31–33 N 2nd Street presents a rare opportunity to acquire a turnkey 18,820 SF commercial building in the heart of historic Old City Philadelphia, directly across from Christ Church and one block north of Market Street. The property combines distinctive historic character with modern infrastructure and offers approximately 13,320 SF above grade plus an expansive 5,500 SF finished lower level, providing flexibility for an owner-user, investor, or combination strategy. The building currently offers established professional office tenancy and ground-floor retail/showroom income, with additional space that could be available for owner occupancy or future lease-up, supporting a 7.39% CAP rate based on existing income. A comprehensive capital program completed from 2016 through 2022 upgraded virtually every major building system, including electrical service, plumbing, seven HVAC zones, bathrooms, fire alarm, fob-based security, and interior improvements, while adding a freight elevator serving all levels. Historic architectural features include exposed monumental timber beams, original brickwork, restored tin ceilings, soaring ceilings, and a distinctive granite schist wall, complemented by a private Ipe roof deck with views toward Christ Church and the Philadelphia skyline. The first floor and lower level offer particular flexibility for an owner-user seeking retail, showroom, gallery, studio, or other commercial space while maintaining income from the remainder of the building. Zoned CMX-3, the property supports a range of commercial uses and is well suited for a corporate headquarters, professional or creative office, flagship showroom, gallery, retail operation, or hybrid owner-user/investment strategy. With substantial capital improvements already completed, the property offers an opportunity to acquire a prominent historic building with modernized systems and limited near-term capital requirements compared with a comparable historic property requiring renovation. The location provides convenient access to Market Street, SEPTA, I-95, I-676, and the Benjamin Franklin Bridge, placing the property within one of Philadelphia’s most established historic and commercial districts. 31–33 N 2nd Street offers a distinctive whole-building ownership opportunity combining existing income, potential additional lease-up or owner occupancy, modern infrastructure, and irreplaceable Old City character.
