First-Floor Medical Office
For Sale
Contact for pricing
221 Penn Ave, Pittsburgh, PA 15221
First-floor professional space offers flexible subdivision, parking, and signage opportunities.
Property Size35,229 SF
Price / SF$0.00
Days on Market106
Property Features for 221 Penn Ave
General Information
Standard status
Active
Size
35,229 SF
Class
B
Property subtype
Office
Lease Term
Full Service
Additional Details
Floor
1
Amenities
signage available
Building Details
Building Size
35,229 SF
Properties For Sale
at 221 Penn Ave Contact usSpace 1 - 1,450 SF Space
Size
1,450 SF
Term
Negotiable
Space 2 - 2,900 SF Space
Size
2,900 SF
Term
Negotiable
Listing Agency:
SVN | Three Rivers Commercial Advisors
Listed By:
Richard L. Beynon · License #PA #AB068671
(412) 298-2236
Source:
Svn
Added: Jul 3
Changed: Oct 13
Last Checked: Oct 16 at 7:46AM
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 SVN | Three Rivers Commercial Advisors
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Investment Insights
Based on property information with market context.
The first floor at 221 Penn Ave provides 4,350 SF configured for medical office or professional office use. The space can be divided into two suites measuring 2,900 SF and 1,450 SF, creating flexibility for different occupancy requirements. Signage is available, and ample free parking supports staff and visitors.
The property is near Bakery Square and Frick Mansion in Pittsburgh, placing the office setting within an established local commercial area. The address is 221 Penn Ave, Pittsburgh, PA 15221.
The property is near Bakery Square and Frick Mansion in Pittsburgh, placing the office setting within an established local commercial area. The address is 221 Penn Ave, Pittsburgh, PA 15221.
Key Highlights
- 4,350 SF of first‑floor medical or professional office space
- Can be divided into 2,900 SF and 1,450 SF suites
- Ample free parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,148
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,042,960
$1.0M
Cap Rate 7%
$744,971
$745.0K
Cap Rate 9%
$579,422
$579.4K
Market Conditions
NOI Build-Up for 4,350 SF
Gross rent
$94.0K $21.60/SF
− Vacancy
−$7.0K −$1.62/SF
EGI
$86.9K $19.98/SF
− OpEx
−$34.8K −$7.99/SF
NOI
$52.1K $11.99/SF
Area
ZIP 15221
Vacancy
7.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,042,960
Cap Rate 7%
$744,971
Cap Rate 9%
$579,422
Alternative Uses
Best Use
Office B
$793.9K
$694.6K – $926.2K
NOI $55,570 @ 7.0% cap · market cap 326,882.35%
Second Best
Healthcare Medical
$745.0K
$651.9K – $869.1K
NOI $52,148 @ 7.0% cap · market cap 306,752.94%
Theoretical Best
Office A
$1.11M
$969.5K – $1.29M
NOI $77,561 @ 7.0% cap · market cap 456,241.18%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
639
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15221, PA
28,913
Population
17,621
Households
1.6
Avg Household Size
42
Median Age
42%
College-Educated
95%
High-School Grad
6.2 sq mi
ZIP Area
4,663
Density / Sq Mi
$55,241
Median Household Income
$42,411
Median Earnings
$954
Median Rent
$157,100
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
Frequently Asked Questions
What type of property is this?
Medical Office Space - First-floor professional space offers flexible subdivision, parking, and signage opportunities.
Where is this medical office space located?
The property is located at 221 Penn Ave Pittsburgh, PA.
What are key features of this property?
This property features: 4,350 SF of first‑floor medical or professional office space; Can be divided into 2,900 SF and 1,450 SF suites; Ample free parking
