230 N 2nd St 28,470 SF 89% Leased Office Building Philadelphia, PA 19106 $10,061,622 CAD ($353.41 CAD/SF) 7.70% Cap Rate

230 N 2nd Street, The former power plant to the Wilbur Chocolate Factory presents a rare opportunity to acquire a character-rich, multi tenant creative office asset in the heart of Old City, Philadelphia. This ±28,470 SF historic brick building blends authentic loft-style architecture with institutional grade upgrades, currently accommodating a diverse mix of creative offices, production studios, and event space. The property features high ceilings, open floor plates, and flexible layouts, allowing for a wide range of configurations suited for office, studio, event, retail, hospitality, or hybrid uses under CMX-3 zoning. Over nearly three decades of ownership, the asset has undergone significant capital improvements, including 15 HVAC systems, separate utilities, upgraded life-safety systems, and a restored 200 foot iconic smokestack offering exceptional branding visibility with potential ancillary signage income. Strategically located just north of Market Street with proximity to major landmarks and transit corridors, the property benefits from strong tenant demand and foot traffic in one of Philadelphia’s most historic and vibrant neighborhoods. The asset is well-suited for a variety of uses, including a single tenant headquarters or a multiple tenant commercial building. An investor can capitalize on the property’s existing improvements and Old City address while pursuing future upside through strategic lease-up, reconfiguration of interior spaces, and capturing market-rate rents over time.
Character Rich, Loft Style Improvements: The building’s distinctive architecture, generous ceiling heights, and flexible floor plates create an ideal environment for creative users, production companies, boutique office tenants, and experiential concepts seeking a “non-commodity” space that reflects their brand.
Flexible User or Investor Opportunity: 230 N 2nd Street can accommodate a wide range of business plans:
Owner User Headquarters: Establish a flagship presence in Old City with branded space (full smokestack signage available) in a building you control.
Multi Tenant Investment: Reconfigure and lease to multiple tenants to diversify income and maximize rent per square foot.
Hybrid Strategy: Maintain a portion for owner occupancy while deriving income from third-party tenants.
Long Term Urban Infill Asset: With limited development sites remaining in Old City, well-located existing buildings like 230 N 2nd Street are poised to benefit from continued neighborhood maturation, rent growth, and the ongoing appeal of authentic brick-and-beam product in a historic setting.
Establish a Signature Headquarters in the Heart of Old City: The Power Plant presents a rare opportunity for an owner-user to establish a signature headquarters while implementing a flexible hybrid strategy - occupy primary floors, monetize additional suites to offset carrying costs, and leverage smokestack branding to elevate company presence.
Control Your Space (Build Long Term Equity): Opportunity to occupy a portion or the entirety of the building while benefiting from long-term real estate appreciation
Brand Visibility & Identity: Iconic smokestack, with over 100,000 views per day, offers skyline branding and signage space rarely available to owner-users in Philadelphia. Industrial architecture and loft style design create a memorable headquarters environment.
Functional Infrastructure for Modern Users: Large open floor plans accommodate collaborative workspace, studio production, showroom, or event-driven layouts. Building “wide open” end to end (no load bearing walls) allows for multiple configurations and partitioning of spaces to accommodate any end user as well as future growth.