Historic Creative Office
230 N 2nd St Philadelphia, PA 19106
230 N 2nd St, Philadelphia, PA, 19106
Contact for pricing
For Sale
Contact for pricing
Historic brick multi-tenant office building with loft-style space and a restored 200-foot smokestack.
Property Size28,470 SF
Price / SF$254.65
Days on Market112
Property Features for 230 N 2nd St
General Information
- Standard status
- Active
- Size
- 28,470 SF
- Property subtype
- Office, Special Purpose
Building Details
- Year Built
- 1920
Listing agency
Compass Pennsylvania
(910) 547-3438
Listed by
Michael Phillips · License #PA RS327662
Source
Crexi
Added: Apr 2 Updated: Jul 22 at 12:11AM Checked: Jul 22 at 12:11AM
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
Local 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 | $625.2k | $21.96 |
| − Vacancy | −$125.7k | −$4.41 |
| EGI | $499.5k | $17.55 |
| − OpEx | −$124.9k | −$4.39 |
| NOI | $374.7k | $13.16 |
28,470 SF · lease $21.96/SF/yr · vacancy 20.10% · expense 25.00%
Alternative Uses
Best Use
Office B
$5.35M
$4.68M – $6.24M
NOI $374,652 @ 7.0% cap · market cap 5.17%
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 6.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Berel & Co
Clothing Store
Articus, Ltd.
Marketing & Advertising
REMOTE READY
(Bike/Boat/Book/etc) Store
Power Plant Productions
Film Production
TimeCycle
Courier Service
Similar For Sale Nearby
FAQs
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 $7,250,000.
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
