Historic Creative Office
For Sale
Contact for pricing
230 N 2nd St, Philadelphia, PA 19106
Historic brick multi-tenant office building with loft-style space and a restored 200-foot smokestack.
Property Size28,470 SF
Price / SF$242.36
Days on Market156
Property Features for 230 N 2nd St
General Information
Standard status
Active
Size
28,470 SF
Class
A
Property subtype
Office, Special Purpose
Zoning
CMX3
Occupancy
40%
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
1920
Year Renovated
1998
Buildings
1
Stories
3
Units
9
Tenancy
Multi
Construction
historic brick
Listing Agency:
Compass Pennsylvania
Listed By:
Kelly Widman · License #RS332044
(910) 547-3438
Source:
Crexi
Added: Apr 3
Changed: Aug 13
Last Checked: Sep 1 at 11:36PM
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 Compass Pennsylvania
Investment Insights
Based on property information with market context.
230 N 2nd Street is a historic brick, multi-tenant creative office building featuring loft-style architecture with high ceilings and open floor plates. The property is currently used for a mix of creative offices, production studios, and event space, and flexible interior layouts support a range of potential commercial uses under CMX-3 zoning. Improvements include 15 HVAC systems, separate utilities, and upgraded life-safety systems, along with a restored 200-foot smokestack that stands as a prominent building feature.
Located just north of Market Street in Philadelphia’s Old City, the building is positioned for access to major transit corridors and surrounding activity associated with the neighborhood. The property is suitable for either a single-tenant headquarters scenario or continued operation as a multiple-tenant commercial building.
Located just north of Market Street in Philadelphia’s Old City, the building is positioned for access to major transit corridors and surrounding activity associated with the neighborhood. The property is suitable for either a single-tenant headquarters scenario or continued operation as a multiple-tenant commercial building.
Key Highlights
- Historic 1920 brick, multi‑tenant building with about 128,470 SF in Philadelphia’s Old City
- Old City creative office asset with a mix of creative offices, production studios, and event space
- 15 HVAC systems plus separate utilities and upgraded life‑safety systems
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
$374,652
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
5.43%
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%
$7,493,040
$7.5M
Cap Rate 7%
$5,352,171
$5.4M
Cap Rate 9%
$4,162,800
$4.2M
Market Conditions
NOI Build-Up for 28,470 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
$625.2K $21.96/SF
− Vacancy
−$125.7K −$4.41/SF
EGI
$499.5K $17.55/SF
− OpEx
−$124.9K −$4.39/SF
NOI
$374.7K $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%
$7,493,040
Cap Rate 7%
$5,352,171
Cap Rate 9%
$4,162,800
Alternative Uses
Best Use
Office B
$5.35M
$4.68M – $6.24M
NOI $374,652 @ 7.0% cap · market cap 5.43%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$6.94M
$6.07M – $8.10M
NOI $485,838 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
13,449
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
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Frequently Asked Questions
What type of property is this?
Creative space - Historic brick multi-tenant office building with loft-style space and a restored 200-foot smokestack.
Where is this creative space located?
The property is located at 230 N 2nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Historic 1920 brick, multi‑tenant building with about 128,470 SF in Philadelphia’s Old City; Old City creative office asset with a mix of creative offices, production studios, and event space; 15 HVAC systems plus separate utilities and upgraded life‑safety systems
