Add Listing
    For Sale
    • 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

    1421 Penn Ave Pittsburgh, PA 15222

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Two-story, 6,468 SF retail/office building in Pittsburgh's Strip District.

    We can help!

    Listing Contact
    Michael Kamouyerou
    Michael Kamouyerou
    Source: Svn

    Listing Agency: SVN | Three Rivers Commercial Advisors Listing Agent: Michael Kamouyerou

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

    Learn more

    Property Insight Report

    Overview

    Two-Story Retail/Office Building For Sale

    This two-story retail/office property, encompassing 6,468 square feet, is available for sale. The building is located at 1421 Penn Ave in Pittsburgh, PA, within the Strip District, an emerging neighborhood. The space is well-maintained and in turn-key condition, featuring quality finishes. Its location in the Strip District places it near the Homewood Suites by Hilton, the Heinz History Center, and Facebook - District Fifteen.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shehady Carpet & Rugs Carpet & Flooring Store Cory Bonnet Artist

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.98985
    Latitude
    40.447415

    Nearby Similar for Sale

    • New
      $539,900
      1,344 SF

      Ingomar Auto Service Garage For Sale

      Auto service garage with gas and diesel pumps in McCandless.
      739 W Ingomar Rd, Pittsburgh, PA 15237
      View Details
    • $600,000
      15,000 SF

      Mixed-Use Building in North Oakland

      Multi-use building near hospitals, businesses, and universities.
      420 N Craig St, Pittsburgh, PA 15213
      View Details
    • $399,900
      2,136 SF

      Turnkey Restaurant Opportunity on Carson

      Three-story building with bar and commercial kitchen on Carson.
      1811 E Carson St, Pittsburgh, PA 15203
      View Details
    • $850,000
      1,721 SF

      HAVERTOWN Office Building with Income

      Well-maintained office building in prime location with income potential.
      614 Darby Rd, Havertown, PA 19083
      View Details
    • $349,999
      0.17 Acres

      Versatile Redevelopment Opportunity in Pittsburgh

      Vacant church in Mt. Washington, primed for transformation.
      67 Southern Ave, Pittsburgh, PA 15211
      View Details
    • $1,000,000
      0.15 Acres

      Bloomfield Retail/Office Space with Parking

      Versatile commercial property with parking in Pittsburgh's medical community.
      4301 Main St, Pittsburgh, PA 15224
      View Details
    • $525,000
      0.33 Acres

      Prime Commercial Property on Route 51

      Highly visible commercial property with multi-tenant potential on a busy corridor.
      3919 Saw Mill Run Blvd, Pittsburgh, PA 15277
      View Details
    • $675,000
      0.34 Acres

      Shaler Automotive Repair Opportunity

      Automotive repair location with five bays and four lifts.
      575 Seavey Rd, Pittsburgh, PA 15209
      View Details
    • $595,000
      6,800 SF

      South Side Retail Opportunity

      6,800 SF retail property in Pittsburgh's South Side.
      1825 E Carson St, Pittsburgh, PA 15203
      View Details
    • New
      $329,900
      Pending

      Mt. Lebanon Office/Warehouse/Retail Space

      Commercial space with office, warehouse, and retail potential in Mt. Lebanon.
      450 Castle Shannon Blvd, Mt Lebanon, PA 15234
      View Details
    • New
      $350,000
      8,426 SF

      Hazelwood Mixed-Use Investment Opportunity

      Versatile 8,426 sq ft building in Pittsburgh's Hazelwood neighborhood.
      5106-5108 2Nd Ave, Pittsburgh, PA 15207
      View Details
    • $375,000
      4,700 SF

      Pittsburgh Warehouse with Conversion Potential

      Warehouse in Pittsburgh's South Side, potential for residential conversion.
      1010 Freyburg St, Pittsburgh, PA 15203
      View Details

    FAQs

    What type of property is this?
    Retail space - Two-story, 6,468 SF retail/office building in Pittsburgh's Strip District.
    Where is this retail space located?
    The property is located at 1421 Penn Ave Pittsburgh, PA.
    What are key features of this property?
    This property features: - Located in the Strip District, a rapidly emerging neighborhood in Pittsburgh.; - Turn-key condition with beautiful finishes.; - 6,468 SF, two-story building.
    (412) 535-8064
    Request Owner's contact information
    1421 Penn Ave 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.
    1421 Penn Ave
    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
    1421 Penn Ave 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
    Michael Kamouyerou
    Michael Kamouyerou
    Real Estate License ID: #RS366486
    (412) 535-8064 (724) 986-8112 (412) 535-8050
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!