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

    338 Brown St, Unit 40 Philadelphia, PA 19123-2202

    • Office buildings
    • 14,245 SF
    • 0.13 lot acres
    OFF-MARKET
    Value Estimations
    $3,275,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-5179272
    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

    • HUDDLE / Event Venue

    Property Details for 338 Brown St

    Year built
    1915
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.13 lot acres
    Property size
    14,245 SF
    Zone code
    IRMX
    Property type
    Office buildings
    APN
    88-3-8131-02
    APU
    883813102

    Description

    This exceptional office space at 338 Brown Street in Philadelphia's Northern Liberties neighborhood offers 2,240 to 2,960 square feet of meticulously restored, premium office space in a turn-of-the-century warehouse. The property boasts a stunning blend of historic charm and modern aesthetics, featuring original wide-plank hardwood floors, exposed timber ceilings, and brick walls. The space includes glass offices and comes fully furnished. Located in the vibrant Northern Liberties, this property provides easy access to Spring Arts, Old City, and the Delaware Waterfront. The area is rich with dining options, including Yards Brewing Co., Silk City Diner, and numerous other restaurants. Convenient public transportation is readily available, with multiple SEPTA bus routes, bike rentals, and a subway station all within a block. This is an ideal location for businesses seeking a dynamic and convenient Philadelphia address. The available space is perfect for multiple tenants. The property is situated in Philadelphia County, Pennsylvania, zip code 19123.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,335,000
      6.5%
      $3,075,000
      7%
      $2,855,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,285,000
      Market price range: $1.97M - $6.20M
      AI Estimate
      $2,465,000
      Market price range: $1.01M - $3.15M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,625,000
      Current use
      RESTAURANT
      $4,410,000
      Change: +22% Conversion: Moderate
      APARTMENT HOUSE (5+ UNITS)
      $3,960,000
      Change: +9% Conversion: Easy
      MEDICAL BUILDING
      $3,500,000
      Change: -3% Conversion: Easy
      COMMERCIAL (GENERAL)
      $3,110,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Philadelphia
    County
    Philadelphia
    State
    Pennsylvania
    Longitude
    -75.1442
    Latitude
    39.9634
    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
    $32,793
    $468,540
    $1,874,160
    $2,342,700
    -
    $468,540
    $1,874,160
    $2,342,700

    Comparable in this City

    • Value Estimation
      $11,730,000
      354,991 SF

      416 Spg Gdn St, Unit 38

      OFFICE BUILDING • 354,991 SF
      416 Spg Gdn St, Philadelphia, PA 19123-2819
      View Details
    • Value Estimation
      $725,000
      3,361 SF

      1329 Buttonwood St, Unit 31

      OFFICE BUILDING • 3,361 SF
      1329 Buttonwood St, Philadelphia, PA 19123-3609
      View Details
    • Value Estimation
      $2,655,000
      13,726 SF

      500 2nd St, Unit 8

      OFFICE BUILDING • 13,726 SF
      500 2nd St, Philadelphia, PA 19123-4216
      View Details
    • Value Estimation
      $755,000
      4,000 SF

      1218 Grn St

      OFFICE BUILDING • 4,000 SF
      1218 Grn St, Philadelphia, PA 19123-3217
      View Details
    • Value Estimation
      $1,195,000
      5,426 SF

      915 Orianna St, Unit 19

      OFFICE BUILDING • 5,426 SF
      915 Orianna St, Philadelphia, PA 19123-2219
      View Details
    • Value Estimation
      $4,305,000
      35,058 SF

      719 Girard Ave, Unit 99

      OFFICE BUILDING • 35,058 SF
      719 Girard Ave, Philadelphia, PA 19123-1322
      View Details

    Similar Nearby for Sale

    • $549,000
      2,196 SF

      Mixed-Use Property in Northern Liberties

      Cash-flowing mixed-use asset in a prime Philadelphia location.
      331 W Girard Ave, Philadelphia, PA 19123
      View Details
    • $779,000
      2,836 SF

      Mixed-Use Property on Spring Garden

      Versatile mixed-use property with commercial space and residential unit.
      923 Spring Garden St, Philadelphia, PA 19123
      View Details
    • $779,000
      4,790 SF

      Mixed-Use Property on Spring Garden

      Versatile property with retail and residential units in Philadelphia.
      925-27 Spring Garden St, Philadelphia, PA 19123
      View Details
    • Contact for pricing
      9,700 SF

      Retail Space in Northern Liberties

      9,700 SF retail space in vibrant Northern Liberties.
      210 W Girard Ave, Philadelphia, PA 19123
      View Details
    • $2,100,000
      4,947 SF

      Northern Liberties Multifamily Retail Opportunity

      Two buildings in prime location with retail and multifamily potential.
      990 N 2Nd St, Philadelphia, PA 19123
      View Details
    • $425,000
      2,304 SF

      Mixed-Use Property in Philadelphia

      Mixed-use property with commercial space and residential units in Philadelphia.
      151 W Girard Ave, Philadelphia, PA 19123
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      4,280 SF

      Renovated Loft Office Building

      Four-story, 80,000 SF renovated loft office building for rent.
      441 N 5Th St, Philadelphia, PA 19123
      View Details
    • Contact for pricing
      79,972 SF

      Prime Philadelphia Office Space

      79,972 SF Office Building, Suites Available
      915 Broad St, Philadelphia, PA 19123
      View Details
    • $22 SF/Yr
      47,968 SF

      Philadelphia Office Space for Lease

      Historic building, modern offices, great location
      448 10Th St, Philadelphia, PA 19123
      View Details
    • $10 SF/Yr
      6,800 SF

      Office Space Near CBD Core

      Flexible 6,800 SF office space with convenient highway access.
      1132-1134 Callowhill St, Philadelphia, PA 19123
      View Details
    • Contact for pricing
      188,000 SF

      Riverview Place Office Space Available

      Prime Philadelphia Office, 15,145 SF Available
      520 Christopher Columbus Blvd, Philadelphia, PA 19123
      View Details
    • $21 SF/Yr
      6,183 SF

      Prime Philadelphia Office Space

      6,183 SF Executive/Creative Office
      448 10Th St, Philadelphia, PA 19123
      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.
    338 Brown St, Unit 40
    Philadelphia, PA 19123-2202
    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.