226 N 2nd St, Philadelphia, PA 19106

Property Description

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. Offered at $6,900,000 ($242 per square foot), which is well below today's replacement cost for comparable historic brick-and-beam construction, this offering is perfectly positioned for a signature owner-user headquarters. At closing, ownership will vacate the building's most prominent signature spaces including the double-height event venue, which has hosted over 550 weddings and 100+ product launches, the professional photo studio, and a massive 13-foot-ceiling basement. This delivery provides over 20,000 SF (60%+) of immediately usable space to a new owner on day one. Because the vacating owner suites comfortably exceed the required 51% occupancy threshold, qualifying buyers may pursue highly advantageous SBA 504 financing with as little as 10% down. The remaining building suites have short, flexible leases, providing immediate interim income to offset carrying costs while ensuring a clear path to full building control within approximately 24 months. Architecturally, this ±28,470 SF historic brick building flawlessly blends authentic industrial charm with institutional-grade upgrades. Over nearly three decades of meticulous ownership, the property has undergone an exceptional restoration, showcasing dramatic exposed brick, soaring ceilings, and expansive windows. The large open floor plates feature zero interior load-bearing walls, offering an entirely customizable footprint for retail, showroom, production, office, or hybrid concepts under flexible CMX-3 zoning. Crowning the property is a fully restored, iconic 200-foot smokestack that commands over 100,000 daily views, providing a once-in-a-generation skyline branding and signage opportunity rarely available to Philadelphia business owners. Strategically positioned on North 2nd Street, the asset sits in a supply-constrained urban infill submarket surrounded by top-tier restaurants, galleries, boutiques, and transit corridors, ensuring robust long-term appreciation and rental growth. Whether utilized as a flagship creative headquarters or a highly diversified hybrid investment, this landmark property offers net occupancy economics that make owning far more advantageous than renting in Old City.