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    Retail/Office Suite with Basement Storage Title is generated by Realmo AI

    5854 Forbes Avenue, Squirrel Hill, PA 15217

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    For Lease
    $5,000/Mo $30 SF/Yr (calc)

    Retail - Squirrel Hill, PA

    Type:Retail
    Property size:
    2,000 SF
    Lot size:
    0.32 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 5854 Forbes Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Zoning
    LNC
    Standard status
    Active
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Building materials
    Brick
    Architectural style
    Other

    We can help!

    Listing Contact
    Delaney Liu

    Listing agent Delaney Liu License #RS362732

    Listing office NULF REAL ESTATE 600 Waterfront Drive, Suite 200, Pittsburgh, PA

    Listing date Jun 3, 2026

    MLS# 1757991 Listing URL

    Copyright © 2026 West Penn Multi List, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Brick retail/office space in the heart of Squirrel Hill’s business district
    • Built out previously as a beauty spa; well suited for retail, office, wellness, medical, or service‑oriented uses
    • About 2,000 SF main‑level space plus about 1,800 SF dry basement storage
    • Triple Net (NNN) lease: tenant responsible for their portion of taxes, insurance, and maintenance
    • Convenient access to Oakland, Shadyside, CMU, University of Pittsburgh, and I‑376

    Overview

    This space is approximately 2,000 SF of main-level retail/office area with an additional approximately 1,800 SF of dry basement storage. The property was previously built out as a beauty spa, so the interior configuration is suited to service-oriented uses that benefit from adaptable treatment and operational space.

    Located at 5854 Forbes Avenue in Squirrel Hill’s business district, the property is positioned for visibility along a heavily traveled corridor. The surrounding area includes established restaurants, retailers, and residential neighborhoods, with convenient access toward Oakland, Shadyside, CMU, the University of Pittsburgh, and 1-376.

    The space is available for lease on a Triple Net (NNN) basis, with the tenant responsible for their portion of taxes, insurance, and maintenance. Given the prior wellness-focused buildout and available storage, it may be a practical fit for retail, office, wellness, medical, or other service-oriented users seeking a retail presence in Squirrel Hill. The property is zoned LNC.
    Property Profile Location Intelligence

    Current Use by Public Records

    5854 Forbes Ave Apartment Building European Wax Center Spa & Massage Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Squirrel Hill
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.920686
    Latitude
    40.437757

    Nearby Similar for Lease

    • $20 SF/Yr

      Forbes Avenue Retail/Office Space

      Versatile space in Squirrel Hill's bustling business district.
      5816-5818 FORBES AVE, Squirrel Hill, PA 15217
      View Details
    • $5,000/Mo

      Retail Space on Forbes Avenue

      Retail space available on Forbes Avenue in Squirrel Hill.
      5854 Forbes Ave, Squirrel Hill, PA 15217
      View Details

    FAQs

    What type of property is this?
    Retail space - Main-level retail/office space with substantial dry basement storage, offered on a tenant-responsible triple net basis.
    Where is this retail space located?
    The property is located at 5854 Forbes Avenue Squirrel Hill, PA.
    What is the lease rate?
    The lease rate is $5,000 /Mo.
    What are key features of this property?
    This property features: Brick retail/office space in the heart of Squirrel Hill’s business district; Built out previously as a beauty spa; well suited for retail, office, wellness, medical, or service‑oriented uses; About 2,000 SF main‑level space plus about 1,800 SF dry basement storage
    (412) 912-1128
    We can help!
    Listing Contact
    Delaney Liu
    Real Estate License ID: RS362732
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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