Renovated Multi-Floor Office
For Sale
$2,400,000
2218 2218-20 Race St, Philadelphia, PA 19103
Fully renovated office property with conference rooms, executive offices, open workspace, and kitchen facilities.
Property Size9,000 SF
Price / SF$266.67
Days on Market68
Property Features for 2218 2218-20 Race St
General Information
Standard status
Active
Size
9,000 SF
Zoning
RM1
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
conference rooms
executive offices
open workspace
kitchen area
Building Details
Year Built
1860
Year Renovated
2018
Buildings
1
Stories
3
Building Size
9,000 SF
Listing Agency:
KW Empower
Listed By:
Jeniffer Benner · License #RS337797
(484) 221-1556
Source:
Riverfoxrealty
Added: Aug 10
Changed: Sep 14
Last Checked: Oct 5 at 8:35PM
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
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Investment Insights
Based on property information with market context.
Constructed in 1860 and renovated in 2018, this 9,000-square-foot office building spans three floors and combines contemporary improvements with exposed wood beams. The interior includes two conference rooms, multiple executive offices, an open work area, and a fully equipped kitchen. The configuration supports office users including non-profits, medical practices, technology startups, and accounting firms.
The property is situated in Logan Square/Parkway with access to Center City amenities, I-76, and the Vine Street Expressway. The Schuylkill River Trail is within a short walk. RM1 zoning and an existing curb cut are also in place, with residential conversion identified as an additional possibility.
The property is situated in Logan Square/Parkway with access to Center City amenities, I-76, and the Vine Street Expressway. The Schuylkill River Trail is within a short walk. RM1 zoning and an existing curb cut are also in place, with residential conversion identified as an additional possibility.
Key Highlights
- 9,000 SQFT office building across three floors
- Fully renovated in 2018
- Two conference rooms, executive offices, open workspace, and kitchen area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$118,436
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,368,720
$2.4M
Cap Rate 7%
$1,691,943
$1.7M
Cap Rate 9%
$1,315,956
$1.3M
Market Conditions
NOI Build-Up for 9,000 SF
Gross rent
$197.6K $21.96/SF
− Vacancy
−$39.7K −$4.41/SF
EGI
$157.9K $17.55/SF
− OpEx
−$39.5K −$4.39/SF
NOI
$118.4K $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 Rate 5%
$2,368,720
Cap Rate 7%
$1,691,943
Cap Rate 9%
$1,315,956
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,436 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
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.
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
Frequently Asked Questions
What type of property is this?
Office building - Fully renovated office property with conference rooms, executive offices, open workspace, and kitchen facilities.
Where is this office building located?
The property is located at 2218 2218-20 Race St 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 SQFT office building across three floors; Fully renovated in 2018; Two conference rooms, executive offices, open workspace, and kitchen area
