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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2043 Locust St Philadelphia, PA 19103-5662

    • Office buildings
    • 4,815 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Jul 13, 2022
    $1,150,000
    Value Estimations
    $1,080,000
    Show details
    Cap Rate Potential
    6.5%
    Office buildings
    Location Intelligence
    Property ID
    US73-5863016
    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

    • law offices of alfonso caprara / Attorney
    • Star Pilates / Gym / Personal Trainer
    • Koller Law, LLC / Employment Attorney
    • Raymond Basso / Immigration Attorney
    • Shelter Structures / Professional Services

    Property Details for 2043 Locust St

    Year built
    1880
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.04 lot acres
    Property size
    4,815 SF
    Zone code
    RM1
    Property type
    Office buildings
    APN
    88-3-3350-20
    APU
    883335020

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,045,000
      ML approach
      $1,025,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,125,000
      6.5%
      $1,040,000
      7%
      $965,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $733,000
      Market price range: $215k - $1.14M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,610,000
      Current use
      COMMERCIAL (GENERAL)
      $1,685,000
      Change: +5% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1755
    Latitude
    39.9498
    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
    $17,131
    $244,760
    $979,040
    $1,223,800
    -
    $244,760
    $979,040
    $1,223,800

    Comparable in this City

    • Value Estimation
      $2,310,000
      13,936 SF

      2124 Race St, Unit 28

      OFFICE BUILDING • 13,936 SF
      2124 Race St, Philadelphia, PA 19103-1097
      View Details
    • Value Estimation
      $1,350,000
      7,466 SF

      1710 Locust St, Unit 12

      OFFICE BUILDING • 7,466 SF
      1710 Locust St, Philadelphia, PA 19103-6178
      View Details
    • Value Estimation
      $1,135,000
      4,620 SF

      108 23rd St, Unit 14

      OFFICE BUILDING • 4,620 SF
      108 23rd St, Philadelphia, PA 19103-4334
      View Details
    • Value Estimation
      $865,000
      3,388 SF

      2207 Chestnut St, Unit 2

      OFFICE BUILDING • 3,388 SF
      2207 Chestnut St, Philadelphia, PA 19103-3032
      View Details
    • Value Estimation by Request
      797,220 SF

      1601 Market St, Unit 23

      OFFICE BUILDING • 797,220 SF
      1601 Market St, Philadelphia, PA 19103-2301
      View Details
    • Value Estimation
      $1,440,000
      8,242 SF

      1716 Spruce St

      OFFICE BUILDING • 8,242 SF
      1716 Spruce St, Philadelphia, PA 19103-6714
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      16,000 SF

      Rittenhouse Square Estate For Sale

      Prestigious 16,000 SF Rittenhouse Square office building for sale.
      1622 Locust St, Philadelphia, PA 19103
      View Details
    • $1,875,000
      3,400 SF

      Rittenhouse Square Versatile Income Property

      Income-producing property near Rittenhouse Square, suitable for various uses.
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      View Details
    • $3,450,000
      9,000 SF

      Historic Office Building Near Rittenhouse

      Five-story office building in Center City, one block from Rittenhouse.
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      View Details
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      17,558 SF

      Prime Philadelphia Mixed-Use Property

      Walnut Street Redevelopment Opportunity: Liquor License Included
      2007 Walnut St, Philadelphia, PA 19103
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    • New
      $1,999,000
      4,086 SF

      Rittenhouse Square Investment Opportunity

      Rare investment property near Rittenhouse Square with medical office and apartments.
      112 S 20Th St, Philadelphia, PA 19103
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    • $7,250,000
      16,000 SF

      Arroyo Business Center: Carlsbad Flex Space

      4,250 SF Flex Space; Carlsbad, I-5 Corridor
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    Similar Nearby for Lease

    • Contact for pricing
      7,167 SF

      Renovated Office Space Available

      Class A office space with modern amenities for rent.
      1624-1628 Locust St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      14,222 SF

      High-Rise Office Towers For Rent

      Two 40-story office towers with modern amenities and sustainability features.
      2001-2005 Market St, Philadelphia, PA 19103
      View Details
    • $25 SF/Yr
      20,700 SF

      Class A Office Space Available

      Boutique office building in Philadelphia CBD with parking.
      100 N 20Th St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      12,596 SF

      Class A Office and Retail

      Prime Philadelphia location with high-end amenities and flexible workspaces.
      1900 Market St, Philadelphia, PA 19103
      View Details
    • $36 SF/Yr
      617,476 SF

      Center City Office Space Available

      Prime office building in Philadelphia's downtown Market Street West corridor.
      30 S 17Th St, Philadelphia, PA 19103
      View Details
    • Contact for pricing
      28,600 SF

      Renovated Office Building For Rent

      Office building at 23rd and Market Streets available for rent.
      2300 Market St, Philadelphia, PA 19103
      View Details
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    2043 Locust St
    Philadelphia, PA 19103-5662
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    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
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