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    112 Washington Pl Pittsburgh, PA

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    Office space in a prime downtown location with many amenities.

    Type:OFFICE
    Property size:
    18,200 SF
    Lot size:
    6.19 Acres
    Added:
    Oct 16, 2024
    Days on Market:
    563
    Last Refresh:
    Apr 5 at 10:05 pm

    Property Features for 112 Washington Pl

    General Information

    Standard status
    Active
    Size
    18,200 SF
    Lot size
    6.19 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 112 Washington Pl Contact us

    We can help!

    Listing Contact
    Paul Horan
    Paul Horan

    Listing agent Paul Horan

    Listing office Colliers | Pittsburgh

    Listing date Oct 16, 2024

    Source Moodyscre

    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 Colliers | Pittsburgh

    Overview

    Premier Pittsburgh Office Space Available

    Two Chatham presents an office space opportunity within Pittsburgh's Chatham Center complex. Existing office availabilities and build-to-suit options are available. The location provides access to major throughways. The property is part of the Chatham Center Complex, with amenities such as a 400-room Marriott Hotel with dining options and a Starbucks cafe, and a 20-story luxury condominium tower. A daycare facility operated through Duquesne University is available. An outdoor plaza offers walking paths and water features. A fitness center is located on the first floor, complete with locker rooms and showers. The property provides over 2,000 integral parking spaces, open 24/7, with automated parking equipment and 24/7 roaming patrols. A conferencing facility includes a training/demo area, boardroom, lobby area with breakout/meeting space, and a full-sized catering kitchen, with A/V equipment. The property is located across the street from PPG Paints Arena. A new Live Nation concert venue is under construction adjacent to the property in the Lower Hill Development. All office spaces are build-to-suit and offer cityscape views and access to the CBD and nearby highways. The property offers 18,200 square feet of space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. James M. ... Physician Johnson Barbara A MD Physician Travelers Insurance Agency Chatham Tower Condominium Complex Mitchell A. Wentz, RPH Pharmacy

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Hair Salon Restaurant Nail Salon Building Supply Daycare Center Kitchen & Bath Showroom Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.9928
    Latitude
    40.4391

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    FAQs

    What type of property is this?
    Office units - Office space in a prime downtown location with many amenities.
    Where is this office units located?
    The property is located at 112 Washington Pl Pittsburgh, PA.
    What are key features of this property?
    This property features: Integral onsite parking with 2,000+ spaces and 24/7 availability.; Part of the Chatham Center Complex with access to a 400‑room Marriott Hotel, fine dining, Starbucks, and a luxury condominium tower.; **Build‑to‑suit office spaces with cityscape views**, customizable to business needs.
    (412) 513-6065 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Paul Horan
    Paul Horan
    Learn More
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    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
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