Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1608 Wallace St Philadelphia, PA 19130-3349

    • Apartment buildings
    • 3,150 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $725,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1005593
    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

    • PRB IT Consulting Inc. / Computer & Electronic Repair

    Property Details for 1608 Wallace St

    Year built
    1915
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.06 lot acres
    Property size
    3,150 SF
    Zone code
    RM1
    Property type
    Apartment buildings
    APN
    88-1-8066-13
    APU
    881806613

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $450,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $825,000
      6.5%
      $760,000
      7%
      $710,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $545,000
      Market price range: $333k - $844k

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1646
    Latitude
    39.9654
    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
    $9,157
    $98,130
    $556,070
    $654,200
    -
    $98,130
    $556,070
    $654,200

    Comparable in this City

    • Value Estimation by Request
      5,280 SF

      825 Corinthian Ave

      Multifamily properties • 5,280 SF
      825 Corinthian Ave, Philadelphia, PA 19130
      View Details
    • Value Estimation by Request
      0.01 Acres

      815 Perkiomen St

      APARTMENT HOUSE (5+ UNITS) • 0.01 Acres
      815 Perkiomen St, Philadelphia, PA 19130-2394
      View Details
    • Value Estimation
      $1,165,000
      6,159 SF

      1711 Spg Gdn St

      APARTMENT HOUSE (5+ UNITS) • 6,159 SF
      1711 Spg Gdn St, Philadelphia, PA 19130-3930
      View Details
    • Value Estimation
      $1,725,000
      8,100 SF

      1844 Callowhill St, Unit 46

      APARTMENT HOUSE (5+ UNITS) • 8,100 SF
      1844 Callowhill St, Philadelphia, PA 19130-4167
      View Details
    • Value Estimation
      $20,985,000
      101,442 SF

      1440 Mt Vernon St

      APARTMENT HOUSE (100+ UNITS) • 101,442 SF
      1440 Mt Vernon St, Philadelphia, PA 19130-2947
      View Details
    • Value Estimation
      $1,245,000
      6,276 SF

      735 26th St, Unit 37

      APARTMENT HOUSE (5+ UNITS) • 6,276 SF
      735 26th St, Philadelphia, PA 19130-2402
      View Details

    Similar Nearby for Sale

    • $649,000
      3,820 SF

      Mixed-Use Building in Fairmount

      Fully leased mixed-use building in Philadelphia's Fairmount neighborhood.
      1641 W Girard Ave, Philadelphia, PA 19130
      View Details
    • $1,375,000
      4,365 SF

      Fairmount Multifamily Investment Opportunity

      Fully occupied six-unit building with value-add potential in Fairmount.
      1531 Green St, Philadelphia, PA 19130
      View Details
    • $1,550,000
      5,280 SF

      Fairmount 5-Unit Multifamily Investment

      Prime Philadelphia multifamily, high ROI.
      825 Corinthian Ave, Philadelphia, PA 19130
      View Details
    • Contact for pricing

      Charming Condo in Art Museum

      Sun-filled 1 bed, 1 bath condo in prime location.
      2019 Spg Gdn St St, Philadelphia, PA 19130
      View Details
    • $1,500,000
      7,399 SF

      Mixed-Use Investment Property, Philadelphia

      Fully occupied mixed-use property with diversified income in a strong location.
      826 N Broad St, Philadelphia, PA 19130
      View Details
    • Contact for pricing

      Spacious Art Museum Area Condo

      Large one-bedroom condo in the heart of the Art Museum area.
      2601 Pennsylvania Ave, Philadelphia, PA 19130
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      First Floor Two Bedroom Apartment

      Two-bedroom apartment with high ceilings and upgraded kitchen.
      600 N Broad St St, Philadelphia, PA 19130
      View Details
    • Contact for pricing

      Spacious Condo with Parking Included

      Three-bedroom, two-bathroom condo with parking available for rent.
      909 N 19Th St, Philadelphia, PA 19130
      View Details
    • Contact for pricing

      Spacious Bi-Level Apartment with Amenities

      Three-bedroom apartment with office, den, and modern features.
      1631 W Girard Ave Ave, Philadelphia, PA 19130
      View Details
    • Contact for pricing

      Philadelphia Landmark Apartment with Views

      Spacious 2-bedroom apartment with city views and included gas.
      2201 Pennsylvania Ave, Philadelphia, PA 19130
      View Details
    • $1,550 /Mo
      800 SF

      Renovated Bi-Level Apartment in Fairmount

      Recently renovated bi-level apartment with shared backyard and free laundry.
      803 Corinthian Ave, Philadelphia, PA 19130
      View Details
    • Contact for pricing
      1,128 SF

      Charming Victorian Townhome in Philadelphia

      Victorian townhome with three bedrooms in desirable Philadelphia location.
      3015 Poplar St, Philadelphia, PA 19130
      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.
    1608 Wallace St
    Philadelphia, PA 19130-3349
    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

    Google sign-in failed. Please try again or use another login method.