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

    247 16th St Philadelphia, PA 19102-3307

    • Apartment buildings
    • 2,730 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Dec 23, 2021
    $1,325,000
    Value Estimations
    $1,105,000
    Show details
    Cap Rate Potential
    2.3%
    Apartment buildings
    Location Intelligence
    Property ID
    US73-1962197
    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

    • Apartment buildings

    Property Details for 247 16th St

    Year built
    1920
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.04 lot acres
    Property size
    2,730 SF
    Zone code
    CMX3
    Property type
    Apartment buildings
    APN
    88-1-5470-26
    APU
    881547026

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,021,000
      Market price range: $412k - $1.19M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $760,000
      Current use
      OFFICE BUILDING
      $695,000
      Change: -9% Conversion: Moderate
      MEDICAL BUILDING
      $670,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1677
    Latitude
    39.948
    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
    $12,170
    $0.00
    $0.00
    $949,400
    -
    $0.00
    $0.00
    $949,400

    Comparable in this City

    • Value Estimation
      $980,000
      5,852 SF

      1419 Spruce St

      APARTMENT HOUSE (5+ UNITS) • 5,852 SF
      1419 Spruce St, Philadelphia, PA 19102-4532
      View Details
    • Value Estimation
      $1,830,000
      11,736 SF

      1533 Chestnut St

      APARTMENT HOUSE (5+ UNITS) • 11,736 SF
      1533 Chestnut St, Philadelphia, PA 19102-2574
      View Details
    • Value Estimation by Request
      368,991 SF

      258 Broad St, Unit 62

      APARTMENT HOUSE (100+ UNITS) • 368,991 SF
      258 Broad St, Philadelphia, PA 19102-5012
      View Details
    • Value Estimation by Request
      677,140 SF

      1500 Locust St, Unit 14

      APARTMENT HOUSE (100+ UNITS) • 677,140 SF
      1500 Locust St, Philadelphia, PA 19102-4329
      View Details
    • Value Estimation
      $29,090,000
      184,660 SF

      111 15th St, Unit 23

      APARTMENT HOUSE (100+ UNITS) • 184,660 SF
      111 15th St, Philadelphia, PA 19102-1503
      View Details
    • Value Estimation
      $12,250,000
      51,550 SF

      1530 Chestnut St Uppr

      APARTMENT HOUSE (5+ UNITS) • 51,550 SF
      1530 Chestnut St Uppr, Philadelphia, PA 19102-2739
      View Details

    Similar Nearby for Sale

    • $1,880,000
      3,080 SF

      Luxury Ritz-Carlton Residence with Views

      Stunning 3-bedroom residence with parking and city views.
      1414 S Penn Sq, Philadelphia, PA 19102
      View Details
    • $1,785,000
      1,701 SF

      Luxury Penthouse with Iconic Views

      Stunning penthouse on the 56th floor of Philadelphia's Two Liberty Place.
      50 S 16Th St, Philadelphia, PA 19102
      View Details
    • $999,999
      3,423 SF

      Rittenhouse Square Multifamily Redevelopment Opportunity

      Multi-level property near Rittenhouse Square, ideal for residential conversion.
      313 S 16Th St, Philadelphia, PA 19102
      View Details
    • $70,000
      0.03 Acres

      Established Thai Restaurant in Philadelphia

      Turnkey Thai restaurant in Philadelphia's Center City for sale.
      1439 Vine Street Expy, Philadelphia, PA 19102
      View Details
    • Contact for pricing

      Retail Space in Mixed-Use Development

      Retail space available in a Class-A mixed-use development.
      1401 Spruce St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      7,134 SF

      Rittenhouse Salon Space Available

      2,282 SF salon space in the heart of Rittenhouse.
      1532-1534 Sansom St, Philadelphia, PA 19102
      View Details

    Similar Nearby for Lease

    • $3,075 /Mo

      Center City Apartment with Skyline Views

      Recently renovated apartments in the heart of Center City, Philadelphia.
      1500 Locust St St, Philadelphia, PA 19102
      View Details
    • $2,321 /Mo

      Center City Apartment with Skyline Views

      Renovated apartments in vibrant Rittenhouse Square with modern amenities.
      1500 Locust St St, Philadelphia, PA 19102
      View Details
    • $1,923 /Mo

      Center City Apartment with Skyline Views

      Recently renovated apartments in the heart of Center City, Philadelphia.
      1500 Locust St St, Philadelphia, PA 19102
      View Details
    • $3,093 /Mo

      Center City Apartment with Skyline Views

      Recently renovated apartments in vibrant Rittenhouse Square, Philadelphia.
      1500 Locust St St, Philadelphia, PA 19102
      View Details
    • $25 SF/Yr
      365,000 SF

      Land Title Building Office Suites

      Prestigious Philadelphia Office Space
      100 Broad St, Philadelphia, PA 19102
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space on Walnut Street

      Bi-level retail space in prime Philadelphia location.
      1515 Walnut St, Philadelphia, PA 19102
      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.
    247 16th St
    Philadelphia, PA 19102-3307
    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.