Turnkey Three-Story Building with
For Sale
$2,750,000
718 CHESTNUT Street, Philadelphia, PA 19106
Commercial Sale - PHILADELPHIA, PA
Property Size9,600 SF
Lot Size0.07 Acres
Price / SF$286.46
Days on Market58
Property Features for 718 CHESTNUT Street
General Information
Property type
Other
Property subtype
Retail
Elementary school district
THE SCHOOL DISTRICT OF PHILADELPHIA
Middle school district
THE SCHOOL DISTRICT OF PHILADELPHIA
High school district
THE SCHOOL DISTRICT OF PHILADELPHIA
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
Listing Agency:
New Horizons Real Estate, Inc. · Century 21 Real Estate
(215) 343-8100
Listed By:
Michael Stitz · License #RS208032L
(215) 833-6690
Added: Jun 4
Changed: Jun 10
Last Checked: Jul 31 at 9:06AM
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.
Investment Insights
Based on property information with market context.
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.
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.
Key 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
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 | $210.8k | $21.96 |
| − Vacancy | −$42.4k | −$4.41 |
| EGI | $168.4k | $17.55 |
| − OpEx | −$42.1k | −$4.39 |
| NOI | $126.3k | $13.16 |
9,600 SF · lease $21.96/SF/yr · vacancy 20.10% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.80M
$1.58M – $2.11M
NOI $126,331 @ 7.0% cap · market cap 4.59%
Second Best
Retail
$1.55M
$1.36M – $1.81M
NOI $108,501 @ 7.0% cap · market cap 3.95%
Theoretical Best
Multifamily LT 5
$2.34M
$2.05M – $2.73M
NOI $163,823 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
14,863
Businesses Nearby
Explore this area
Business Placement
Demographics for 19106, PA
15,190
Population
9,913
Households
1.5
Avg Household Size
39
Median Age
80%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
16,878
Density / Sq Mi
$129,779
Median Household Income
$93,953
Median Earnings
$2,219
Median Rent
$528,700
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?
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
