Office Building on Historic Cobblestone
For Sale
Contact for pricing
415-439 S 2nd St, Philadelphia, PA 19147
Office building in the Society Hill area, situated on a cobblestone street in the center of Head House Square.
Property Size32,200 SF
Price / SF$201.86
Days on Market245
Property Features for 415-439 S 2nd St
General Information
Standard status
Active
Size
32,200 SF
Property subtype
OFFICE
Listing Agency:
M.S. Fox Real Estate
(215) 568-8000
Listed By:
Anthony Falcone · License #RS180794L
(215) 840-2383
Source:
Moodyscre
Added: Jan 12
Changed: Aug 15
Last Checked: Sep 14 at 11:43AM
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 M.S. Fox Real Estate
Investment Insights
Based on property information with market context.
Office building located at 415-439 S 2nd St in Philadelphia, PA 19147 on a historic cobblestone street in the center of Head House Square. The property totals 32,200 square feet.
The setting places the building within the Society Hill area, offering a distinctive historic streetscape and a walkable, central square location.
The combination of an office-focused building size and its prominent placement within Head House Square supports a straightforward option for office users seeking a central, established urban address.
The setting places the building within the Society Hill area, offering a distinctive historic streetscape and a walkable, central square location.
The combination of an office-focused building size and its prominent placement within Head House Square supports a straightforward option for office users seeking a central, established urban address.
Key Highlights
- 32,200 SF office building
- Located on historic cobblestone street
- Center of Head House Square location
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
$423,737
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
6.52%
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%
$8,474,740
$8.5M
Cap Rate 7%
$6,053,386
$6.1M
Cap Rate 9%
$4,708,189
$4.7M
Market Conditions
NOI Build-Up for 32,200 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
$707.1K $21.96/SF
− Vacancy
−$142.1K −$4.41/SF
EGI
$565.0K $17.55/SF
− OpEx
−$141.2K −$4.39/SF
NOI
$423.7K $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%
$8,474,740
Cap Rate 7%
$6,053,386
Cap Rate 9%
$4,708,189
Alternative Uses
Best Use
Office B
$6.05M
$5.30M – $7.06M
NOI $423,737 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$7.85M
$6.87M – $9.16M
NOI $549,490 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
10,805
Businesses Nearby
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Business Placement
Demographics for 19147, PA
41,096
Population
20,735
Households
2
Avg Household Size
36
Median Age
69%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
31,612
Density / Sq Mi
$104,190
Median Household Income
$71,905
Median Earnings
$1,679
Median Rent
$524,900
Median Home Value
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Market
Vacancy Rate% for Office in Philadelphia, PA
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Frequently Asked Questions
What type of property is this?
Office building - Office building in the Society Hill area, situated on a cobblestone street in the center of Head House Square.
Where is this office building located?
The property is located at 415-439 S 2nd St Philadelphia, PA.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 32,200 SF office building; Located on historic cobblestone street; Center of Head House Square location
