Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1624-28 Locust St Philadelphia, PA 19103

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space one block from Rittenhouse Square.

    Type:Retail, Restaurant
    Property size:
    6,000 SF
    Added:
    May 10, 2024
    Days on Market:
    712
    Last Refresh:
    Mar 17 at 1:21 pm

    Property Features for 1624-28 Locust St

    General Information

    Standard status
    Active
    Size
    6,000 SF
    Property subtype
    Retail, Restaurant

    Spaces For Lease

    at 1624-28 Locust St Contact us

    Available Space 3 $20 /Mo

    Size
    11,500 SF
    Type
    Retail, Restaurant
    Contact us

    First floor space $35 /Mo

    Size
    5,400 SF
    Type
    Retail, Restaurant
    Rare opportunity for retail space one block fromnRittenhouse Square.n- 5,400 +/-...
    show more
    Contact us

    Lower level $15 /Mo

    Size
    6,000 SF
    Type
    Retail, Restaurant
    6,000 +/- SF lower leveln» 12’ ceiling heights, multiple configurations possible...
    show more
    Contact us

    We can help!

    Listing Contact
    Veronica Blum

    Listing agent Veronica Blum License #PA

    Listing office MPN Realty, Inc.

    Listing date May 10, 2024

    Source Crexi

    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 MPN Realty, Inc.

    Overview

    Rittenhouse Retail Space Opportunity

    This property offers a rare opportunity for retail space located one block from Rittenhouse Square. The first floor provides approximately 5,400 square feet, with an additional 6,000 square feet available in the lower level. The space features ceiling heights of approximately 12 feet and allows for multiple configurations, including the possibility of double-height ceilings. Multiple elevators are present, potentially facilitating access to a roof deck. The property includes rear loading and trash facilities. It has a frontage of 58 feet on Locust Street. Five additional floors are available above, under new ownership. The zoning is CMX-3. Situated in the heart of Rittenhouse, the location is densely surrounded by affluent office and residential consumers. Transportation options are readily accessible, with proximity to the Septa Broad Street Line, PATCO, and Suburban Station. This property is suitable for retail, restaurants, and other commercial real estate ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    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
    -75.169005
    Latitude
    39.948969

    Nearby Similar for Lease

    • Contact for pricing

      Turnkey Medical Clinic in Philadelphia

      Fully built-out medical clinic available for lease in Northeast Philadelphia.
      7131 RISING SUN Avenue, PHILADELPHIA, PA 19111
      View Details
    • Contact for pricing

      Turn-Key Restaurant Opportunity in Philadelphia

      Restaurant space for lease near Temple University with modern design.
      1000 DIAMOND Street, PHILADELPHIA, PA 19122
      View Details
    • Contact for pricing

      Fishtown Retail Space Available

      Ground floor retail space in Philadelphia's Fishtown neighborhood.
      206 E GIRARD Avenue, PHILADELPHIA, PA 19125
      View Details
    • Contact for pricing

      Professional Office Space Available

      Well-maintained office space in a convenient Philadelphia location.
      10065-67 SANDMEYER Lane, PHILADELPHIA, PA 19116
      View Details
    • Contact for pricing

      Turn-Key Cafe Space in Philadelphia

      Turn-key cafe space in luxury apartment building in Old City.
      416 VINE Street, PHILADELPHIA, PA 19106
      View Details
    • Contact for pricing

      Prime Commercial Building on Broad

      Two-story commercial building on Broad Street available for lease.
      2520-22 N BROAD Street, PHILADELPHIA, PA 19132
      View Details
    • Contact for pricing

      Broad Street Commercial Unit

      Office or retail space available on Broad Street.
      2206 S BROAD Street, PHILADELPHIA, PA 19145
      View Details
    • Contact for pricing

      Germantown Office Space For Lease

      Prime Germantown office space, versatile and accessible location.
      5819 GERMANTOWN Avenue, PHILADELPHIA, PA 19144
      View Details
    • Contact for pricing

      Renovated Professional Space in Philadelphia

      Turn-key commercial space ideal for medical, professional, or educational use.
      6713-15 OGONTZ Avenue, PHILADELPHIA, PA 19126
      View Details
    • Contact for pricing

      Philadelphia Storefront on High-Traffic Street

      Prime commercial space for rent in Philadelphia with high visibility.
      3339 N FRONT Street, PHILADELPHIA, PA 19140
      View Details
    • Contact for pricing

      Wynnefield Heights Commercial Unit

      Open commercial unit in a busy shopping complex.
      3901 CONSHOHOCKEN Avenue, PHILADELPHIA, PA 19131
      View Details
    • Contact for pricing

      Philadelphia Retail Space for Lease

      Ground floor retail space in a high-growth Philadelphia neighborhood.
      2737 W GIRARD Avenue, PHILADELPHIA, PA 19130
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space one block from Rittenhouse Square.
    Where is this retail space located?
    The property is located at 1624-28 Locust St Philadelphia, PA.
    What are key features of this property?
    This property features: Prime location just one block from Rittenhouse Square.; 5,400 +/- SF 1st floor and 6,000 +/- SF lower level.; Multiple elevators can facilitate a possible roof deck.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Veronica Blum
    Real Estate License ID: PA
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!