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$237.09
Days on Market205
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
Site & Location
Neighborhood
Center City
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:
Michael Phillips · License #PA RS327662
(609) 412-4826
Source:
Crexi
Added: Apr 3
Changed: Oct 16
Last Checked: Oct 23 at 6:47AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$374,652
Cap Rate
5.55%
Suggested Prices Based on Cap Rates
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
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 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 5.55%
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 7.20%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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
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 $6,750,000.
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
