Freestanding Retail Building with
For Sale
Contact for pricing
1121 BOWER HILL RD, Pittsburgh, PA 15243
Commercial-zoned property offers a freestanding retail setting with on-site parking.
Property Size14,500 SF
Price / SF$272.41
Days on Market21
Property Features for 1121 BOWER HILL RD
General Information
Standard status
Active
Size
14,500 SF
Class
A
Total Parking Spaces
50
Property subtype
Retail
Zoning
Commercial
Lease Type
Net
Investment Type
Value Add
Additional Details
Drive-Thru
Yes
Amenities
large parking lot
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
Newmark
Listed By:
Martin Perry · License #RS296875
(412) 434-1031
Source:
Crexi
Added: Aug 14
Changed: Sep 3
Last Checked: Sep 3 at 2:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Newmark
Investment Insights
Based on property information with market context.
This freestanding retail property is a former Rite Aid location with a drive-through component and a sizable on-site parking area. The building is positioned across from St. Clair Hospital, providing a recognizable institutional reference point within the surrounding South Hills commercial area.
Commercial zoning supports the property’s retail classification. The site includes approximately 50 parking spaces, adding practical capacity for customers, staff, or visitors. The existing configuration combines a standalone building, surface parking, and drive-through infrastructure in one commercial property.
Commercial zoning supports the property’s retail classification. The site includes approximately 50 parking spaces, adding practical capacity for customers, staff, or visitors. The existing configuration combines a standalone building, surface parking, and drive-through infrastructure in one commercial property.
Key Highlights
- Freestanding former Rite Aid retail building
- Drive‑through component
- Approximately 50 +/- parking spaces
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
$168,998
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
4.28%
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%
$3,379,960
$3.4M
Cap Rate 7%
$2,414,257
$2.4M
Cap Rate 9%
$1,877,756
$1.9M
Market Conditions
NOI Build-Up for 14,500 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
$261.0K $18.00/SF
− Vacancy
−$19.6K −$1.35/SF
EGI
$241.4K $16.65/SF
− OpEx
−$72.4K −$5.00/SF
NOI
$169.0K $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%
$3,379,960
Cap Rate 7%
$2,414,257
Cap Rate 9%
$1,877,756
Alternative Uses
Best Use
Retail
$2.41M
$2.11M – $2.82M
NOI $168,998 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.62M
$4.04M – $5.39M
NOI $323,256 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
609
Businesses Nearby
Explore this area
Business Placement
Demographics for 15243, PA
14,329
Population
6,035
Households
2.4
Avg Household Size
50
Median Age
62%
College-Educated
97%
High-School Grad
3.0 sq mi
ZIP Area
4,776
Density / Sq Mi
$111,426
Median Household Income
$67,481
Median Earnings
$1,356
Median Rent
$270,700
Median Home Value
Market
Vacancy Rate% for Retail in Pittsburgh, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Commercial-zoned property offers a freestanding retail setting with on-site parking.
Where is this retail space located?
The property is located at 1121 BOWER HILL RD Pittsburgh, PA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: Freestanding former Rite Aid retail building; Drive‑through component; Approximately 50 +/- parking spaces
