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Listed by Michael Phillips • Compass Pennsylvania, LLC
$7,250,000
Est. payment /mo
9,527 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID PAPH2602606
Year Built 1920
Annual Tax Amount $46,176
Tax Year 2025
Lot Size 9,527 Sqft
Acres 0.22
Lot Dimensions 49.00 x 194.00
Property Sub-Type Mixed Use
Source BRIGHT
Property Description
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.
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.
Location
State PA
County Philadelphia
Area 19106 (19106)
Zoning CMX3
Interior
Hot Water Electric
Heating Forced Air
Cooling Central A/C
Flooring Hardwood
Heat Source Natural Gas
Exterior
Utilities Available Electric Available
Water Access N
Roof Type Other
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District The School District Of Philadelphia
Others
Tax ID 883007900
Ownership Fee Simple
Security Features Intercom,Main Entrance Lock,Fire Detection System
Special Listing Condition Standard
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