Multi-Level Retail
For Sale
$490,000
109 Smithfield Street, Pittsburgh, PA 15222
CommercialSale, Pittsburgh, PA
Property Size1,600 SF
Lot Size0.40 Acres
Price / SF$306.25
Days on Market25
Property Features for 109 Smithfield Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
Comm
Zoning description
Comm
Directions
Downtown Pittsburgh on 109 Smithfield, presently Mirrors Hair Saloon
Subdivision
Downtown Pgh
Standard status
Active
Lot size
0.40 Acres
Taxes and HOA fees
Tax Annual Amount
5616
Building Details
Year built
1933
Listing Agency:
RE/MAX SELECT REALTY · RE/MAX International
(724) 933-6300
Listed By:
John Wills
(724) 712-1550
Added: Aug 11
Changed: Sep 4
Last Checked: Sep 4 at 11:06PM
MLS# 1769339
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.
Investment Insights
Based on property information with market context.
This 1933 commercial property at 109 Smithfield Street provides a multi-level layout suited to a retail business. The main floor offers 1,600 square feet of open retail area, while the second floor contains 1,600 square feet of living space. A 1,600-square-foot basement adds storage or support space. The property is presently configured as a hair salon.
Located in central downtown Pittsburgh near the Smithfield St. Bridge, the property occupies a 0.4-acre site and carries Comm zoning. Its combination of street-level retail space, upper-floor area, and basement space creates a practical footprint for a business occupying multiple levels.
Located in central downtown Pittsburgh near the Smithfield St. Bridge, the property occupies a 0.4-acre site and carries Comm zoning. Its combination of street-level retail space, upper-floor area, and basement space creates a practical footprint for a business occupying multiple levels.
Key Highlights
- 1,600 SF open retail floor plan on the main level
- 1,600 SF second‑floor living space
- 1,600 SF basement
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,648
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$372,960
$373.0K
Cap Rate 7%
$266,400
$266.4K
Cap Rate 9%
$207,200
$207.2K
Market Conditions
NOI Build-Up for 1,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$28.8K $18.00/SF
− Vacancy
−$2.2K −$1.35/SF
EGI
$26.6K $16.65/SF
− OpEx
−$8.0K −$5.00/SF
NOI
$18.6K $11.66/SF
Area
Pittsburgh, PA
Vacancy
7.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$372,960
Cap Rate 7%
$266,400
Cap Rate 9%
$207,200
Alternative Uses
Best Use
Retail
$266.4K
$233.1K – $310.8K
NOI $18,648 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$509.6K
$445.9K – $594.5K
NOI $35,670 @ 7.0% cap · market cap 7.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,701
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 15222, PA
5,976
Population
4,008
Households
1.5
Avg Household Size
33
Median Age
77%
College-Educated
99%
High-School Grad
0.9 sq mi
ZIP Area
6,640
Density / Sq Mi
$111,926
Median Household Income
$61,190
Median Earnings
$1,963
Median Rent
$557,800
Median Home Value
Market
Vacancy Rate% for Retail in Pittsburgh, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercially zoned storefront with an open retail floor plan and additional upper-level and basement space.
Where is this storefront property located?
The property is located at 109 Smithfield Street Pittsburgh, PA.
What is the asking price?
The asking price for this property is $490,000.
What are key features of this property?
This property features: 1,600 SF open retail floor plan on the main level; 1,600 SF second‑floor living space; 1,600 SF basement
