Office buildings
Entity Owned
25-yr Hold
Free & Clear
Entity Owned 
For Sale
1 / 12
Contact for pricing
1622 Locust St, Philadelphia, PA 19103
View Listing →
Property summary
AI-generated overview
A four-story, 16,000-square-foot estate property located in the Rittenhouse Square area of Philadelphia. The building was designated Historic by the City of Philadelphia in 1967 and is currently configured as an owner-occupied office building suitable for end-user or corporate headquarters use. The property includes a courtyard and on-site parking, and the site is able to accommodate new construction or an additional residential building totaling approximately 15,000 square feet. The existing structure is designed and laid out to allow adaptive reuse, including conversion into luxury condominiums or a single-family mansion.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1854
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
12,524 SF
Lot
0.15 ac (6,387 SF)
Zoning code
CMX3
APN
88-3-0479-05
UPID
US73-1645567
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Law Firm
-
Law Firm
-
Real Estate Agency
-
Medical Clinic
-
Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.71M
Comparable Approach
Comparable
$1.46M
Blend (final)
Blend
$2.00M
Owner & transaction history
Zoning & alternative use
CMX3 · Philadelphia, PA
Zoning description
CMX-3 Community Commercial Mixed-Use C-3 RC-3 CMX-4 Core Commercial Mixed-Use C-4 CMX-5 Center City Core Commercial Mixed-Use C-5 CA-1 Auto-Oriented Commercial-1 C-7 NSC CA-2 Auto-Oriented Commercial-2 ASC Eliminated >>…
General category
MIXED_USE
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 12 comparables with addresses
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$2.00M
Value range
$1.80M – $2.20M
±10% around blend
Estimated value / SF
$160 / SF
Confidence
High
12 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
100
Income certainty
100
$1.80M
blend $2.00M
$2.20M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
12,524 SF
Lot area
0.15 ac
Year built
1854
Stories
4
APN
88-3-0479-05
Assessed value
$2,431,500
Annual tax
$34,036
3
Income approach: direct capitalization
Partial preview
Income approach indication
$2.71M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$2.93M
@ 6.5% CAP return
$2.71M
@ 7% CAP return
$2.51M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$34,036
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$1.18M
Weighted, 12 comps · high confidence
Evidence
12 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
9.0 mi away · 11,178 SF
9.8 mi away · 12,243 SF
12.5 mi away · 10,472 SF
12.8 mi away · 15,912 SF
16.1 mi away · 10,000 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$2.00M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 23 sales
$334
-52%
Submarket 223 sales
$254
-37%
County 223 sales
$254
-37%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $160/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Market benchmark
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 12 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Selected market yield
3.24%
Selected cap rate for this office buildings
Derived from the Philadelphia market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 3.24%
9.0%
NOI (est.)
$211k *
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$6.50M
Move the market yield to see immediate price impact.
Value / SF
$519
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
2.74%3.24%3.74%
$189k
$6.92M
$5.85M
$5.07M
$211k
$7.68M
$6.50M
$5.63M
$232k
$8.45M
$7.15M
$6.19M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
12 found
High confidence · county-verified
Closest comparable
$1.19M
8.5 mi · Apr 2026 · $102/SF
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$34,036
Tax year 2023
Assessed value
$2,431,500
Assessed 2023
Previous assessed
$2,431,500
+0.0% YoY
Effective rate
1.40%
On assessed value
Assessed land
$486,300
Assessed improvement
$1,945,200
Land market value
$486,300
Improvement market value
$1,945,200
Total market value
$2,431,500
Applied tax rate
8.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Sale
Year built
1854
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
4
Total area
12,524 SF
Lot
0.15 ac (6,387 SF)
Zoning code
CMX3
APN
88-3-0479-05
UPID
US73-1645567
Jurisdiction
PHILADELPHIA
Metro division
PHILADELPHIA, PA METROPOLITAN DIVISION
Zoning & alternative use
CMX3 · Philadelphia, PAZoning CMX3 · permitted uses
CMX3 · Philadelphia, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Zoning description
CMX-3 Community Commercial Mixed-Use C-3 RC-3 CMX-4 Core Commercial Mixed-Use C-4 CMX-5 Center City Core Commercial Mixed-Use C-5 CA-1 Auto-Oriented Commercial-1 C-7 NSC CA-2 Auto-Oriented Commercial-2 ASC Eliminated >>…
General category
MIXED_USE
Building & site characteristics
From public records
Year built
1854
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
NONE
Stories
4
Lot
0.15 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
Matched to the official district catalog
CMX3
MIXED_USE
Jurisdiction
Philadelphia, PA
Recorded code
CMX3
Official district
CMX3
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for CMX3 in Philadelphia, PA.
What opens after registration
Zoning profile
Official descriptionThe district text from the municipal code
District factsZone name, category and district area
Official documentVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Pick a plan to open full owner contacts, all 4 valuations with methodology, the refine flow, comparable adjustments, the foot-traffic deep dive and PDF / CSV export. Cancel anytime.
