Strip District Warehouse
For Sale
Contact for pricing
1601 Liberty Ave, Pittsburgh, PA
31,500 SF warehouse space in Pittsburgh's Strip District.
Property Size31,500 SF
Lot Size0.77 Acres
Price / SF$126.67
Days on Market441
Property Features for 1601 Liberty Ave
General Information
Standard status
Active
Size
31,500 SF
Lot size
0.77 Acres
Property subtype
INDUSTRIAL
Listing Agency:
BHHS - The Preferred Realty | Mt. Lebanon
(412) 584-8081
Listed By:
Alex Dini · License #RS177165L
(412) 584-8081
Source:
Moodyscre
Added: Jun 19, 2025
Changed: Aug 10
Last Checked: Sep 2 at 12:23AM
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 BHHS - The Preferred Realty | Mt. Lebanon
Investment Insights
Based on property information with market context.
This 31,500 square foot building is located in the heart of Pittsburgh's Strip District, offering high visibility on one of downtown's main thoroughfares. The property includes approximately 7,000 square feet of reception and office space. A 16,200 square foot space, formerly occupied for 25 years, faces Liberty Avenue on the 17th Street side, comprising approximately 15,000 square feet of warehouse space and 1,200 square feet of office space. The warehouse features 18-foot high ceilings. There are two 10-foot high loading docks on the 16th Street side and three more on the Liberty Avenue side at 17th Street, along with seven 10-foot high garage doors and two 14-foot high garage doors. The property also includes four overhead gas heaters and an extensive parking and loading area on the Liberty Avenue side. A 10-car integral garage on the 17th Street side is currently leased on a month-to-month basis. The location provides quick and easy access to Interstates 376, 279, 579, and I-79, facilitating travel in all directions.
Key Highlights
- Prime location in the heart of Pittsburgh's Strip District with high visibility.
- Substantial total space of approximately 31,500 sq ft, including nearly 7,000 sq ft of reception and office space.
- Large 16,200 sq ft vacant space, previously occupied for 25 years.
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
$216,032
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
5.41%
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%
$4,320,640
$4.3M
Cap Rate 7%
$3,086,171
$3.1M
Cap Rate 9%
$2,400,356
$2.4M
Market Conditions
NOI Build-Up for 31,500 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
$268.4K $8.52/SF
− Vacancy
−$14.2K −$0.45/SF
EGI
$254.2K $8.07/SF
− OpEx
−$38.1K −$1.21/SF
NOI
$216.0K $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%
$4,320,640
Cap Rate 7%
$3,086,171
Cap Rate 9%
$2,400,356
Alternative Uses
Best Use
Warehouse
$3.09M
$2.70M – $3.60M
NOI $216,032 @ 7.0% cap · market cap 5.41%
Second Best
Industrial
$2.54M
$2.22M – $2.97M
NOI $177,909 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$10.03M
$8.78M – $11.70M
NOI $702,245 @ 7.0% cap · market cap 17.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,901
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in Pittsburgh, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Self Storage — 301 fifth ave, pittsburgh, pa 15222
- Self Storage — 416 seventh ave, pittsburgh, pa 15219
- Museum Conservation Center — 1221 Penn Ave, Pittsburgh, PA 15222
- Self Storage — 1906 Spring Way, Pittsburgh, PA 15222
- Extra Space Storage — 1212 Madison Ave, Pittsburgh, PA 15212
Frequently Asked Questions
What type of property is this?
Warehouse - 31,500 SF warehouse space in Pittsburgh's Strip District.
Where is this warehouse located?
The property is located at 1601 Liberty Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $3,990,000.
What are key features of this property?
This property features: Prime location in the heart of Pittsburgh's Strip District with high visibility.; Substantial total space of approximately 31,500 sq ft, including nearly 7,000 sq ft of reception and office space.; Large 16,200 sq ft vacant space, previously occupied for 25 years.
