Built-Out Office
For Sale
$599,900
818 N 4th Street Comm, Philadelphia, PA 19123
Accessible professional workspace with central air, natural gas heat, and separately metered utilities.
Property Size1,548 SF
Price / SF$387.53
Days on Market15
Property Features for 818 N 4th Street Comm
General Information
Standard status
Active
Size
1,548 SF
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Amenities
central air conditioning
natural gas heat
separately metered utilities
level entry
Building Details
Year Built
2017
Buildings
1
Construction
masonry
Listing Agency:
Penn-Jersey Realty, LLC
Listed By:
James A. Olivieri · License #RM424469
(215) 639-4800
Source:
Upgradebymichaud
Added: Sep 5
Changed: Sep 17
Last Checked: Sep 18 at 1:05PM
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 Penn-Jersey Realty, LLC
Investment Insights
Based on property information with market context.
This office condominium contains approximately 1,548 square feet in a masonry building constructed in 2017. The full build-out includes central air conditioning, natural gas heat, and separately metered utilities. A level, no-stairs entrance provides convenient access for staff and clients, while the flexible layout supports professional office or creative studio use.
The property is located at 818 N 4th Street in Philadelphia's 19123 ZIP code, on a walkable stretch near cafes, restaurants, and shops. The setting also offers access to I-95, public transit, and Center City. On-street parking provides an additional everyday convenience.
The property is located at 818 N 4th Street in Philadelphia's 19123 ZIP code, on a walkable stretch near cafes, restaurants, and shops. The setting also offers access to I-95, public transit, and Center City. On-street parking provides an additional everyday convenience.
Key Highlights
- Approximately 1,548 square feet of office space
- Built in 2017 with masonry construction
- Full build‑out suitable for office or creative studio use
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
$20,371
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
3.40%
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%
$407,420
$407.4K
Cap Rate 7%
$291,014
$291.0K
Cap Rate 9%
$226,344
$226.3K
Market Conditions
NOI Build-Up for 1,548 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
$34.0K $21.96/SF
− Vacancy
−$6.8K −$4.41/SF
EGI
$27.2K $17.55/SF
− OpEx
−$6.8K −$4.39/SF
NOI
$20.4K $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%
$407,420
Cap Rate 7%
$291,014
Cap Rate 9%
$226,344
Alternative Uses
Best Use
Office B
$291.0K
$254.6K – $339.5K
NOI $20,371 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$377.4K
$330.2K – $440.3K
NOI $26,416 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5,467
Businesses Nearby
Explore this area
Business Placement
Demographics for 19123, PA
18,793
Population
10,636
Households
1.8
Avg Household Size
33
Median Age
66%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
14,456
Density / Sq Mi
$95,872
Median Household Income
$73,760
Median Earnings
$1,687
Median Rent
$544,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Philadelphia, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Accessible professional workspace with central air, natural gas heat, and separately metered utilities.
Where is this office units located?
The property is located at 818 N 4th Street Comm Philadelphia, PA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Approximately 1,548 square feet of office space; Built in 2017 with masonry construction; Full build‑out suitable for office or creative studio use
