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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1231 Race St, Unit 35 Philadelphia, PA 19107-1612

    • Apartment buildings
    • 11,112 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    $1,760,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2662489
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Q Q Mini Mart / Grocery & Convenience Store
    • QQ Deli Market / Food Market / Restaurant
    • LibertyX Bitcoin ATM / Atm
    • Bitstop Bitcoin ATM / Atm / Crypto Atm

    Property Details for 1231 Race St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.08 lot acres
    Property size
    11,112 SF
    Zone code
    CMX4
    Property type
    Apartment buildings
    APN
    88-1-0147-68
    APU
    881014768

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,825,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1604
    Latitude
    39.9561
    CBSA code
    37980
    CBSA name
    PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $25,672
    $550,200
    $1,283,800
    $1,834,000
    -
    $550,200
    $1,283,800
    $1,834,000

    Comparable in this City

    • Value Estimation
      $1,660,000
      8,074 SF

      826 Pne St, Unit 28

      APARTMENT HOUSE (5+ UNITS) • 8,074 SF
      826 Pne St, Philadelphia, PA 19107-6105
      View Details
    • Value Estimation
      $860,000
      5,106 SF

      1028 Wood St

      APARTMENT HOUSE (5+ UNITS) • 5,106 SF
      1028 Wood St, Philadelphia, PA 19107-1155
      View Details
    • Value Estimation
      $2,520,000
      12,569 SF

      1316 Walnut St

      APARTMENT HOUSE (5+ UNITS) • 12,569 SF
      1316 Walnut St, Philadelphia, PA 19107-5489
      View Details
    • Value Estimation
      $4,775,000
      27,680 SF

      1231 Walnut St, Unit 33

      APARTMENT HOUSE (5+ UNITS) • 27,680 SF
      1231 Walnut St, Philadelphia, PA 19107-4914
      View Details
    • Value Estimation
      $1,125,000
      5,715 SF

      916 Spruce St

      APARTMENT HOUSE (5+ UNITS) • 5,715 SF
      916 Spruce St, Philadelphia, PA 19107-6171
      View Details
    • Value Estimation
      $2,155,000
      9,768 SF

      140 8th St, Unit 42

      APARTMENT HOUSE (5+ UNITS) • 9,768 SF
      140 8th St, Philadelphia, PA 19107-5124
      View Details

    Similar Nearby for Sale

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      Center City One Condo with Views

      Modern one-bedroom condo with skyline views and optional parking.
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      Center City Condo with Den

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      Pied-a-Terre with Hardwood Flooring

      Pied-a-Terre featuring hardwood floors, gas cooking, and parking.
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      Mixed-Use Building in Center City

      Mixed-use property with retail and residential units in Philadelphia.
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    Similar Nearby for Lease

    • $2,495 /Mo

      Spacious Bi-Level Apartment for Rent

      Three-bedroom, two-bathroom apartment with modern amenities in walkable neighborhood.
      1134 Pne St St, Philadelphia, PA 19107
      View Details
    • $1,095 /Mo

      Center City Studio with Utilities

      Studio in the heart of Center City with all utilities included.
      1324 Locust St St, Philadelphia, PA 19107
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    • $22 SF/Yr
      37,735 SF

      Spaces Hale Building: Philly Office Suites

      Downtown Philly Office Space: Modern, Flexible Options
      100 Juniper St, Philadelphia, PA 19107
      View Details
    • Contact for pricing
      6,196 SF

      Retail Space in Philadelphia

      Retail space available in a mixed-use development.
      1199 Ludlow St, Philadelphia, PA 19107
      View Details
    • Contact for pricing
      3,800 SF

      Retail Space Near Jefferson Campus

      Retail space with high foot traffic near Jefferson University.
      1009-1011 Chestnut St, Philadelphia, PA 19107
      View Details
    • Contact for pricing
      3,936 SF

      Prime Retail Space Available

      Two ground floor retail spaces with mezzanine on second level.
      105 South 12Th St, Philadelphia, PA 19107
      View Details

    Property Visit Statistics

    • Visits by month
      8.9k
    • Visitors by month
      7.8k
    • Avg Time on site
      464 min
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    1231 Race St, Unit 35
    Philadelphia, PA 19107-1612
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    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
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