Renovated Three-Story Office
For Sale
$2,400,000
2218-20 Race Street, Philadelphia, PA 19103
Turnkey, fully renovated office building with conference space, executive offices, open work area, and kitchen.
Property Size9,000 SF
Price / SF$266.67
Days on Market98
Property Features for 2218-20 Race Street
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Office
Zoning
RM1
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Year Built
1860
Year Renovated
2018
Stories
3
Listing Agency:
KW Empower
(484) 221-1556
Listed By:
Jeniffer Benner
(484) 221-1556
Source:
Xome
Added: Apr 25
Changed: Jul 10
Last Checked: Jul 7 at 11:33PM
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.
A fully renovated office building completed in 2018, offering a three-floor layout with a mix of executive offices and an open workspace. The interior combines modern updates with exposed wood beams, creating a distinctive office environment. Tenant-ready improvements include two conference rooms and a fully equipped kitchen area, supporting both day-to-day operations and client-facing meetings.
Located on Race Street in the Logan Square/Parkway area of Philadelphia, the property provides quick access to Center City amenities and major routes including I-76 and the Vine Street Expressway. It is also described as a short walk to the Schuylkill River Trail. The building configuration and an existing curb cut can support practical site access for office operations.
Zoned RM1, the property’s current office use and site features may also appeal to buyers evaluating an alternative use. For organizations seeking a move-in-ready office setup, the combination of private offices, meeting space, and shared work areas can accommodate non-profits, medical practices, tech startups, or accounting firms. For buyers planning future redevelopment, the existing curb cut and RM1 zoning provide a foundation to explore conversion scenarios while maintaining flexibility around how the space is repurposed.
Located on Race Street in the Logan Square/Parkway area of Philadelphia, the property provides quick access to Center City amenities and major routes including I-76 and the Vine Street Expressway. It is also described as a short walk to the Schuylkill River Trail. The building configuration and an existing curb cut can support practical site access for office operations.
Zoned RM1, the property’s current office use and site features may also appeal to buyers evaluating an alternative use. For organizations seeking a move-in-ready office setup, the combination of private offices, meeting space, and shared work areas can accommodate non-profits, medical practices, tech startups, or accounting firms. For buyers planning future redevelopment, the existing curb cut and RM1 zoning provide a foundation to explore conversion scenarios while maintaining flexibility around how the space is repurposed.
Key Highlights
- 9,000 SF, three‑floor office building fully renovated in 2018
- Zoned RM1 with an existing curb cut for access
- Interior includes central air, open workspace, executive offices, and two conference rooms
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $197.6k | $21.96 |
| − Vacancy | −$39.7k | −$4.41 |
| EGI | $157.9k | $17.55 |
| − OpEx | −$39.5k | −$4.39 |
| NOI | $118.4k | $13.16 |
9,000 SF · lease $21.96/SF/yr · vacancy 20.10% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,436 @ 7.0% cap · market cap 4.93%
Second Best
Healthcare Medical
$1.67M
$1.46M – $1.94M
NOI $116,640 @ 7.0% cap · market cap 4.86%
Theoretical Best
Multifamily LT 5
$2.19M
$1.92M – $2.56M
NOI $153,584 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
13,449
Businesses Nearby
Explore this area
Business Placement
Demographics for 19103, PA
28,717
Population
20,064
Households
1.4
Avg Household Size
36
Median Age
81%
College-Educated
98%
High-School Grad
0.6 sq mi
ZIP Area
47,862
Density / Sq Mi
$97,940
Median Household Income
$76,680
Median Earnings
$1,955
Median Rent
$551,700
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 - Turnkey, fully renovated office building with conference space, executive offices, open work area, and kitchen.
Where is this office building located?
The property is located at 2218-20 Race Street Philadelphia, PA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 9,000 SF, three‑floor office building fully renovated in 2018; Zoned RM1 with an existing curb cut for access; Interior includes central air, open workspace, executive offices, and two conference rooms
