Four-Story Mixed-Use
For Sale
$2,500,000
215 CHURCH Street, Philadelphia, PA 19106
Commercial Sale, PHILADELPHIA, PA
Property Size6,520 SF
Price / SF$383.44
Days on Market169
Property Features for 215 CHURCH Street
General Information
Property type
Other
Property subtype
Office
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
18532
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1850
Number of units
2
Building materials
Masonry, Brick, Stucco, Stone
Listing Agency:
Mallin Panchelli Nadel Realty Inc
(215) 413-4900
Listed By:
Nadia T Bilynsky · License #RS311101
(267) 546-1718
Added: Mar 25
Changed: Sep 4
Last Checked: Sep 9 at 12:06AM
MLS# PAPH2599274
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.
Investment Insights
Based on property information with market context.
Located at 215 Church Street in Philadelphia’s Old City, this mixed-use property contains approximately 6,520 SF across four floors, along with a usable lower level. The first three floors and lower level are configured as office space and have been occupied by Quirk Books for over 10 years. The office component can accommodate a single user or be divided for separate tenancy.
The fourth floor contains a renovated one-bedroom, one-bath apartment, adding a residential element to the building’s commercial layout. Constructed in 1850 with masonry, brick, stucco, and stone materials, the property features forced-air heating and central air conditioning. The address is in Philadelphia, PA 19106, within the Old City area.
The fourth floor contains a renovated one-bedroom, one-bath apartment, adding a residential element to the building’s commercial layout. Constructed in 1850 with masonry, brick, stucco, and stone materials, the property features forced-air heating and central air conditioning. The address is in Philadelphia, PA 19106, within the Old City area.
Key Highlights
- 6,520 +/- SF arranged over 4 floors plus a usable lower level
- First 3 floors and lower level configured for office use
- Fourth floor includes a fully renovated 1 bedroom/1 bath apartment
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
$85,800
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
3.43%
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%
$1,716,000
$1.7M
Cap Rate 7%
$1,225,714
$1.2M
Cap Rate 9%
$953,333
$953.3K
Market Conditions
NOI Build-Up for 6,520 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
$143.2K $21.96/SF
− Vacancy
−$28.8K −$4.41/SF
EGI
$114.4K $17.55/SF
− OpEx
−$28.6K −$4.39/SF
NOI
$85.8K $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%
$1,716,000
Cap Rate 7%
$1,225,714
Cap Rate 9%
$953,333
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,800 @ 7.0% cap · market cap 3.43%
Second Best
Mixed Use
$1.11M
$968.2K – $1.29M
NOI $77,458 @ 7.0% cap · market cap 3.10%
Theoretical Best
Multifamily LT 5
$1.59M
$1.39M – $1.85M
NOI $111,263 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,078
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?
Mixed-use property - Office floors and a renovated one-bedroom apartment create a flexible mixed-use configuration in Philadelphia’s Old City.
Where is this mixed-use property located?
The property is located at 215 CHURCH Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 6,520 +/- SF arranged over 4 floors plus a usable lower level; First 3 floors and lower level configured for office use; Fourth floor includes a fully renovated 1 bedroom/1 bath apartment
