Prime Development Land in
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2300 N 2nd St, Philadelphia, PA 19133
Development opportunity in Philadelphia's evolving Lower Kensington/Fishtown submarket.
Property Size15,066 SF
Price / SF$106.20
Days on Market183
Property Features for 2300 N 2nd St
General Information
Standard status
Active
Size
15,066 SF
Property subtype
Land, Mixed Use, Multifamily
Investment Type
Redevelopment
Listing Agency:
Horvath & Tremblay
(267) 252-0223
Listed By:
Joe Loonstyn · License #RS351792
Source:
Crexi
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 8 at 3:20PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This land development opportunity consists of seven contiguous parcels assembled along North 2nd Street in Philadelphia’s Lower Kensington/Fishtown submarket. The site is zoned CMX-2.5, allowing for a range of commercial and mixed-use development options. The property is improved with an existing warehouse structure. Conceptual architectural plans illustrate the potential for a five-story multifamily development with a cellar level, depicting up to 43 residential units. The illustrative unit mix includes studio, one-bedroom, and two-bedroom layouts. Conceptual site plans depict multiple development configurations, including both a contiguous building layout and a multi-building scheme. The CMX-2.5 designation may allow for increased residential density beyond the illustrative concepts. The assembled parcels allow for efficient site planning, vertical construction, and a cohesive building footprint. The property is located within a federally designated Opportunity Zone. Strategically located along North 2nd Street, the property offers convenient access to major transportation corridors connecting Center City, Northern Liberties, Fishtown, and Port Richmond. The site is well served by public transit and provides quick access to I-95 and other major arterials. The property size is 15066 square feet.
Key Highlights
- Located in a rapidly evolving Lower Kensington/Fishtown submarket, a highly desirable and active growth corridor in Philadelphia.
- Zoned CMX‑2.5, allowing for a broad range of by‑right commercial and mixed‑use development options.
- The property is located within a federally designated Opportunity Zone, offering potential capital gains tax benefits for qualifying investors.
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
$110,609
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
6.91%
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%
$2,212,180
$2.2M
Cap Rate 7%
$1,580,129
$1.6M
Cap Rate 9%
$1,228,989
$1.2M
Market Conditions
NOI Build-Up for 15,066 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
$171.8K $11.40/SF
− Vacancy
−$13.7K −$0.91/SF
EGI
$158.0K $10.49/SF
− OpEx
−$47.4K −$3.15/SF
NOI
$110.6K $7.34/SF
Area
Philadelphia, PA
Vacancy
8.00%
Lease Rate
$11.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,212,180
Cap Rate 7%
$1,580,129
Cap Rate 9%
$1,228,989
Alternative Uses
Best Use
Apartment 5plus
$3.39M
$2.96M – $3.95M
NOI $236,981 @ 7.0% cap · market cap 14.81%
Second Best
Mixed Use
$2.56M
$2.24M – $2.98M
NOI $178,984 @ 7.0% cap · market cap 11.19%
Theoretical Best
Multifamily LT 5
$3.67M
$3.21M – $4.29M
NOI $257,100 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,150
Businesses Nearby
Explore this area
Business Placement
Demographics for 19133, PA
24,772
Population
10,766
Households
2.3
Avg Household Size
34
Median Age
7%
College-Educated
63%
High-School Grad
1.3 sq mi
ZIP Area
19,055
Density / Sq Mi
$31,756
Median Household Income
$26,563
Median Earnings
$919
Median Rent
$85,100
Median Home Value
Market
Vacancy Rate% for Industrial in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Development opportunity in Philadelphia's evolving Lower Kensington/Fishtown submarket.
Where is this commercial land located?
The property is located at 2300 N 2nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Located in a rapidly evolving Lower Kensington/Fishtown submarket, a highly desirable and active growth corridor in Philadelphia.; Zoned CMX‑2.5, allowing for a broad range of by‑right commercial and mixed‑use development options.; The property is located within a federally designated Opportunity Zone, offering potential capital gains tax benefits for qualifying investors.
