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

    2301 Allegheny Ave Philadelphia, PA 19134

    • Office buildings
    • 194,815 SF
    • 3.29 lot acres
    For Lease
    View listing
    $1.00 SF/Yr
    Last Sale
    Dec 05, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0777617
    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

    • Temple University Hospital - Northeastern Campus / Hospital
    • Pediatric Dental Associates of Philadelphia - Allegheny Ave / Dental Office
    • Children's Dental Health Orthodontics / Dental Office
    • Infant Laser Dentistry / Dental Office
    • Southeastern PA Oral Surgery / Dental Office

    Property Details for 2301 Allegheny Ave

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.29 lot acres
    Property size
    194,815 SF
    Zone code
    CMX3
    Property type
    Office buildings
    APN
    88-3-3768-90
    APU
    883376890

    Description

    This seven-story, 200,000 square foot medical office building at 2301 E Allegheny Ave, Philadelphia, PA 19134, offers 15,870 square feet of immediately available space in suites ranging from a minimum of 1,135 square feet. Originally built in 1910 and extensively renovated in 2011, the property boasts ample parking, a cafeteria, 24/7 access, security, multiple elevators, and a backup generator. Located in the thriving Port Richmond neighborhood, this building enjoys convenient access to major highways (I-95, I-76, I-676), public transportation (SEPTA bus routes, rail stations, Market-Frankford Line), and a variety of retail amenities. The building is situated in a densely populated area, close to Fishtown and Kensington, and benefits from its proximity to power centers. This multi-tenant building already houses established medical tenants such as Temple University Hospital, Special Smiles, Pediatric Dental Associates, and Tru-Tone Hearing, providing a strong existing tenant base and a vibrant medical community. The property is located in Philadelphia County and offers a unique opportunity for medical professionals seeking high-quality office space in a rapidly developing neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $45,575,000
      6.5%
      $42,070,000
      7%
      $39,065,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $32,302,000
      Market price range: $27.0M - $84.7M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $49,565,000
      Current use
      MEDICAL BUILDING
      $47,835,000
      Change: -3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1059
    Latitude
    39.9899
    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
    $299,505
    $4,776,380
    $16,619,920
    $21,396,300
    -
    $4,776,380
    $16,619,920
    $21,396,300

    Comparable in this City

    • Value Estimation
      $9,905,000
      50,652 SF

      1952 Allegheny Ave

      OFFICE BUILDING • 50,652 SF
      1952 Allegheny Ave, Philadelphia, PA 19134-3122
      View Details
    • Value Estimation
      $1,400,000
      12,876 SF

      1813 Hilton St, Unit 25

      OFFICE BUILDING • 12,876 SF
      1813 Hilton St, Philadelphia, PA 19134-2523
      View Details
    • Value Estimation
      $6,015,000
      30,268 SF

      3647-69 Frnt St

      OFFICE BUILDING • 30,268 SF
      3647-69 Frnt St, Philadelphia, PA 19134
      View Details
    • Value Estimation
      $645,000
      5,145 SF

      3368 Memphis St, Unit 84

      OFFICE BUILDING • 5,145 SF
      3368 Memphis St, Philadelphia, PA 19134-4510
      View Details
    • Value Estimation by Request
      3,270 SF

      3202 Frankford Ave

      OFFICE BUILDING • 3,270 SF
      3202 Frankford Ave, Philadelphia, PA 19134-3217
      View Details
    • Value Estimation by Request
      2,580 SF

      2636 Allegheny Ave, Unit 38

      OFFICE BUILDING • 2,580 SF
      2636 Allegheny Ave, Philadelphia, PA 19134-5115
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13,200 SF

      Multi-Story Medical Office Building

      Multi-story commercial building utilized as a medical office for sale.
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    • $1,265,000
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      Port Richmond Artist Studio Building

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      Port Richmond Office Space Available

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      Philadelphia Commercial Building on Allegheny

      Three-story corner building on Allegheny Avenue, suitable for commercial or multi-family use.
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    • $950,000
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      Frankford Ave Auto Shop - $950K

      Established Auto Repair Shop, High Traffic Area
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    • Contact for pricing
      0.03 Acres

      Vacant Lot in Philadelphia

      Vacant land suitable for new home construction in growing area.
      931 E Ontario St, Philadelphia, PA 19134
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    Similar Nearby for Lease

    • $1,200 /Mo
      55,757 SF

      Office Studio in Jasper Studios

      Office studio in Philadelphia's Jasper Studios, ready for immediate occupancy.
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      View Details
    • $1,650 /Mo
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      Office Space Near Temple Hospital

      Prime commercial space ideal for medical or professional use.
      2248 E Allegheny Ave, Philadelphia, PA 19134
      View Details
    • New
      $1,700 /Mo
      1,307 SF

      Renovated Commercial Space with Yard

      Move-in ready commercial space with modern updates and private yard.
      2950 Kensington Ave, Philadelphia, PA 19134
      View Details
    • $1.00 SF/Yr
      15,870 SF

      Prime Medical Office Space in Philly

      1,135 - 15,870 SF Available
      2301 Allegheny Ave, Philadelphia, PA 19134
      View Details
    • $2,250 /Mo
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      Office Space for Lease

      Office space available for lease in Philadelphia, PA 19134
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    • $3,950 /Mo
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      Creative Office Space in Philadelphia

      Bright studio with hardwood floors, kitchen, and immediate occupancy.
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      View Details
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    2301 Allegheny Ave
    Philadelphia, PA 19134
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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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