Industrial Flex Space with Exposed
For Sale
$1,600,000
230012 2ND STREET, Philadelphia, PA 19133
Character-rich commercial space offers high ceilings, large windows, and a flexible interior configuration.
Property Size11,348 SF
Price / SF$140.99
Days on Market169
Property Features for 230012 2ND STREET
General Information
Standard status
Active
Size
11,348 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$907
Amenities
high ceilings
exposed brick
large windows
3
No Parking.
19.00 x 122.00
Other.
Building Details
Year Built
1917
Listing Agency:
Loonstyn Brothers Realty LLC
(267) 252-0223
Listed By:
Joseph Loonstyn · License #RM426384
(267) 252-0223
Source:
Xome
Added: Mar 1
Changed: Aug 16
Last Checked: Aug 17 at 4:04AM
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 Loonstyn Brothers Realty LLC
Investment Insights
Based on property information with market context.
This 11,348-square-foot flex property, built in 1917, combines an adaptable floor plan with exposed brick, high ceilings, and large windows that bring natural light into the space. The layout supports creative office, studio, light industrial, and retail applications, subject to applicable requirements. No on-site parking is provided.
Positioned along the N 2nd Street corridor in Philadelphia, the property has access to public transportation and major roadways. The surrounding area includes Northern Liberties, Fishtown, and Olde Kensington, with restaurants, retail, and residential development nearby. The building’s industrial character and flexible configuration provide a distinctive setting for a range of commercial uses.
Positioned along the N 2nd Street corridor in Philadelphia, the property has access to public transportation and major roadways. The surrounding area includes Northern Liberties, Fishtown, and Olde Kensington, with restaurants, retail, and residential development nearby. The building’s industrial character and flexible configuration provide a distinctive setting for a range of commercial uses.
Key Highlights
- 11,348 SF flex property built in 1917
- Exposed brick, high ceilings, and large windows
- Flexible layout for creative office, studio, light industrial, or retail uses
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
$119,494
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
7.47%
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%
$2,389,880
$2.4M
Cap Rate 7%
$1,707,057
$1.7M
Cap Rate 9%
$1,327,711
$1.3M
Market Conditions
NOI Build-Up for 11,348 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
$204.3K $18.00/SF
− Vacancy
−$20.4K −$1.80/SF
EGI
$183.8K $16.20/SF
− OpEx
−$64.3K −$5.67/SF
NOI
$119.5K $10.53/SF
Area
Philadelphia, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,389,880
Cap Rate 7%
$1,707,057
Cap Rate 9%
$1,327,711
Alternative Uses
Best Use
Office B
$2.13M
$1.87M – $2.49M
NOI $149,334 @ 7.0% cap · market cap 9.33%
Second Best
Flex RnD
$1.71M
$1.49M – $1.99M
NOI $119,494 @ 7.0% cap · market cap 7.47%
Theoretical Best
Multifamily LT 5
$2.77M
$2.42M – $3.23M
NOI $193,652 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Under-served
Demand for This Use
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 Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Character-rich commercial space offers high ceilings, large windows, and a flexible interior configuration.
Where is this flex space located?
The property is located at 230012 2ND STREET 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: 11,348 SF flex property built in 1917; Exposed brick, high ceilings, and large windows; Flexible layout for creative office, studio, light industrial, or retail uses
