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

    1822 Hancock St Philadelphia, PA 19122

    • Commercial real estate
    • 38,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2502668
    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

    • Hancock Studios / Art Center

    Property Details for 1822 Hancock St

    Property size
    38,000 SF
    Property type
    Commercial real estate

    Description

    This exceptional multifamily investment opportunity presents four large live/work units within a 38,000 square foot building situated in Philadelphia's burgeoning West Kensington neighborhood. The property boasts 7,400 square feet of net rentable space, currently generating income from existing tenants. Below-market rents offer significant potential for value enhancement through rental increases. The substantial 38,000 square foot building presents considerable development potential, allowing for expansion or redevelopment. The property's location in the growing West Kensington residential area ensures strong future demand. This is an ideal acquisition for investors seeking a blend of immediate income and long-term growth potential. The existing units provide a stable cash flow while the purchaser navigates the entitlement process for any future development plans. This property offers a unique combination of existing income and substantial upside potential in a vibrant and rapidly appreciating neighborhood. The address is 1822 N Hancock St, Philadelphia, PA 19122. This is a rare chance to acquire a multifamily property with significant development potential in a prime location. The property is well-positioned to benefit from the ongoing revitalization of West Kensington.

    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
    -75.1369271
    Latitude
    39.9782127

    Comparable in this City

    • Contact for pricing

      Fishtown Multifamily Investment Opportunity

      Two-unit building, redevelopment potential.
      1844 Front St, Philadelphia, PA 19122
      View Details
    • $1,350,000
      4,220 SF

      Mixed-Use Investment Property on Girard

      Corner property with commercial spaces and renovated apartments in prime location.
      1200 N 5Th St, Philadelphia, PA 19122
      View Details
    • $450,000
      2,415 SF

      Philadelphia Multifamily Rehab Opportunity

      Three-story row home with unit potential in a growing area.
      1822 Germantown Ave, Philadelphia, PA 19122
      View Details
    • $695,000
      2,240 SF

      Mixed-Use Property in East Kensington

      Mixed-use property with storefront and apartments in upcoming East Kensington.
      2143 N Front St, Philadelphia, PA 19122
      View Details
    • $199,900
      0.03 Acres

      Prime Corner Lot in Philadelphia

      Two attached properties for development in booming Ludlow neighborhood.
      1403 N 7Th St, Philadelphia, PA 19122
      View Details
    • $439,900
      1,856 SF

      Renovated Duplex in Philadelphia

      Two fully renovated units, ideal for investors or owner-occupiers.
      2031 N 8Th St, Philadelphia, PA 19122
      View Details

    Similar Nearby for Sale

    • $695,000
      2,240 SF

      Mixed-Use Property in East Kensington

      Mixed-use property with storefront and apartments in upcoming East Kensington.
      2143 N Front St, Philadelphia, PA 19122
      View Details
    • Contact for pricing

      Fishtown Multifamily Investment Opportunity

      Two-unit building, redevelopment potential.
      1844 Front St, Philadelphia, PA 19122
      View Details
    • $1,350,000
      4,220 SF

      Mixed-Use Investment Property on Girard

      Corner property with commercial spaces and renovated apartments in prime location.
      1200 N 5Th St, Philadelphia, PA 19122
      View Details
    • $450,000
      2,415 SF

      Philadelphia Multifamily Rehab Opportunity

      Three-story row home with unit potential in a growing area.
      1822 Germantown Ave, Philadelphia, PA 19122
      View Details
    • $199,900
      0.03 Acres

      Prime Corner Lot in Philadelphia

      Two attached properties for development in booming Ludlow neighborhood.
      1403 N 7Th St, Philadelphia, PA 19122
      View Details
    • $439,900
      1,856 SF

      Renovated Duplex in Philadelphia

      Two fully renovated units, ideal for investors or owner-occupiers.
      2031 N 8Th St, Philadelphia, PA 19122
      View Details

    Similar Nearby for Lease

    • $1,758 /Mo

      Urby Fishtown Apartments

      Modern apartments in Philadelphia's vibrant Fishtown neighborhood.
      1700 N Front St St, Philadelphia, PA 19122
      View Details
    • $1,550 /Mo

      Modern Apartment in Olde Kensington

      Newer construction 1 bed, 1.5 bath unit with modern finishes.
      1533 N 2Nd St, Philadelphia, PA 19122
      View Details
    • $1,621 /Mo

      Urby Fishtown: Modern Apartment Living

      Apartment living redefined in Philadelphia's vibrant Fishtown neighborhood.
      1700 N Front St St, Philadelphia, PA 19122
      View Details
    • $1,758 /Mo

      Urby Fishtown: Modern Apartment Living

      Apartment living in Philadelphia's vibrant Fishtown neighborhood.
      1700 N Front St St, Philadelphia, PA 19122
      View Details
    • $1,621 /Mo

      Urby Fishtown Apartments

      Modern apartments in Philadelphia's vibrant Fishtown neighborhood.
      1700 N Front St St, Philadelphia, PA 19122
      View Details
    • $995 /Mo

      Modern Studio Apartment with Deck

      Second-floor studio with private deck, hardwood floors, and A/C.
      1202 N 7Th St, Philadelphia, PA 19122
      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.
    1822 Hancock St
    Philadelphia, PA 19122
    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.