Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1601 Market St, Unit 23 Philadelphia, PA 19103-2301
    Back to Search
    Property profile & analytics

    1601 Market St, Unit 23 Philadelphia, PA 19103-2301

    View on Map
    • Office buildings
    • 797,220 SF
    • 0.78 lot acres
    Off-Market
    Property ID
    US73-2591460
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Capital 1031 Exchange / Title Company
    • Freedman & Lorry, P.C. / Law Firm
    • lawyers club of philadelphia / Law Firm
    • Klasko Immigration Law Partners / Law Firm
    • Extended Care Systems / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 1601 Market St

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.78 lot acres
    Property size
    797,220 SF
    Zone code
    CMX5
    Property type
    Office buildings
    APN
    88-3-3380-00
    APU
    883338000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $88,925,000
      Market price range: $35.7M - $189M

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1673
    Latitude
    39.9532
    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
    $2,075,950
    $30,157,780
    $118,145,520
    $148,303,300
    -
    $30,157,780
    $118,145,520
    $148,303,300

    Comparable in this City

    • Value Estimation
      $2,310,000
      13,936 SF

      2124 Race St, Unit 28

      OFFICE BUILDING • 13,936 SF
      2124 Race St, Philadelphia, PA 19103-1097
      View Details
    • Value Estimation
      $1,350,000
      7,466 SF

      1710 Locust St, Unit 12

      OFFICE BUILDING • 7,466 SF
      1710 Locust St, Philadelphia, PA 19103-6178
      View Details
    • Value Estimation
      $1,135,000
      4,620 SF

      108 23rd St, Unit 14

      OFFICE BUILDING • 4,620 SF
      108 23rd St, Philadelphia, PA 19103-4334
      View Details
    • Value Estimation
      $1,440,000
      8,242 SF

      1716 Spruce St

      OFFICE BUILDING • 8,242 SF
      1716 Spruce St, Philadelphia, PA 19103-6714
      View Details
    • Value Estimation
      $17,980,000
      75,495 SF

      2213 Chestnut St, Unit 21

      OFFICE BUILDING • 75,495 SF
      2213 Chestnut St, Philadelphia, PA 19103-3010
      View Details
    • Value Estimation
      $7,630,000
      50,637 SF

      2300 Market St, Unit 12

      OFFICE BUILDING • 50,637 SF
      2300 Market St, Philadelphia, PA 19103-3008
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      16,000 SF

      Rittenhouse Square Estate For Sale

      Prestigious 16,000 SF Rittenhouse Square office building for sale.
      1622 Locust St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      9,000 SF

      Historic Office Building Near Rittenhouse

      Five-story office building in Center City, one block from Rittenhouse.
      1629 Locust St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      16,000 SF

      Philadelphia Office Building For Sale

      16,000 SF office building available in Philadelphia, PA.
      1622 Locust St, Philadelphia, PA 19103
      View Details
    • $1,999,000
      4,086 SF

      Rittenhouse Square Mixed-Use Investment

      Rare investment opportunity near Rittenhouse Square with medical office and apartments.
      112 S 20Th St, Philadelphia, PA 19103
      View Details
    • $2,750,000
      2,698 SF

      Architect-Designed Duplex in Philadelphia

      Unique duplex perfect for live/work, multi-generational living, or investment.
      307 S Chadwick St, Philadelphia, PA 19103
      View Details
    • $1,999,000

      Rittenhouse Square Mixed-Use Investment

      Mixed-use building near Rittenhouse Square with medical office and apartments.
      112 S 20Th St, Philadelphia, PA 19103
      View Details

    Similar Nearby for Lease

    • $36 SF/Yr
      617,476 SF

      Center City Office Space Available

      Prime office building in Philadelphia's downtown Market Street West corridor.
      30 S 17Th St, Philadelphia, PA 19103
      View Details
    • $36 SF/Yr

      Center City Office Space Available

      Prime office space for rent in Center City Philadelphia.
      30 S 17Th St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      12,596 SF

      Class A Office and Retail

      Prime Philadelphia location with high-end amenities and flexible workspaces.
      1900 Market St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      29,773 SF

      High-Rise Office Towers For Rent

      Two 40-story office towers with modern amenities and sustainability features.
      2005 Market St, Philadelphia, PA 19103
      View Details
    • $25 SF/Yr
      6,245 SF

      Class A Office Space Available

      Boutique office building in Philadelphia CBD with parking.
      100 N 20Th St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      14,884 SF

      1635 Market Street Office Space

      Office space with direct access to transportation and amenities.
      1635 Market St, Philadelphia, PA 19103
      View Details
    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.
    1601 Market St, Unit 23
    Philadelphia, PA 19103-2301
    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

    Thank You for Inquiry
    1601 Market St, Philadelphia, PA, 19103
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!