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

    231 2nd St, Unit 103 Philadelphia, PA 19106-1306

    • Parking lots & garages
    • 135 SF
    OFF-MARKET
    Last Sale
    May 13, 2021
    $550,000
    Value Estimations
    $540,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1242673
    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

    • Old City Parkominium / Parking Lot & Garage
    • Philly Moped / Daycare Center
    • Zipcar Location / Freight Service / Logistics Company

    Property Details for 231 2nd St

    Year built
    2006
    Property size
    135 SF
    Zone code
    CMX3
    Property type
    Parking lots & garages
    APN
    88-8-0307-64
    APU
    888030764

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $540,000
      ML approach
      $530,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1423
    Latitude
    39.9546
    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
    $196
    $1,800
    $12,200
    $14,000
    -
    $1,800
    $12,200
    $14,000

    Comparable in this City

    • Value Estimation by Request
      0.19 Acres

      308 New St, Unit 16

      PARKING LOT • 0.19 Acres
      308 New St, Philadelphia, PA 19106-1107
      View Details
    • Value Estimation by Request
      0.08 Acres

      321 Cherry St, Unit 23

      PARKING LOT • 0.08 Acres
      321 Cherry St, Philadelphia, PA 19106-1803
      View Details
    • Value Estimation by Request
      0.14 Acres

      40 American St

      PARKING LOT • 0.14 Acres
      40 American St, Philadelphia, PA 19106-4509
      View Details
    • Value Estimation by Request
      162 SF

      125 4th Stp17

      RESIDENTIAL PARKING GARAGE • 162 SF
      125 4th Stp17, Philadelphia, PA 19106-3100
      View Details
    • Value Estimation by Request
      203 SF

      211-25 4th Stp7

      RESIDENTIAL PARKING GARAGE • 203 SF
      211-25 4th Stp7, Philadelphia, PA 19106
      View Details
    • Value Estimation by Request
      162 SF

      125 4th Stp18

      RESIDENTIAL PARKING GARAGE • 162 SF
      125 4th Stp18, Philadelphia, PA 19106-3100
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Condominium Parking Spaces For Sale

      Six condominium parking spaces in Philadelphia, PA, for sale.
      304 Cherry St, Philadelphia, PA 19106
      View Details
    • $500,000
      2,438 SF

      Chestnut Street Retail Condo Investment

      Prime Philadelphia Retail Space - Motivated Seller!
      241-43 Chestnut St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      1,500 SF

      Historic Philly Storefront

      1,500 SF Retail/Medical Office
      136 2Nd St, Philadelphia, PA 19106
      View Details
    • $1,300,000
      1,422 SF

      Old City Restaurant Opportunity

      Restaurant property in the heart of Old City, Philadelphia.
      60 S 2Nd St, Philadelphia, PA 19106
      View Details
    • $2,999,000
      14,881 SF

      Prime Market Street Restaurant

      Historic Old City, 14,881 SF Restaurant
      312 Market St, Philadelphia, PA 19106
      View Details
    • $3,291,500
      0.08 Acres

      Mixed-Use Property in Historic Philadelphia

      Premier mixed-use property in Philadelphia's Old City/Center City East district.
      718 Chestnut St, Philadelphia, PA 19106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      15,412 SF

      Office Space in Bourse Garage

      Office space available for lease in Philadelphia's Bourse Garage.
      400 Ranstead St, Philadelphia, PA 19106
      View Details
    • Contact for pricing

      Market Street Retail Space Available

      Retail space in the heart of Market Street East.
      626 Market St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      20,512 SF

      Midtown Village Retail Space Available

      Up to 40,000 SF available in Midtown Village.
      1125 Sansom St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      13,602 SF

      Prime Retail Space Near Independence Hall

      41,000 SF retail space in historic Philadelphia location.
      510-530 Walnut St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      3,352 SF

      Renovated Boutique Building in Old City

      Historic building with modern amenities in a prime location.
      303 Cherry St, Philadelphia, PA 19106
      View Details
    • Contact for pricing
      9,913 SF

      Prime Philadelphia Retail Space

      9,913 SF Available, High Visibility
      150 Independence Mall, Philadelphia, PA 19106
      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.
    231 2nd St, Unit 103
    Philadelphia, PA 19106-1306
    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.