230 N 2nd St 28,470 SF 40% Leased Office Building Philadelphia, PA 19106 $6,900,000 ($242.36/SF) 9.09% Cap Rate

230 N 2nd Street, the former power plant to the Wilbur Chocolate Factory, presents a rare opportunity to acquire a character-rich historic landmark in the heart of Old City, Philadelphia. At closing, ownership will vacate the building's signature spaces: the double-height event venue, photo studio, and 7,000+ SF basement delivering over 20,000 SF to a new owner on day one. The remaining suites have leases on short, flexible terms offering interim income plus expansion possibilities.
This ±28,470 SF historic brick building blends authentic loft-style architecture with institutional-grade upgrades. The property features high ceilings, open floor plates, and flexible layouts suited for office, studio, event, retail, hospitality, or hybrid uses under CMX-3 zoning. Over nearly three decades of ownership, the property has undergone an exceptional restoration, blending the building's historic industrial architecture with high-quality modern finishes. Dramatic exposed brick, soaring ceilings, expansive windows, and thoughtfully designed interior spaces create a headquarters environment unlike anything else in the Philadelphia market. Crowning the property is the restored 200-foot smokestack, presenting a once-in-a-generation opportunity for an owner-user to prominently display their name on one of Old City's most recognizable landmarks.
At $6,900,000 ($242 per square foot) the offering is priced well below today's replacement cost for comparable construction in Old City. Because the vacating owner suites exceed the 51% occupancy threshold, qualifying owner-users may pursue SBA 504 financing with as little as ~10% down, with in-place tenant income offsetting a portion of carrying costs. There is a clear path to owning a landmark headquarters at a net occupancy cost competitive or more economical than renting.
See the full picture by watching the property video and reviewing the offering memorandum for the complete suite-by-suite breakdown, delivery timeline, and financial detail.