Lawrenceville Duplex with Detached
For Sale
$529,000
156 45th St, Pittsburgh, PA 15201
Duplex offers two two-bedroom units, an unfinished basement, and a detached garage off the back alley.
Property Size2,931 SF
Price / SF$180.48
Days on Market140
Property Features for 156 45th St
General Information
Standard status
Active
Size
2,931 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,496
Amenities
laundry
dishwasher
stainless steel appliances
garage
outdoor living space
basement storage
Building Details
Tenancy
Multi
Listing Agency:
The Greene Realty Group
Listed By:
Derek Greene · License #REB.0016396
(860) 560-1006
Source:
Exprealty
Added: Apr 22
Changed: Sep 8
Last Checked: Aug 10 at 10:11AM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
This duplex townhouse totals 2,931 square feet and provides two separate units, each with two bedrooms. Unit 1 is located on the 1st floor with 1,166 square feet and features restored wide plank wood floors, stacked washer and dryer, and a dishwasher. Unit 2 is on the 2nd floor with 1,166 square feet plus a 599 square foot attic, also with restored wide plank wood floors and an open concept kitchen with stainless steel appliances, a farm sink, and white quartz counters with glass tile backsplash.
Set in the heart of Lawrenceville off of Butler St on 45th St, the property is within a quick stroll of LA Gourmandine and Walter’s BBQ, along with dining and entertainment on Butler St. A detached garage sits in the back alley and can function as additional off-street parking, alongside outdoor living space. The unfinished basement provides substantial storage, and both units are currently rented month to month as well as the garage.
Set in the heart of Lawrenceville off of Butler St on 45th St, the property is within a quick stroll of LA Gourmandine and Walter’s BBQ, along with dining and entertainment on Butler St. A detached garage sits in the back alley and can function as additional off-street parking, alongside outdoor living space. The unfinished basement provides substantial storage, and both units are currently rented month to month as well as the garage.
Key Highlights
- 2‑unit Lawrenceville duplex with two 2‑bedroom units (Unit 1 and Unit 2) totaling 2,931 sqft townhome space.
- Unit 1: 1st‑floor 1,166 sqft with original restored wide plank wood floors, stacked washer/dryer, and dishwasher.
- Unit 2: 2nd‑floor 1,166 sqft plus a 599 sqft attic, featuring an open concept kitchen with stainless steel appliances, farm sink, and white quartz counters.
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
$33,379
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
6.31%
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%
$667,580
$667.6K
Cap Rate 7%
$476,843
$476.8K
Cap Rate 9%
$370,878
$370.9K
Market Conditions
NOI Build-Up for 2,931 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
$51.0K $17.40/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$47.7K $16.27/SF
− OpEx
−$14.3K −$4.88/SF
NOI
$33.4K $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%
$667,580
Cap Rate 7%
$476,843
Cap Rate 9%
$370,878
Alternative Uses
Best Use
Multifamily LT 5
$476.8K
$417.2K – $556.3K
NOI $33,379 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$441.6K
$386.4K – $515.2K
NOI $30,913 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$933.5K
$816.8K – $1.09M
NOI $65,342 @ 7.0% cap · market cap 12.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 15201, PA
12,802
Population
7,970
Households
1.6
Avg Household Size
36
Median Age
64%
College-Educated
96%
High-School Grad
1.9 sq mi
ZIP Area
6,738
Density / Sq Mi
$86,049
Median Household Income
$59,987
Median Earnings
$1,538
Median Rent
$257,300
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?
Duplex - Duplex offers two two-bedroom units, an unfinished basement, and a detached garage off the back alley.
Where is this duplex located?
The property is located at 156 45th St Pittsburgh, PA.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 2‑unit Lawrenceville duplex with two 2‑bedroom units (Unit 1 and Unit 2) totaling 2,931 sqft townhome space.; Unit 1: 1st‑floor 1,166 sqft with original restored wide plank wood floors, stacked washer/dryer, and dishwasher.; Unit 2: 2nd‑floor 1,166 sqft plus a 599 sqft attic, featuring an open concept kitchen with stainless steel appliances, farm sink, and white quartz counters.
