas, two powder rooms, and a finished basement with storage.
Property Size2,000 SF
Price / SF$199.50
Days on Market733
Property Features for 2149 S 3Rd Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Zoning
RSA5
Taxes and HOA fees
Annual Taxes
$4,217
Amenities
Full
Electric
Yes
No
Estimated
No Pool
Public
DB0
16.00 x 68.00
0.03
Assessor
On Street
Stone
60260.00
Building Details
Building Size
2,000 SF
Year Built
2000
Stories
2
Listing Agency:
High Associates Ltd.
(856) 222-0077
Listed By:
Francis Brennan
Source:
Thetristaterealestategroup
Added: Sep 6, 2024
Changed: Sep 7
Last Checked: Sep 8 at 4:58AM
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 High Associates Ltd.
Investment Insights
Based on property information with market context.
This expansive two-story corner building offers versatile office space in a layout designed for a variety of uses. The first floor features a sitting room and a spacious workstation, followed by a hallway with a wall of windows. From there, the space includes a fully equipped kitchen, a large powder room, and a private rear office.
The second level provides an entirely open layout surrounded by windows for natural light, along with a kitchenette, another powder room, and a generous rear office area. A finished basement adds additional flexible space and includes ample storage options to support day-to-day operations.
The property is located in Philadelphia, with an RSA 5 - Residential zoning designation noted in the listing information.
The second level provides an entirely open layout surrounded by windows for natural light, along with a kitchenette, another powder room, and a generous rear office area. A finished basement adds additional flexible space and includes ample storage options to support day-to-day operations.
The property is located in Philadelphia, with an RSA 5 - Residential zoning designation noted in the listing information.
Key Highlights
- Two‑story corner office building built in 2000 with over 2,000 sq ft of versatile space
- Zoned RSA 5 – Residential and features ramp accessibility on the main level
- First floor includes sitting room, spacious workstation, wall of windows, fully equipped kitchen, powder room, and private rear office
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
$26,319
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
6.60%
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%
$526,380
$526.4K
Cap Rate 7%
$375,986
$376.0K
Cap Rate 9%
$292,433
$292.4K
Market Conditions
NOI Build-Up for 2,000 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
$43.9K $21.96/SF
− Vacancy
−$8.8K −$4.41/SF
EGI
$35.1K $17.55/SF
− OpEx
−$8.8K −$4.39/SF
NOI
$26.3K $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%
$526,380
Cap Rate 7%
$375,986
Cap Rate 9%
$292,433
Alternative Uses
Best Use
Office B
$376.0K
$329.0K – $438.7K
NOI $26,319 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$487.6K
$426.6K – $568.8K
NOI $34,130 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,862
Businesses Nearby
Explore this area
Business Placement
Demographics for 19148, PA
53,976
Population
22,944
Households
2.4
Avg Household Size
36
Median Age
39%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
12,851
Density / Sq Mi
$80,469
Median Household Income
$50,067
Median Earnings
$1,492
Median Rent
$296,800
Median Home Value
Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story corner office building with large window-lined work areas, two powder rooms, and a finished basement with storage.
Where is this office building located?
The property is located at 2149 S 3Rd Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑story corner office building built in 2000 with over 2,000 sq ft of versatile space; Zoned RSA 5 – Residential and features ramp accessibility on the main level; First floor includes sitting room, spacious workstation, wall of windows, fully equipped kitchen, powder room, and private rear office
