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

    1638 Passyunk Ave Philadelphia, PA 19145-3846

    • Office buildings
    • 2,276 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Jun 29, 2022
    $500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2440359
    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

    • Office buildings

    Property Details for 1638 Passyunk Ave

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.05 lot acres
    Property size
    2,276 SF
    Zone code
    CMX2.5
    Property type
    Office buildings
    APN
    88-3-3759-95
    APU
    883375995

    Description

    This exceptional 2,000 square foot commercial property, located at 1638 W Passyunk Avenue in South Philadelphia, presents a unique investment opportunity. Originally constructed in 1931 as a gas testing station, the building boasts a rich history and has most recently served as a medical office. The flexible CMX-2.5 zoning allows for a diverse range of uses, making it ideal for various businesses. The property features two 1,000 square foot levels: a ground floor and a finished basement, providing ample space for operations. The current owner is open to collaborating on significant interior renovations to suit a prospective tenant's specific needs. Benefit from the building's high visibility and ample signage opportunities on Passyunk Avenue, a bustling commercial corridor with significant foot traffic. The wide sidewalk in front enhances accessibility and visibility. This is a fantastic chance to establish your business in a vibrant and thriving South Philadelphia neighborhood. The property is offered as a single-tenant space, providing exclusive occupancy and control.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1744
    Latitude
    39.9244
    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
    $6,950
    $151,940
    $344,560
    $496,500
    -
    $151,940
    $344,560
    $496,500

    Comparable in this City

    • Value Estimation
      $2,945,000
      15,351 SF

      2410 Broad St, Unit 14

      OFFICE BUILDING • 15,351 SF
      2410 Broad St, Philadelphia, PA 19145-4418
      View Details
    • Value Estimation
      $2,650,000
      13,482 SF

      1726 Broad St, Unit 30

      OFFICE BUILDING • 13,482 SF
      1726 Broad St, Philadelphia, PA 19145-2300
      View Details
    • Value Estimation
      $2,355,000
      11,001 SF

      2420 Broad St, Unit 24

      OFFICE BUILDING • 11,001 SF
      2420 Broad St, Philadelphia, PA 19145-4464
      View Details
    • Value Estimation
      $2,120,000
      16,000 SF

      2101 Penrose Ave

      OFFICE BUILDING • 16,000 SF
      2101 Penrose Ave, Philadelphia, PA 19145-5614
      View Details
    • Value Estimation
      $3,010,000
      6,000 SF

      2725 Passyunk Ave

      OFFICE BUILDING • 6,000 SF
      2725 Passyunk Ave, Philadelphia, PA 19145
      View Details
    • Value Estimation by Request
      2,496 SF

      2901 15th St

      OFFICE BUILDING • 2,496 SF
      2901 15th St, Philadelphia, PA 19145-4916
      View Details

    Similar Nearby for Sale

    • New
      $475,000
      2,656 SF

      Mixed-Use Building with Office Space

      Three apartments and a ground-floor office in a prime location.
      1500 W Ritner St, Philadelphia, PA 19145
      View Details
    • Contact for pricing
      0.04 Acres

      Renovated Medical Office on Broad

      Turnkey medical office space in South Philadelphia with excellent access.
      1602 S Broad St, Philadelphia, PA 19145
      View Details
    • $1,250,000
      8,000 SF

      Passyunk Ave Commercial Property

      Prime Philly location, high-income potential.
      1622-28 Passyunk Ave, Philadelphia, PA 19145
      View Details
    • $625,000
      3,060 SF

      South Philly Rental Portfolio

      Three-unit, fully leased investment
      1937 Croskey St, Philadelphia, PA 19145
      View Details
    • $55,000
      0.01 Acres

      Residential Land in Philadelphia, PA

      Land for sale in Philadelphia, PA.
      2822 Cantrell St, Philadelphia, PA 19145
      View Details
    • $2,149,000
      0.33 Acres

      Philadelphia Land Opportunity Near Development

      Large lot near development projects, suitable for multifamily construction.
      2127-33 Penrose Ave, Philadelphia, PA 19145
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      13,000 SF

      Established Office Building For Rent

      13,000 SF office building built in 1985 available for rent.
      2317 S 23Rd St, Philadelphia, PA 19145
      View Details
    • $2,400 /Mo
      1,307 SF

      Commercial Office Space For Rent

      Commercial office space available for rent on Broad Street.
      2428 S Broad St, Philadelphia, PA 19145
      View Details
    • $1,495 /Mo
      1,307 SF

      Prime Location on South Broad

      High visibility office space in Passyunk Square & Point Breeze.
      1806 S Broad St, Philadelphia, PA 19145
      View Details
    • $1,250 /Mo
      871 SF

      Philadelphia Office Space For Rent

      Office space available for lease in Philadelphia, PA 19145
      1613 W Porter St Unit, Philadelphia, PA 19145
      View Details
    • $1.00 SF/Yr
      276,184 SF

      South Philly Medical Office Complex

      Prime Medical & Office Space Available
      1930 Broad St, Philadelphia, PA 19145
      View Details
    • $1.00 SF/Yr
      41,480 SF

      South Philly Medical Office Space

      Prime location, 5 suites available, ample parking.
      1900 Broad St, Philadelphia, PA 19145
      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.
    1638 Passyunk Ave
    Philadelphia, PA 19145-3846
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.