Newly Renovated Flex Space with Backup
For Sale
Contact for pricing
173 Industry Dr, Pittsburgh, PA 15108
Newly renovated flex/office space features a 350 kW backup generator for continuity-critical operations.
Property Size71,000 SF
Price / SF$100
Days on Market196
Property Features for 173 Industry Dr
General Information
Standard status
Active
Size
71,000 SF
Total Parking Spaces
355
Property subtype
OFFICE
Warehouse & Industrial
Clear Height
21 ft
Column Spacing
30 x 30 ft
Additional Details
Floor
1
Highway Access
Yes
Amenities
back-up generator
Listing Agency:
Colliers | Pittsburgh
(412) 321-4200
Listed By:
John Bilyak, SIOR, CCIM
(412) 638-1753
Source:
Moodyscre
Added: Mar 2
Changed: Aug 14
Last Checked: Sep 13 at 9:47AM
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
Investment Insights
Based on property information with market context.
This newly renovated flex/office space offers flexible, white-walled open floor plates designed for custom-designed office configurations. The property includes a 350 kW back-up generator, 21'± clear heights on portions of the 1st floor, and 30' column spacing, supporting a range of light industrial and office uses. Parking is available with 355 spots.
Conveniently located just 5 minutes to I-376, the location provides access to Pittsburgh International Airport in 13 minutes and downtown Pittsburgh in 25 minutes. The property is positioned in a business park setting with multiple medical and technology-based corporate neighbors, along with nearby national retailers, dining options, fitness centers, and hospitality options reachable in 10 minutes or less.
With a 71,000 SF building size, this flex configuration can support businesses looking for an adaptable interior layout paired with continuity power and on-site parking.
Conveniently located just 5 minutes to I-376, the location provides access to Pittsburgh International Airport in 13 minutes and downtown Pittsburgh in 25 minutes. The property is positioned in a business park setting with multiple medical and technology-based corporate neighbors, along with nearby national retailers, dining options, fitness centers, and hospitality options reachable in 10 minutes or less.
With a 71,000 SF building size, this flex configuration can support businesses looking for an adaptable interior layout paired with continuity power and on-site parking.
Key Highlights
- 350 kW back‑up generator
- 21'± clear heights on portions of the 1st floor
- 30' column spacing
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
$416,458
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
5.87%
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%
$8,329,160
$8.3M
Cap Rate 7%
$5,949,400
$5.9M
Cap Rate 9%
$4,627,311
$4.6M
Market Conditions
NOI Build-Up for 71,000 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
$681.6K $9.60/SF
− Vacancy
−$40.9K −$0.58/SF
EGI
$640.7K $9.02/SF
− OpEx
−$224.2K −$3.16/SF
NOI
$416.5K $5.87/SF
Area
Pittsburgh, PA
Vacancy
6.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
35.00%
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%
$8,329,160
Cap Rate 7%
$5,949,400
Cap Rate 9%
$4,627,311
Alternative Uses
Best Use
Office B
$12.96M
$11.34M – $15.12M
NOI $906,997 @ 7.0% cap · market cap 12.77%
Second Best
Flex RnD
$5.95M
$5.21M – $6.94M
NOI $416,458 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$22.61M
$19.79M – $26.38M
NOI $1,582,839 @ 7.0% cap · market cap 22.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
21 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15108, PA
43,422
Population
18,179
Households
2.4
Avg Household Size
40
Median Age
47%
College-Educated
96%
High-School Grad
39.5 sq mi
ZIP Area
1,099
Density / Sq Mi
$94,703
Median Household Income
$52,327
Median Earnings
$1,161
Median Rent
$255,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Pittsburgh, PA
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Frequently Asked Questions
What type of property is this?
Flex space - Newly renovated flex/office space features a 350 kW backup generator for continuity-critical operations.
Where is this flex space located?
The property is located at 173 Industry Dr Pittsburgh, PA.
What is the asking price?
The asking price for this property is $7,100,000.
What are key features of this property?
This property features: 350 kW back‑up generator; 21'± clear heights on portions of the 1st floor; 30' column spacing
