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    Corner Mixed-Use Development Site Title is generated by Realmo AI

    2254 North 3rd Street, Philadelphia, PA 19133

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    New
    For Sale
    $940,000

    Approved plans call for 27 residential units plus 1 commercial unit, with a Qualified Opportunity Zone designation.

    Type:Land / Fee Simple
    Property size:
    6,120 SF
    Price / SF:
    $153/SF
    Added:
    May 31, 2026
    Days on Market:
    7
    Last Refresh:
    Jun 6 at 3:22 am

    Property Features for 2254 North 3rd Street

    General Information

    Standard status
    Active
    Size
    6,120 SF
    Property subtype
    Land / Fee Simple

    We can help!

    Listing Contact
    Christopher K Somers
    Christopher K Somers

    Listing agent Christopher K Somers License #RS278328

    Listing office KW Empower

    Listing date May 31, 2026

    Source Compass

    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

    HighLights

    • Approved corner development site in Norris Square in a Qualified Opportunity Zone (QOZ)
    • Permits approved for 27 residential units plus 1 commercial unit, including 17 two bed/2 bath, 10 one bed/1 bath, and 1 commercial space
    • Designed to be fully detached with approx. 27,540 SF and 3 street frontages with windows on all 4 sides
    • Existing masonry and steel building is 6,120 SF with high ceilings and 2 overhead doors; use or lease permitted while zoning remains active
    • Zoning permit is active through Feb 2029; by‑right alternative plan available for 32 residential units plus mix of studios

    Overview

    The property is a corner development site in Norris Square with approved zoning plans and active permits for a detached, multi-frontage building. The approved plan includes 27 residential units and 1 commercial unit, with a unit mix of 17 two-bedroom/two-bath, 10 one-bedroom/one-bath, and 1 commercial space. The site also includes an existing masonry and steel building totaling approximately 6,120 SF, featuring high ceilings and two overhead doors. By-right plans are supported by an alternate zoning plan for 32 residential units, including studios, one-bedroom/one-bath, and two-bedroom/two-bath layouts.

    The project is described as located about one block from N American St and across the street from Casiano Field. The property is also positioned near an arts campus under construction at 2200 Block of N American St, with additional new construction noted along N 3rd St and surrounding blocks. The listing notes access to Fishtown and public transportation.

    For developers, the heavy zoning prerequisites are reported as completed and approved, with permits indicated as active through February 2029. For operators who choose not to build immediately, the existing building may be used or leased while the approved entitlement remains in place.
    Location Intelligence

    Current Use by Public Records

    Denbo Nancy J ... Physician

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.1526
    Latitude
    39.91999

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    FAQs

    What type of property is this?
    Apartment building - Approved plans call for 27 residential units plus 1 commercial unit, with a Qualified Opportunity Zone designation.
    Where is this apartment building located?
    The property is located at 2254 North 3rd Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $940,000.
    What are key features of this property?
    This property features: Approved corner development site in Norris Square in a Qualified Opportunity Zone (QOZ); Permits approved for 27 residential units plus 1 commercial unit, including 17 two bed/2 bath, 10 one bed/1 bath, and 1 commercial space; Designed to be fully detached with approx. 27,540 SF and 3 street frontages with windows on all 4 sides
    (267) 987-4443
    We can help!
    Listing Contact
    Christopher K Somers
    Christopher K Somers
    Real Estate License ID: RS278328
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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