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Property profile & analytics
OFF-MARKET
Estimated value
$1,135,000
Office buildings
108 23rd St 14, Philadelphia, PA 19103-4334
Entity Owned
6-yr Hold
Free & Clear
Property ID
US73-2460052
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1950
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
4,620 SF
Lot
0.11 ac (4,620 SF)
Zoning code
CMX4
APN
88-3-0684-00
UPID
US73-2460052
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.00M
Comparable Approach
Comparable
$1.10M
Blend (final)
Blend
$1.14M
Owner & transaction history
Mref II 2300 Ionic LP · 6 yrs held
Mref II 2300 Ionic LP
since 2019
4 recorded transactions
Zoning & alternative use
CMX4 · Philadelphia, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.6M
+4.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Philadelphia submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Philadelphia submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,080,000
6.5%
$1,000,000
7%
$925,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,545,000
Current use
COMMERCIAL (GENERAL)
$1,615,000
Change: +5% · Conversion: Easy
Blend value · Realmo final
$1.14M
Range $1.02M – $1.25M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$246 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$32,195
Tax year 2023
Assessed value
$2,300,000
Assessed 2023
Previous assessed
$2,300,000
+0.0% YoY
Effective rate
1.40%
On assessed value
Assessed land
$460,000
Assessed improvement
$1,840,000
Land market value
$460,000
Improvement market value
$1,840,000
Total market value
$2,300,000
Applied tax rate
8.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1950
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
1
Total area
4,620 SF
Lot
0.11 ac (4,620 SF)
Zoning code
CMX4
APN
88-3-0684-00
UPID
US73-2460052
Jurisdiction
PHILADELPHIA
Metro division
PHILADELPHIA, PA METROPOLITAN DIVISION
Zoning & alternative use
CMX4 · Philadelphia, PA
Zoning CMX4 · permitted uses
CMX4 · Philadelphia, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Philadelphia. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.5M
COMMERCIAL (GENERAL)
Est. value
$1.6M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1950
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
1
Lot
0.11 ac
Current owner
From public records · entity-resolved
Mref II 2300 Ionic LP
Entity
Free & Clear · 6 yrs held
Mailing address
100 FRNT ST STE #15, CONSHOHOCKEN, PA 19428-2800
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 20, 2019
$2,873,200
Mref II 2300 Ionic LP
2300 Ionic LP
Grant Deed
—
Apr 4, 2014
$5,750,000
2300 Ionic LP
The 2301 Partnership LP
Deed
$16,000,000 · Customers Bank
Jul 1, 2010
—
2301 Ptshp LP Cs
—
Deed Of Trust
related
$14,400,000 · Amalgamated Bank
Jan 27, 2005
$2,500,000
2301 Ptshp
Pidc Financing Corp
Grant Deed
$15,100,000 · General Elec Com'l Fin Busines
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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