Built-Out Office
For Sale
$599,900
818 N 4TH Street, Philadelphia, PA 19123
Commercial Sale - PHILADELPHIA, PA
Property Size1,548 SF
Price / SF$387.53
Days on Market16
Property Features for 818 N 4TH Street
General Information
Property type
Other
Property subtype
Office
Parking features
On Street
Elementary school district
PHILADELPHIA CITY
Middle school district
PHILADELPHIA CITY
High school district
PHILADELPHIA CITY
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
3460
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
central air conditioning
natural gas heat
separately metered utilities
level entry
Building Details
Year built
2017
Building materials
Masonry
Listing Agency:
Penn-Jersey Realty, LLC
(215) 639-4800
Listed By:
James A. Olivieri · License #RM424469
(267) 339-4341
Added: Aug 15
Last Checked: Aug 30 at 7:06AM
MLS# PAPH2659760
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 office condominium provides approximately 1,548 square feet of fully built-out workspace in a masonry building constructed in 2017. The suite has central air conditioning, forced-air heating with natural gas, and separately metered utilities. A level entry without stairs supports convenient access for staff and visitors, while the flexible layout can accommodate professional office or creative studio use.
The property is located at 818 N. 4th Street in Philadelphia, on a walkable stretch near cafes, restaurants, and shops. I-95, public transit, and Center City are accessible from the property. On-street parking is available in the surrounding area.
The property is located at 818 N. 4th Street in Philadelphia, on a walkable stretch near cafes, restaurants, and shops. I-95, public transit, and Center City are accessible from the property. On-street parking is available in the surrounding area.
Key Highlights
- Approximately 1,548 square feet of office condominium space
- Built in 2017 with masonry construction
- Fully built‑out layout with level, no‑stairs entry
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
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,401
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
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 - Fully built-out, accessible office space 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 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 condominium space; Built in 2017 with masonry construction; Fully built‑out layout with level, no‑stairs entry
