This 174,544-square-foot creative office building, originally constructed in 1938 and renovated in 2000, offers a unique blend of historic charm and modern amenities. Located in Philadelphia's vibrant Spring Arts neighborhood, this multi-tenant property features 42,714 square feet of currently vacant space, with a maximum contiguous space of 19,491 square feet. Suites boast efficient layouts, oversized windows providing abundant natural light, hardwood floors, high ceilings (14'-20') with exposed brick and mushroom columns, offering dramatic city views. The building's history as the former General Electric Switchgear Building adds to its character. Ideal for small businesses, tech firms, or production companies, this location benefits from its proximity to existing tenants such as Milkboy Studios, the School of Rock, and Beautylish. On-site amenities include parking, a loading dock, and a freight elevator. The Spring Arts neighborhood is experiencing rapid growth, with numerous new restaurants, breweries, and entertainment venues nearby. Its central location provides easy access to Old City, Chinatown, and Northern Liberties. Exceptional walkability (Walk Score 93), bikeability (Bike Score 94), and transit access (Transit Score 100) are complemented by convenient access to major highways (I-676, I-76, and I-95), ensuring easy commutes throughout the city and surrounding areas. The building's annex houses Franklin Music Hall (formerly the Electric Factory). This property presents a rare opportunity to secure prime office space in a thriving, dynamic neighborhood.
Office space - Spring Arts District, 174,544 SF, Available Now
Where is this office space located?
The property is located at 421 7Th St Philadelphia, PA.
What is the lease rate?
The lease rate is $23 SF/Yr.
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421 7Th St Philadelphia, PA 19123
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421 7Th St Philadelphia, PA 19123
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Realmo Value Estimation
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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.
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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421 7Th St Philadelphia, PA 19123
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421 7Th St, Philadelphia, PA
Jonathan Dubrow
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421 7Th St, Philadelphia, PA
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