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Property profile & analytics
OFF-MARKET
Estimated value
$99,540,000
Office buildings
1601 Market St 23, Philadelphia, PA 19103-2301
Entity Owned
7-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US73-2591460
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
797,220 SF
Lot
0.78 ac (33,952 SF)
Zoning code
CMX5
APN
88-3-3380-00
UPID
US73-2591460
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
Current use
Occupant on record · 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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$88.93M
Blend (final)
Blend
$99.54M
Owner & transaction history
Pa-1601 Market Street LP · 7 yrs held
Pa-1601 Market Street LP
since 2018
4 recorded transactions
Zoning & alternative use
CMX5 · Philadelphia, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$99.54M
Range $89.59M – $109.49M · ±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
$125 / 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
$2,075,950
Tax year 2023
Assessed value
$148,303,300
Assessed 2023
Previous assessed
$148,303,300
+0.0% YoY
Effective rate
1.40%
On assessed value
Assessed land
$30,157,780
Assessed improvement
$118,145,520
Land market value
$30,157,780
Improvement market value
$118,145,520
Total market value
$148,303,300
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
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
36
Total area
797,220 SF
Lot
0.78 ac (33,952 SF)
Zoning code
CMX5
APN
88-3-3380-00
UPID
US73-2591460
Jurisdiction
PHILADELPHIA
Metro division
PHILADELPHIA, PA METROPOLITAN DIVISION
Zoning & alternative use
CMX5 · Philadelphia, PA
Zoning CMX5 · permitted uses
CMX5 · 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.
Building & site characteristics
From public records
Year built
1970
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
36
Lot
0.78 ac
Current owner
From public records · entity-resolved
Pa-1601 Market Street LP
Entity
Mailing address
28 W 44TH ST, NEW YORK, NY 10036-7406
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2018
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
Dec 27, 2018
—
Pa-1601 Market Street LP
—
Grant Deed
related
$120,000,000 · New York Cmnty Bk
Feb 4, 2015
—
Pa-1601 Market Street LP
—
Grant Deed
related
$85,000,000 · Wells Fargo Bk
Feb 9, 2012
—
Pa-1601 Market Street LP
—
Deed Of Trust
related
$57,840,000 · Wells Fargo Bank
Nov 16, 2004
—
Market Street Pa-1601
—
Deed Of Trust
related
$61,500,000 · Ubs Real Estate Investment INC
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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