Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    23 Market Sq, Unit | Pittsburgh Pittsburgh, PA 15222

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    2,200 SF retail space in the heart of Pittsburgh.

    Property size:
    4,159 SF
    Lot size:
    4,159 SF

    Property Features for 23 Market Sq

    General Information

    Size
    4,159 SF

    Building Details

    Year built
    1905

    We can help!

    Listing Contact
    Hunter Knobloch
    Hunter Knobloch
    Source: Lee-associates

    Listing Agent: Hunter Knobloch

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Downtown Retail Space in Market Square

    Located in the heart of Downtown Pittsburgh, this 2,200 SF second-floor retail space is situated above Nicholas Coffee Co. and features two points of entry. The space is ideally suited for a nail studio or hair salon. Located in vibrant Market Square, this leasing opportunity offers unparalleled visibility, directly facing the bustling energy of Market Square. The space boasts a coveted position between Fifth Avenue and PPG Place, placing your business at the epicenter of downtown activity. The adaptable layout ensures a smooth transition for businesses seeking move-in-ready convenience. The space includes two bathrooms, a washer and dryer, three private service rooms with sinks and cabinets, and one employee-designated space with storage for personal belongings. It is also equipped with a check-in and service area. Market Square experienced 3.2 million visits last year with an average dwell time of 140 minutes. Market Square has stood the test of time with initial planning of Downtown Pittsburgh including this open-air multipurpose space. The future will only include more activities and events ranging from a farmers market in the summer to a Christmas village in the winter.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nicholas Coffee & Tea ... Coffee Store

    Suggested Use

    Realty agency Restaurant Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -80.0028568
    Latitude
    40.4411821

    Nearby Similar for Lease

    • $915,000

      Downtown Office Space Available

      Spacious downtown office suite with offices, conference rooms, and kitchen.
      710 Downtown, Pgh, PA 15219
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space with Amenities

      Coworking space with parking, EV charging, and professional services.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Coworking Space in Pittsburgh

      Furnished office space with amenities in Pittsburgh's South Side.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space with Amenities

      Coworking lease opportunity with furnished office space and included amenities.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Coworking Space in Pittsburgh

      Furnished coworking space with amenities in Pittsburgh's South Side.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space with Parking

      Coworking space with parking, amenities, and flexible lease terms.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space with Parking

      Coworking space with amenities and flexible lease terms available.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space with Amenities

      Coworking lease opportunity with parking and included amenities.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space in Pittsburgh

      Coworking space with amenities, flexible lease terms, South Side location.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space in Pittsburgh

      Coworking lease opportunity with furnished office space and on-site amenities.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space in Pittsburgh

      Coworking lease opportunity with furnished office space and on-site amenities.
      900 Sarah St, Pittsburgh, PA 15203
      View Details
    • Contact for pricing
      19,998 SF

      Furnished Office Space with Amenities

      Coworking lease opportunity with parking and included amenities.
      900 Sarah St, Pittsburgh, PA 15203
      View Details

    FAQs

    What type of property is this?
    Retail space - 2,200 SF retail space in the heart of Pittsburgh.
    Where is this retail space located?
    The property is located at 23 Market Sq, Unit | Pittsburgh Pittsburgh, PA.
    What are key features of this property?
    This property features: - Prime location in the heart of Downtown Pittsburgh's vibrant Market Square, offering unparalleled visibility and high foot traffic.; - 2,200 SF of second-floor retail space, ideal for a nail studio or hair salon, with a versatile layout.; - Move-in-ready convenience due to previous use as a salon and nail studio.
    (412) 585-0233
    Request Owner's contact information
    23 Market Sq, Unit | Pittsburgh Pittsburgh, PA 15222
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23 Market Sq, Unit | Pittsburgh
    Pittsburgh, PA 15222
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    23 Market Sq, Unit | Pittsburgh Pittsburgh, PA 15222
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Hunter Knobloch
    Hunter Knobloch
    (412) 585-0233
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.