The 4-story building, which was connected to a Salvation Army Thrift Store on the southeast corner, collapsed at 10:45 Wednesday morning.
The collapse brought down part of the thrift store and what appears to be converted row homes attached to the back of the building.
Bystanders immediately jumped into action, helping first responders to locate and assist the wounded.
It is believed at least two people remain trapped under the rubble. Ten people have been taken to area hospitals so far.
Thomas Jefferson University Hospital says they are treating four victims. Two victims have been taken to Hahnemann University Hospital and four others were transported to the Hospital of the University of Pennsylvania. All five victims are said to be adults. There is no word at this time on the severity of their injuries.
Emergency crews are on the scene continuing to work feverishly to find survivors.
It appears the building at 2136 Market Street, located next to where the collapse happened, was being demolished. However, there is no word if work there had any role in the incident.
Stay with Action News and 6abc.com as more information becomes available.