Triplex with Six-Bay
For Sale
Contact for pricing
15 South 14th Street, Pittsburgh, PA 15203
Three-unit property includes a separate enclosed garage and a fenced private courtyard.
Property Size2,784 SF
Price / SF$233.48
Days on Market22
Property Features for 15 South 14th Street
General Information
Standard status
Active
Size
2,784 SF
Class
B
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R3
Occupancy
95%
Investment Type
Value Add
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Amenities
coin laundry
private garden courtyard
Building Details
Year Built
1900
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
Howard Hanna Real Estate Services South Hills
Listed By:
Manfred Fisher · License #Pittsburgh, PA RS320306
Source:
Crexi
Added: Aug 18
Changed: Sep 8
Last Checked: Sep 8 at 7:00AM
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 Howard Hanna Real Estate Services South Hills
Investment Insights
Based on property information with market context.
This three-unit residential income property includes three one-bedroom, one-bath apartments and a separate freestanding garage containing six enclosed bays. Two apartments are leased, while the third is available for a new tenant or owner occupancy. Each garage bay is currently rented.
Located in Pittsburgh’s South Side Flats, the property also offers a fenced private garden courtyard. Basement amenities include coin-operated laundry with one washer and one dryer. A newer gas boiler serves the building, with individual tenant-controlled heat adjustments. Based on pro forma rents and the tax assessment expected after purchase, the property is projected at a 6.7% cap rate.
Located in Pittsburgh’s South Side Flats, the property also offers a fenced private garden courtyard. Basement amenities include coin-operated laundry with one washer and one dryer. A newer gas boiler serves the building, with individual tenant-controlled heat adjustments. Based on pro forma rents and the tax assessment expected after purchase, the property is projected at a 6.7% cap rate.
Key Highlights
- Three 1‑bedroom, 1‑bath apartments
- Freestanding garage with 6 enclosed bays
- Two apartments rented; third unit available
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
$31,705
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
4.88%
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%
$634,100
$634.1K
Cap Rate 7%
$452,929
$452.9K
Cap Rate 9%
$352,278
$352.3K
Market Conditions
NOI Build-Up for 2,784 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
$48.4K $17.40/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$45.3K $16.27/SF
− OpEx
−$13.6K −$4.88/SF
NOI
$31.7K $11.39/SF
Area
Pittsburgh, PA
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$634,100
Cap Rate 7%
$452,929
Cap Rate 9%
$352,278
Alternative Uses
Best Use
Multifamily LT 5
$452.9K
$396.3K – $528.4K
NOI $31,705 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$419.5K
$367.0K – $489.4K
NOI $29,362 @ 7.0% cap · market cap 4.52%
Theoretical Best
Office A
$886.6K
$775.8K – $1.03M
NOI $62,065 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 15203, PA
10,720
Population
6,983
Households
1.5
Avg Household Size
30
Median Age
61%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
7,147
Density / Sq Mi
$71,299
Median Household Income
$55,738
Median Earnings
$1,458
Median Rent
$251,900
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?
Triplex - Three-unit property includes a separate enclosed garage and a fenced private courtyard.
Where is this triplex located?
The property is located at 15 South 14th Street Pittsburgh, PA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath apartments; Freestanding garage with 6 enclosed bays; Two apartments rented; third unit available
