Squirrel Hill 33-Unit Apartment
For Sale
$3,795,000
5532-5540 Covode Street, Pittsburgh, PA 15217
33-unit apartment building located in Pittsburgh’s Squirrel Hill Neighborhood
Property Size26,064 SF
Lot Size0.39 Acres
Price / SF$145.60
Days on Market581
Property Features for 5532-5540 Covode Street
General Information
Standard status
Active
Property type
Opportunity zone commercial real estate, Multifamily properties, Other residential income properties, Investment properties, Residential income properties
Size
26,064 SF
Total Parking Spaces
12
Elevators
N/A
Lot size
0.39 Acres
Building Details
Units
33
Listing Agency:
(724) 699-4707
Listed By:
Keane
(724) 699-4707
Added: Jan 20, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Concord Plaza is a 33-unit apartment building located in Pittsburgh's Squirrel Hill neighborhood. The property features 26,064 square feet of building space, with 21 one-bedroom units and 12 studio apartments. On-site laundry facilities are available for residents. The property includes a parking lot with approximately 12 parking spaces for tenants. Constructed of solid brick, the building offers a durable structure. The property is situated on a 0.39-acre lot. This multifamily complex has been under long-term ownership for over 20 years. The location in Squirrel Hill provides access to local amenities, transportation, and a thriving community.
Key Highlights
- Rare opportunity to purchase 33 units in Squirrel Hill
- Solid brick building
- Off street parking for tenants
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
$274,892
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
7.24%
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%
$5,497,840
$5.5M
Cap Rate 7%
$3,927,029
$3.9M
Cap Rate 9%
$3,054,356
$3.1M
Market Conditions
NOI Build-Up for 26,064 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
$531.7K $20.40/SF
− Vacancy
−$31.9K −$1.22/SF
EGI
$499.8K $19.18/SF
− OpEx
−$224.9K −$8.63/SF
NOI
$274.9K $10.55/SF
Area
Pittsburgh, PA
Vacancy
6.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$5,497,840
Cap Rate 7%
$3,927,029
Cap Rate 9%
$3,054,356
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.44M – $4.58M
NOI $274,892 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.30M
$7.26M – $9.68M
NOI $581,058 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,599
Businesses Nearby
Explore this area
Business Placement
Demographics for 15217, PA
26,851
Population
12,582
Households
2.1
Avg Household Size
36
Median Age
74%
College-Educated
97%
High-School Grad
3.9 sq mi
ZIP Area
6,885
Density / Sq Mi
$91,695
Median Household Income
$55,890
Median Earnings
$1,412
Median Rent
$431,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Opportunity zone commercial real estate - 33-unit apartment building located in Pittsburgh’s Squirrel Hill Neighborhood
Where is this opportunity zone commercial real estate located?
The property is located at 5532-5540 Covode Street Pittsburgh, PA.
What is the asking price?
The asking price for this property is $3,795,000.
What are key features of this property?
This property features: Rare opportunity to purchase 33 units in Squirrel Hill; Solid brick building; Off street parking for tenants
