Bright Retail Building with
For Sale
Contact for pricing
209 S Craig St, Pittsburgh, PA 15213
Two-story retail building offers clean hardwood floors, open layout, and large windows with strong natural light.
Property Size2,592 SF
Price / SF$327.93
Days on Market66
Property Features for 209 S Craig St
General Information
Standard status
Active
Size
2,592 SF
Class
C
Property subtype
Retail, Office
Zoning
LNC - Local Neighborhood
Investment Type
Owner/User
Building Details
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
KW Steel CIty
Listed By:
Jean Ou · License #rs334288
(412) 682-0120
Source:
Crexi
Added: Jul 2
Changed: Aug 26
Last Checked: Sep 5 at 1:01AM
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 KW Steel CIty
Investment Insights
Based on property information with market context.
This two-story retail building is available for sale. The first and second floors were previously used as a hair salon and feature clean hardwood flooring, an open work area, and large windows designed to bring in natural light.
The property is located right on the campus of CMU, and it sits within a retail environment with major nearby stores.
The entire building is offered for sale, providing an owner the option to reconfigure the interior based on a buyer’s operating needs while retaining the building’s bright, windowed retail character.
The property is located right on the campus of CMU, and it sits within a retail environment with major nearby stores.
The entire building is offered for sale, providing an owner the option to reconfigure the interior based on a buyer’s operating needs while retaining the building’s bright, windowed retail character.
Key Highlights
- Two‑story retail building built in 1900 for sale
- First and second floors previously used as a hair salon
- Clean hardwood flooring throughout
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
$30,210
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
3.55%
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%
$604,200
$604.2K
Cap Rate 7%
$431,571
$431.6K
Cap Rate 9%
$335,667
$335.7K
Market Conditions
NOI Build-Up for 2,592 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
$46.7K $18.00/SF
− Vacancy
−$3.5K −$1.35/SF
EGI
$43.2K $16.65/SF
− OpEx
−$12.9K −$5.00/SF
NOI
$30.2K $11.66/SF
Area
Pittsburgh, PA
Vacancy
7.50%
Lease Rate
$18.00 /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%
$604,200
Cap Rate 7%
$431,571
Cap Rate 9%
$335,667
Alternative Uses
Best Use
Retail
$431.6K
$377.6K – $503.5K
NOI $30,210 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$825.5K
$722.3K – $963.1K
NOI $57,785 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,254
Businesses Nearby
Explore this area
Business Placement
Demographics for 15213, PA
31,075
Population
11,349
Households
2.7
Avg Household Size
25
Median Age
64%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
12,948
Density / Sq Mi
$31,330
Median Household Income
$6,795
Median Earnings
$1,243
Median Rent
$247,500
Median Home Value
Market
Vacancy Rate% for Retail in Pittsburgh, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Two-story retail building offers clean hardwood floors, open layout, and large windows with strong natural light.
Where is this retail space located?
The property is located at 209 S Craig St Pittsburgh, PA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑story retail building built in 1900 for sale; First and second floors previously used as a hair salon; Clean hardwood flooring throughout
