Flex Space with Fenced Dedicated
For Sale
Contact for pricing
207 16th Street, Pittsburgh, PA 15222
Versatile light industrial flex space with fenced dedicated parking at a prominent Strip District intersection.
Property Size7,100 SF
Price / SF$91.24
Days on Market54
Property Features for 207 16th Street
General Information
Standard status
Active
Size
7,100 SF
Property subtype
Industrial
Zoning
Industrial/Utility
Investment Type
Redevelopment
Site & Location
Road Access
Yes
Fenced Yard
Yes
Building Details
Year Built
1996
Buildings
1
Building Size
7,100 SF
Listing Agency:
JLL - Pittsburgh, Pennsylvania
Listed By:
Ross Langford · License #PA
Source:
Crexi
Added: Jul 23
Changed: Sep 4
Last Checked: Sep 14 at 7:44AM
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 JLL - Pittsburgh, Pennsylvania
Investment Insights
Based on property information with market context.
Jones Lang LaSalle (JLL) presents the opportunity to purchase the fee simple real estate at 207 16th Street in Pittsburgh’s Strip District. The property is a 7,100 SF versatile light industrial commercial space built in 1996.
Located at the intersection of the 16th Street Bridge and Penn Avenue, the site is positioned for convenient access and strong visibility. The property includes its own fenced-in dedicated parking field, offering flexible on-site operations for light industrial users as well as adaptive retail and service-oriented businesses.
For buyers seeking a fee simple flex-style footprint, the combination of a versatile interior configuration and dedicated fenced parking supports multiple non-residential operating models within the light industrial and service-use spectrum.
Located at the intersection of the 16th Street Bridge and Penn Avenue, the site is positioned for convenient access and strong visibility. The property includes its own fenced-in dedicated parking field, offering flexible on-site operations for light industrial users as well as adaptive retail and service-oriented businesses.
For buyers seeking a fee simple flex-style footprint, the combination of a versatile interior configuration and dedicated fenced parking supports multiple non-residential operating models within the light industrial and service-use spectrum.
Key Highlights
- 7,100 SF versatile light industrial flex space
- Fee simple ownership
- Fenced‑in dedicated parking field on site
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
$41,787
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
6.43%
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%
$835,740
$835.7K
Cap Rate 7%
$596,957
$597.0K
Cap Rate 9%
$464,300
$464.3K
Market Conditions
NOI Build-Up for 7,124 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
$68.4K $9.60/SF
− Vacancy
−$4.1K −$0.58/SF
EGI
$64.3K $9.02/SF
− OpEx
−$22.5K −$3.16/SF
NOI
$41.8K $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%
$835,740
Cap Rate 7%
$596,957
Cap Rate 9%
$464,300
Alternative Uses
Best Use
Flex RnD
$597.0K
$522.3K – $696.5K
NOI $41,787 @ 7.0% cap · market cap 6.43%
Second Best
Industrial
$574.8K
$503.0K – $670.6K
NOI $40,236 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,819 @ 7.0% cap · market cap 24.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,901
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 15222, PA
5,976
Population
4,008
Households
1.5
Avg Household Size
33
Median Age
77%
College-Educated
99%
High-School Grad
0.9 sq mi
ZIP Area
6,640
Density / Sq Mi
$111,926
Median Household Income
$61,190
Median Earnings
$1,963
Median Rent
$557,800
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 - Versatile light industrial flex space with fenced dedicated parking at a prominent Strip District intersection.
Where is this flex space located?
The property is located at 207 16th 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: 7,100 SF versatile light industrial flex space; Fee simple ownership; Fenced‑in dedicated parking field on site
