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    East Liberty Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    6015-6017 Penn Avenue, Pittsburgh, PA 15206

    View on Map
    For Sale
    $1,200,000

    Opportunity to acquire and redevelop a 3-story mixed use building positioned in the hot development area of East Liberty at 6015-6017 Penn Avenue

    Property size:
    18,842 SF
    Lot size:
    0.43 Acres
    Price / SF:
    $63/SF
    Added:
    Jan 20, 2025
    Days on Market:
    492
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 6015-6017 Penn Avenue

    General Information

    Standard status
    Active
    Property type
    Other mixed-use properties, Shopping centers, Other retail properties, Mixed-use properties, Retail properties & Spaces
    Size
    18,842 SF
    Elevators
    N/A
    Lot size
    0.43 Acres

    Building Details

    Buildings
    1
    Stories
    3

    We can help!

    Listing Contact
    Garrett Cheran

    Listing agent Garrett License #RSS346228

    Listing office SVN | Three Rivers Commercial Advisors

    Listing date Jan 20, 2025

    HighLights

    • Three‑story mixed use building totaling 18,842 SF
    • Close proximity to Target, Home Depot, and many other retailers
    • High traffic intersection (+/- 16,000 vehicles per day)
    • Substantial foot traffic
    • Current Tenant is Sunshine Snacks & Smokes
    • Tenant pays: $2,400 per month + utilities
    • 44' of frontage on Penn Ave and 45' on Kirkwood St

    Overview

    This three-story mixed-use building offers 18,842 square feet of redevelopment potential in Pittsburgh's East Liberty neighborhood. Located at 6015-6017 Penn Avenue, the property benefits from a prime location with substantial foot and vehicular traffic. The building currently houses Sunshine Snacks & Smokes, generating a monthly rental income of $2,400 plus utilities. The property features 44 feet of frontage on Penn Avenue and 45 feet on Kirkwood Street, ensuring high visibility and accessibility. Its strategic position offers close proximity to major retailers such as Target and Home Depot. The high traffic intersection sees approximately 16,000 vehicles daily. The lot size is 0.43 acres. The existing tenant provides immediate cash flow while offering the flexibility to redevelop this valuable asset to suit a variety of uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.923844
    Latitude
    40.461458

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    FAQs

    What type of property is this?
    Mixed-use property - Opportunity to acquire and redevelop a 3-story mixed use building positioned in the hot development area of East Liberty at 6015-6017 Penn Avenue
    Where is this mixed-use property located?
    The property is located at 6015-6017 Penn Avenue Pittsburgh, PA.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Three‑story mixed use building totaling 18,842 SF; Close proximity to Target, Home Depot, and many other retailers; High traffic intersection (+/- 16,000 vehicles per day)
    (724) 759-5164
    We can help!
    Listing Contact
    Garrett Cheran
    Real Estate License ID: RSS346228
    Request Owner's contact information
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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.

    More about this property
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