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

    2187 Norris St, Unit 91 Philadelphia, PA 19125-1937

    • Flex space
    • 5,400 SF
    • 0.09 lot acres
    OFF-MARKET
    Last Sale
    Oct 23, 2024
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2556294
    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

    • Flex space

    Property Details for 2187 Norris St

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.09 lot acres
    Property size
    5,400 SF
    Zone code
    CMX2
    Property type
    Flex space
    APN
    88-4-3465-05
    APU
    884346505

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $660,000
      6.5%
      $610,000
      7%
      $565,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $523,000
      Market price range: $208k - $1.08M
      AI Estimate
      $405,000
      Market price range: $152k - $724k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $580,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1307
    Latitude
    39.979
    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
    $5,291
    $75,600
    $302,400
    $378,000
    -
    $75,600
    $302,400
    $378,000

    Comparable in this City

    • Value Estimation
      $940,000
      9,739 SF

      2613 Coral St, Unit 15

      LIGHT INDUSTRIAL • 9,739 SF
      2613 Coral St, Philadelphia, PA 19125-1409
      View Details
    • Value Estimation by Request
      2,500 SF

      2321 Fletcher St

      LIGHT INDUSTRIAL • 2,500 SF
      2321 Fletcher St, Philadelphia, PA 19125-2507
      View Details
    • Value Estimation by Request
      4,100 SF

      2001 Arizona St, Unit 3

      LIGHT INDUSTRIAL • 4,100 SF
      2001 Arizona St, Philadelphia, PA 19125-1507
      View Details
    • Value Estimation
      $845,000
      7,974 SF

      321 Belgrade St, Unit 25

      LIGHT INDUSTRIAL • 7,974 SF
      321 Belgrade St, Philadelphia, PA 19125-4426
      View Details
    • Value Estimation by Request
      2,336 SF

      2168 Firth St, Unit 70

      LIGHT INDUSTRIAL • 2,336 SF
      2168 Firth St, Philadelphia, PA 19125-2224
      View Details
    • Value Estimation by Request
      2,211 SF

      2651 Almond St, Unit 53

      LIGHT INDUSTRIAL • 2,211 SF
      2651 Almond St, Philadelphia, PA 19125-3827
      View Details

    Similar Nearby for Sale

    • $900,000
      800 SF

      Frankford Avenue Commercial Package Sale

      Three adjacent properties on Frankford Avenue, ideal for redevelopment.
      2607 Frankford Ave, Philadelphia, PA 19125
      View Details
    • Contact for pricing
      10,448 SF

      Philadelphia Warehouse with Drive-in Door

      10,448 SF warehouse with frontage and drive-in access.
      2640 E Lehigh Ave, Philadelphia, PA 19125
      View Details
    • Contact for pricing
      9,068 SF

      Storage Facility Corner Parcel

      Corner parcel with storage garages in a residential area.
      3652 Belgrade St, Philadelphia, PA 19125
      View Details
    • $900,000
      1,629 SF

      Frankford Avenue Mixed-Use Investment Opportunity

      Three adjacent properties for sale in East Kensington, Philadelphia.
      2603 Frankford Ave, Philadelphia, PA 19125
      View Details
    • $699,000
      3,950 SF

      New Fishtown Triplex Investment

      New construction triplex in Fishtown, ideal for investment.
      2647 Jasper St, Philadelphia, PA 19125
      View Details
    • $280,000

      Fishtown New Construction Home

      New construction home in Fishtown with tax abatement and warranty.
      1943 E Harold St, Philadelphia, PA 19125
      View Details

    Similar Nearby for Lease

    • $50 SF/Yr
      15,588 SF

      Frankford Ave Retail Space

      15,588 SF Flex Space, Fishtown, PA
      1706 Frankford Ave, Philadelphia, PA 19125
      View Details
    • $2,100 /Mo
      1,437 SF

      Philadelphia Rental with Skyline Views

      Stunning 3-bedroom rental with private roof deck and balcony.
      2439 Jasper St, Philadelphia, PA 19125
      View Details
    • $1,596 /Mo

      Loft Apartment with Industrial Vibe

      One-bedroom loft apartment with exposed brick and modern amenities.
      1701 Tulip St St, Philadelphia, PA 19125
      View Details
    • $2,314 /Mo

      Fishtown Apartment with Modern Amenities

      Two-bedroom apartment in Fishtown with modern features and shared roof deck.
      1868 Frankford Ave Ave, Philadelphia, PA 19125
      View Details
    • $1,795 /Mo

      Spacious Apartment with Private Patio

      Three-bedroom apartment featuring a private patio and in-unit laundry.
      600 E Girard Ave Ave, Philadelphia, PA 19125
      View Details
    • $1,601 /Mo

      Frankford Avenue Apartment Available Now

      One bedroom apartment with open floor plan and balcony.
      1600 Frankford Ave Ave, Philadelphia, PA 19125
      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.
    2187 Norris St, Unit 91
    Philadelphia, PA 19125-1937
    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.