Flex Office Warehouse with
For Sale
$500,000
1641 Saw Mill Run Boulevard, Pittsburgh, PA 15210
Two-story building with office, flex, showroom, and warehouse space plus private off-street parking and fenced rear yard.
Property Size3,600 SF
Lot Size0.23 Acres
Price / SF$138.89
Days on Market46
Property Features for 1641 Saw Mill Run Boulevard
General Information
Standard status
Active
Size
3,600 SF
Class
C
Total Parking Spaces
12
Lot size
0.23 Acres
Property subtype
Industrial
Zoning
Neighbor Industrial
Site & Location
Traffic Count
40,000 vehicles/day
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Business Included
No
Drive-In Doors
2
Building Details
Building Size
3,600 SF
Stories
2
Listing Agency:
RE/MAX
Listed By:
Brian Schmidt · License #RS219850L
(724) 260-5686
Source:
Remaxcommercial
Added: Jul 27
Changed: Sep 9
Last Checked: Sep 10 at 5:12AM
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 RE/MAX
Investment Insights
Based on property information with market context.
This two-story commercial building offers a versatile mix of office, flex, warehouse, and showroom space, with potential for light-industrial use. The property includes two grade-level drive-in doors, private off-street parking, and a fenced area behind the building that can support secure outdoor storage or work activity.
Located along Pittsburgh’s Route 51 corridor, the property benefits from strong visibility supported by PennDOT’s 2025 Annual Average Daily Traffic data indicating approximately 40,000 vehicles pass the site daily.
The site is on an approximately 0.23-acre lot with more than 10,000 square feet of land. The property is zoned NDI—Neighborhood Industrial, intended to accommodate a variety of industrial activities while remaining compatible with appropriate commercial and office uses. Buyers should verify intended use, occupancy and parking requirements, signage, outdoor storage, and permitting with the City of Pittsburgh.
Located along Pittsburgh’s Route 51 corridor, the property benefits from strong visibility supported by PennDOT’s 2025 Annual Average Daily Traffic data indicating approximately 40,000 vehicles pass the site daily.
The site is on an approximately 0.23-acre lot with more than 10,000 square feet of land. The property is zoned NDI—Neighborhood Industrial, intended to accommodate a variety of industrial activities while remaining compatible with appropriate commercial and office uses. Buyers should verify intended use, occupancy and parking requirements, signage, outdoor storage, and permitting with the City of Pittsburgh.
Key Highlights
- Approximately 3,600 SF two‑story commercial building built in 1985 with office, flex, warehouse, and showroom space
- NDI—Neighborhood Industrial zoning; intended to accommodate a variety of industrial activities with compatible commercial and office uses
- Located on an approximately 0.23‑acre lot with more than 10,000 SF of land and private off‑street parking
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
$24,689
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
4.94%
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%
$493,780
$493.8K
Cap Rate 7%
$352,700
$352.7K
Cap Rate 9%
$274,322
$274.3K
Market Conditions
NOI Build-Up for 3,600 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
$30.7K $8.52/SF
− Vacancy
−$1.6K −$0.45/SF
EGI
$29.0K $8.07/SF
− OpEx
−$4.4K −$1.21/SF
NOI
$24.7K $6.86/SF
Area
Pittsburgh, PA
Vacancy
5.30%
Lease Rate
$8.52 /SF/Yr
Expense Ratio
15.00%
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%
$493,780
Cap Rate 7%
$352,700
Cap Rate 9%
$274,322
Alternative Uses
Best Use
Warehouse
$352.7K
$308.6K – $411.5K
NOI $24,689 @ 7.0% cap · market cap 4.94%
Second Best
Flex RnD
$301.7K
$264.0K – $351.9K
NOI $21,116 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,257 @ 7.0% cap · market cap 16.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Drive-in doors
40,000 VPD
Traffic count
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15210, PA
25,123
Population
12,828
Households
2
Avg Household Size
37
Median Age
23%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
5,345
Density / Sq Mi
$50,845
Median Household Income
$35,050
Median Earnings
$994
Median Rent
$91,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Pittsburgh, PA
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story building with office, flex, showroom, and warehouse space plus private off-street parking and fenced rear yard.
Where is this flex space located?
The property is located at 1641 Saw Mill Run Boulevard Pittsburgh, PA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Approximately 3,600 SF two‑story commercial building built in 1985 with office, flex, warehouse, and showroom space; NDI—Neighborhood Industrial zoning; intended to accommodate a variety of industrial activities with compatible commercial and office uses; Located on an approximately 0.23‑acre lot with more than 10,000 SF of land and private off‑street parking
