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    2317 S 23Rd St Philadelphia, PA 19145

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    2317 S 23Rd St Philadelphia, PA 19145

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    • Office buildings
    • 13,000 SF
    • 0.50 lot acres
    For Lease
    $15 SF/Yr
    View Listing →
    Established Office Building For Rent For Lease
    $15 SF/Yr
    13,000 SF

    Established Office Building For Rent

    13,000 SF office building built in 1985 available for rent.

    2317 S 23rd St, Philadelphia, PA
    View Listing
    Property ID
    US73-5768536
    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.
    Value Estimations
    $1,760,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Intercultural Family Services, Inc. / Crisis Center / Medical Clinic
    • Asian Family Center / Counselor

    Property Details for 2317 S 23Rd St

    Year built
    1985
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.50 lot acres
    Property size
    13,000 SF
    Zone code
    CMX2
    Property type
    Office buildings
    APN
    88-3-2328-00
    APU
    883232800

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,570,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,776,000
      Market price range: $567k - $2.97M

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1848
    Latitude
    39.9232
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $1,920,700

    Comparable in this City

    • Value Estimation
      $2,120,000
      16,000 SF

      2101 Penrose Ave

      OFFICE BUILDING • 16,000 SF
      2101 Penrose Ave, Philadelphia, PA 19145-5614
      View Details
    • Value Estimation
      $2,355,000
      11,001 SF

      2420 Broad St, Unit 24

      OFFICE BUILDING • 11,001 SF
      2420 Broad St, Philadelphia, PA 19145-4464
      View Details
    • Value Estimation by Request
      2,276 SF

      1638 Passyunk Ave

      OFFICE BUILDING • 2,276 SF
      1638 Passyunk Ave, Philadelphia, PA 19145-3846
      View Details
    • Value Estimation
      $3,010,000
      6,000 SF

      2725 Passyunk Ave

      OFFICE BUILDING • 6,000 SF
      2725 Passyunk Ave, Philadelphia, PA 19145
      View Details
    • Value Estimation by Request
      2,496 SF

      2901 15th St

      OFFICE BUILDING • 2,496 SF
      2901 15th St, Philadelphia, PA 19145-4916
      View Details
    • Value Estimation
      $1,920,000
      9,999 SF

      1809 Oregon Ave, Unit 13

      OFFICE BUILDING • 9,999 SF
      1809 Oregon Ave, Philadelphia, PA 19145-3700
      View Details

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    • Contact for pricing
      3,833 SF

      Mixed-Use Property on Broad Street

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      Mixed-Use Property in Philadelphia

      Corner property with commercial space and residential units in Philadelphia.
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      Mixed-Use Building with Office Space

      Three apartments and dedicated ground-floor office in prime location.
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      0.04 Acres

      Renovated Medical Office on Broad

      Turnkey medical office space in South Philadelphia with excellent access.
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      272,282 SF

      South Philly Warehouse - Huge Potential

      272,282 SF Warehouse, Prime Location
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    Similar Nearby for Lease

    • Contact for pricing

      South Broad Street Office Building

      Built-to-suit office building with high visibility and transit access.
      1900 S Broad St, Philadelphia, PA 19145
      View Details
    • $15 SF/Yr
      13,000 SF

      Established Office Building For Rent

      13,000 SF office building built in 1985 available for rent.
      2317 S 23Rd St, Philadelphia, PA 19145
      View Details
    • Contact for pricing

      Prime Corner Commercial Property Available

      Versatile retail/office space in South Philadelphia, ideal for pharmacy.
      2101 S 19Th St, Philadelphia, PA 19145
      View Details
    • Sponsored
      Contact for pricing

      PA, Philadelphia - Snyder Avenue

      Workspaces, services and support to help you work better in PA, Philadelphia - Snyder Avenue
      1727 Snyder Ave, Philadelphia, PA 19145
      View Details
    • $1,495 /Mo
      2,269 SF

      Broad Street Commercial Unit

      Office or retail space available on Broad Street.
      2206 S Broad St, Philadelphia, PA 19145
      View Details
    • $2,200 /Mo
      1,281 SF

      Commercial Office Space For Rent

      Commercial office space for rent on busy Broad Street.
      2428 S Broad St, Philadelphia, PA 19145
      View Details
    View Listing
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    Philadelphia, PA 19145
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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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    2317 S 23Rd St, Philadelphia, PA, 19145

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