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    Property profile & analytics

    16 3rd St Philadelphia, PA 19106-2113

    • Retail space
    • 8,120 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0622623
    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

    • The Styled Bride / Event Planning / Wedding Service
    • Papertree Studio / Wedding Service
    • Asya Photography / Photography Service / (Bike/Boat/Book/etc) Store
    • Studio Nine Photography / Wedding Service / Photography Service
    • Earf Studios / Film Production / Television Studio

    Property Details for 16 3rd St

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    8,120 SF
    Zone code
    CMX3
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    88-2-2668-00
    APU
    882266800

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,530,000
      6.5%
      $1,410,000
      7%
      $1,310,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $889,000
      Market price range: $706k - $2.26M
      AI Estimate
      $1,465,000
      Market price range: $407k - $4.53M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,390,000
      Current use
      COMMERCIAL (GENERAL)
      $2,020,000
      Change: +45% Conversion: Easy
      MEDICAL BUILDING
      $1,995,000
      Change: +43% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,505,000
      Change: +8% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,280,000
      Change: -8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1459
    Latitude
    39.9507
    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
    $14,040
    $200,603
    $802,397
    $1,003,000
    -
    $200,603
    $802,397
    $1,003,000

    Comparable in this City

    • Value Estimation
      $2,810,000
      17,375 SF

      724 Chestnut St

      STORE, RETAIL OUTLET • 17,375 SF
      724 Chestnut St, Philadelphia, PA 19106-3273
      View Details
    • Value Estimation
      $540,000
      4,344 SF

      231 Chestnut St

      STORE, RETAIL OUTLET • 4,344 SF
      231 Chestnut St, Philadelphia, PA 19106-2813
      View Details
    • Value Estimation
      $810,000
      4,802 SF

      719 Sansom St

      STORE, RETAIL OUTLET • 4,802 SF
      719 Sansom St, Philadelphia, PA 19106-3262
      View Details
    • Value Estimation
      $1,075,000
      6,090 SF

      142nd N 2nd St

      STORE, RETAIL OUTLET • 6,090 SF
      142nd N 2nd St, Philadelphia, PA 19106
      View Details
    • Value Estimation
      $1,280,000
      8,408 SF

      35 2nd St

      STORE, RETAIL OUTLET • 8,408 SF
      35 2nd St, Philadelphia, PA 19106-2353
      View Details
    • Value Estimation by Request
      1,900 SF

      34 7th St

      STORE, RETAIL OUTLET • 1,900 SF
      34 7th St, Philadelphia, PA 19106-2317
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,500 SF

      Historic Philly Storefront

      1,500 SF Retail/Medical Office
      136 2Nd St, Philadelphia, PA 19106
      View Details
    • Contact for pricing

      Prime Corner Retail Opportunity

      Single-tenant retail space with high visibility and signage potential.
      2200 Market St, Philadelphia, PA 19106
      View Details
    • $225,000
      1,145 SF

      Unique Commercial Space in Old City

      Modern commercial space in Philadelphia's Old City, suitable for various businesses.
      136-38 N 2Nd St, Philadelphia, PA 19106
      View Details
    • Contact for pricing

      Unique Commercial Space in Old City

      Modern commercial space in Philadelphia's desirable Old City location.
      136-38 N 2Nd St, Philadelphia, PA 19106
      View Details
    • Contact for pricing

      Retail/Office Space in Old City

      2,425 SF retail or office space in Philadelphia's Old City.
      313 Arch St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      0.04 Acres

      Prime Retail Space Available

      Commercial space with showroom, office, and two bathrooms.
      721 Sansom St, Philadelphia, PA 19106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      10,688 SF

      Historic Retail Space Near Landmarks

      10,688 SF retail space near Independence Hall and Liberty Bell.
      600 Chestnut St, Philadelphia, PA 19106
      View Details
    • $3,000 /Mo

      Prime Old City Retail Opportunity

      High-visibility retail space in Old City with flexible options.
      58 N 2Nd St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      1,232 SF

      Retail Space in Prime Location

      High-visibility retail space with strong foot traffic.
      71 N 2Nd St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      1,253 SF

      Corner Retail Space with Windows

      First floor retail space featuring large windows and high ceilings.
      300-304 Arch St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      750 SF

      Retail Space Near Washington Square

      750 SF retail space in walkable, high-traffic Philadelphia location.
      711 Walnut St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      1,760 SF

      Retail Space with Lower Level

      Retail space featuring a ground floor and lower level.
      30-32 N 3Rd St, Philadelphia, PA 19106
      View Details

    Property Visit Statistics

    • Visits by month
      3.9k
    • Visitors by month
      2.6k
    • Avg Time on site
      28 min
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    Philadelphia, PA 19106-2113
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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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