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    Turnkey Three-Story Building with Elevator Title is generated by Realmo AI

    718 CHESTNUT Street, Philadelphia, PA 19106

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    For Sale
    $2,750,000

    Commercial Sale - PHILADELPHIA, PA

    Type:Retail
    Property size:
    9,600 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $286/SF
    Added:
    Jun 4, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 4 at 11:06 pm

    Property Features for 718 CHESTNUT Street

    General Information

    Property type
    Other
    Property subtype
    Retail
    Standard status
    Active
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Annual Amount
    2520900

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2014
    Building materials
    Block

    We can help!

    Listing Contact
    Michael Stitz
    Michael Stitz

    Listing agent Michael Stitz License #RS208032L

    Listing office New Horizons Real Estate, Inc. 1095 Market Street, Warrington, PA

    Listing date Jun 4, 2026

    MLS# PAPH2626180

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 3‑story 9,600 SF building with a fully finished basement and elevator service to all levels
    • 2011–12 top‑to‑bottom renovation includes new bathrooms, walls, floors, staircases, and new electric and plumbing
    • Central air and forced‑air heating with hi‑efficiency HVAC systems; sprinkler system installed on all floors including the basement
    • Current zoning: CMX‑5 (attached) with space suited for retail, professional offices, or a residential conversion
    • Currently 100% vacant and ready for occupancy
    • Construction materials: block; built in 2014; located just blocks from the Market Street revitalization project

    Overview

    This turnkey three-story building includes a fully finished basement with elevator service to all levels. The property underwent a complete top-to-bottom renovation in 2011–2012, with upgrades throughout including new bathrooms, walls, floors, and staircases, as well as new electrical and plumbing and high-efficiency HVAC systems. A sprinkler system is installed on all floors, including the basement level. Interior configuration includes a first-floor reception area and kitchenette, a second-floor level with two spacious rooms featuring hardwood floors and soaring ceilings, and a third floor described as a blank canvas for conversion options. Additional space is available in the finished basement for storage or work use.

    The property is located at 718 Chestnut Street in Philadelphia and is described as being just blocks from the Market Street Revitalization Project. The surrounding area is noted for major historical attractions, world-renowned hospitals, and acclaimed restaurants.

    With CMX-5 (Attached) zoning, the building is positioned for a range of uses, including professional offices, high-end retail, or a residential conversion as contemplated in the current layout. The improvements and code-oriented systems already in place may help an owner move quickly to an operating configuration aligned with the desired use.
    Property Profile Location Intelligence

    Current Use by Public Records

    DOCA Philly Home Decor Store Whole Stones Marble ... Building Supply

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Law Firm Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Delaware
    State
    Pennsylvania
    Longitude
    -75.15327
    Latitude
    39.94925

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    FAQs

    What type of property is this?
    Retail space - Renovated three-story property with fully finished basement, elevator service, and sprinkler coverage across all levels.
    Where is this retail space located?
    The property is located at 718 CHESTNUT Street Philadelphia, PA.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: 3‑story 9,600 SF building with a fully finished basement and elevator service to all levels; 2011–12 top‑to‑bottom renovation includes new bathrooms, walls, floors, staircases, and new electric and plumbing; Central air and forced‑air heating with hi‑efficiency HVAC systems; sprinkler system installed on all floors including the basement
    (215) 833-6690
    We can help!
    Listing Contact
    Michael Stitz
    Michael Stitz
    Real Estate License ID: RS208032L
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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