Building Details

Buildings 2

Listing Agency: Hanna Commercial Real Estate | Pittsburgh j***@hannacre.com Show Phone

Listed By: Z. Scott Smith · License #RS195720L Show Phone

Source: Moodyscre

Added: Aug 24 Changed: Aug 30 Last Checked: Aug 30 at 9:25PM

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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 Hanna Commercial Real Estate | Pittsburgh

Investment Insights

Based on property information with market context.

This mixed-use offering includes two buildings totaling approximately 5,900 GSF on about 1/3 acre. The 217 Freeport Road building contains a retail component and one apartment, while the 213 Freeport Road building provides approximately 2,400 GSF of office space plus a basement used for storage.

The office layout includes a first-floor reception area, conference room, and copier area; three private offices, a kitchenette, and a bathroom on the second floor; and an open third-floor office area with built-in desks. Fifteen vehicle parking spaces are located behind the buildings. The property is zoned C-1 Community Business in Blawnox.

Key Highlights

• Approximately 5,900 GSF across two buildings
• Retail building with one apartment at 217 Freeport Road
• Office building at 213 Freeport Road includes approximately 2,400 GSF plus basement storage

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

$68,765

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

8.60%

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%

$1,375,300 $1.4M

Cap Rate 7%

$982,357 $982.4K

Cap Rate 9%

$764,056 $764.1K

Market Conditions

NOI Build-Up for 5,900 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

$106.2K $18.00/SF

− Vacancy

−$8.0K −$1.35/SF

EGI

$98.2K $16.65/SF

− OpEx

−$29.5K −$5.00/SF

NOI

$68.8K $11.66/SF

Area

Allegheny County, 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%

$1,375,300

Cap Rate 7%

$982,357

Cap Rate 9%

$764,056

Alternative Uses

Best Use

Office B

$1.08M

$942.1K – $1.26M (±1% cap)

NOI $75,370 @ 7.0% cap · market cap 9.42%

Second Best

Retail

$982.4K

$859.6K – $1.15M (±1% cap)

NOI $68,765 @ 7.0% cap · market cap 8.60%

Theoretical Best

Office A

$1.50M

$1.31M – $1.75M (±1% cap)

NOI $105,197 @ 7.0% cap · market cap 13.15%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

Top Pick Grocery & Convenience Store Electrical Service (Bike/Boat/Book/etc) Store Parking Lot & Garage Daycare Center Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,017

Businesses Nearby

Explore this area Business Placement

Demographics for 15238, PA

13,266

Population

6,001

Households

2.2

Avg Household Size

47

Median Age

75%

College-Educated

97%

High-School Grad

15.8 sq mi

ZIP Area

840

Density / Sq Mi

$124,904

Median Household Income

$78,510

Median Earnings

$1,189

Median Rent

$452,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two buildings combine retail, apartment, and office components under C-1 Community Business zoning.

Where is this mixed-use property located?

The property is located at 217 Freeport Rd Blawnox, PA.

What is the asking price?

The asking price for this property is $800,000.

What are key features of this property?

This property features: Approximately 5,900 GSF across two buildings; Retail building with one apartment at 217 Freeport Road; Office building at 213 Freeport Road includes approximately 2,400 GSF plus basement storage