Automotive Garage with
For Sale
$899,000
2473 N Center Avenue Somerset, Somerset, PA 15501
A 4-bay garage building with office space and a break room, currently operating as a high-performance automotive business.
Property Size6,000 SF
Lot Size6.30 Acres
Price / SF$149.83
Days on Market46
Property Features for 2473 N Center Avenue Somerset
General Information
Standard status
Active
Size
6,000 SF
Total Parking Spaces
20
Lot size
6.30 Acres
Zoning
NZ
Additional Details
Business Included
Yes
Service Bays
4
Taxes and HOA fees
Annual Taxes
$6,170
Amenities
6.342
20
State Road
Building Details
Year Built
1991
Listing Agency:
REALTY ONE GROUP LANDMARK SOMERSET
(412) 899-2522
Listed By:
Charles Dobish · License #RS319190
(412) 899-2522
Source:
Realestatesolutionspittsburgh
Added: Jul 10
Changed: Aug 24
Last Checked: Aug 23 at 8:02AM
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 REALTY ONE GROUP LANDMARK SOMERSET
Investment Insights
Based on property information with market context.
This 6,000 square foot building is currently utilized as a high-performance automotive business and includes a 4-bay garage. The property also features office space, along with additional offices and a break room area. The garage building is described as meticulously maintained, and the layout can support continuing automotive use or other business pursuits.
The parcel totals 6.3 acres and extends to the rear of the property. The land is mainly level and is currently used as additional parking, with stated potential for further development.
For buyers or tenants looking for a functional automotive-focused workspace combined with dedicated office and support space, this property offers an existing garage setup and flexible interior areas within a larger, level site.
The parcel totals 6.3 acres and extends to the rear of the property. The land is mainly level and is currently used as additional parking, with stated potential for further development.
For buyers or tenants looking for a functional automotive-focused workspace combined with dedicated office and support space, this property offers an existing garage setup and flexible interior areas within a larger, level site.
Key Highlights
- 6,000 SF building currently used as a high‑performance automotive business
- 4‑bay garage building with office space plus offices and a break room
- 6.3‑acre parcel with land that extends to the rear of the property
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
$35,009
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
3.89%
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%
$700,180
$700.2K
Cap Rate 7%
$500,129
$500.1K
Cap Rate 9%
$388,989
$389.0K
Market Conditions
NOI Build-Up for 6,000 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
$53.0K $8.83/SF
− Vacancy
−$3.0K −$0.49/SF
EGI
$50.0K $8.34/SF
− OpEx
−$15.0K −$2.50/SF
NOI
$35.0K $5.83/SF
Area
Somerset County, PA
Vacancy
5.60%
Lease Rate
$8.83 /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%
$700,180
Cap Rate 7%
$500,129
Cap Rate 9%
$388,989
Alternative Uses
Best Use
Retail
$1.84M
$1.61M – $2.14M
NOI $128,512 @ 7.0% cap · market cap 14.29%
Second Best
Industrial
$500.1K
$437.6K – $583.5K
NOI $35,009 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,056 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Service bays
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
3k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
3,353 visits/mo
0.2 miles
Demographics for 15501, PA
16,277
Population
7,656
Households
2.1
Avg Household Size
46
Median Age
20%
College-Educated
89%
High-School Grad
132.0 sq mi
ZIP Area
123
Density / Sq Mi
$55,797
Median Household Income
$35,311
Median Earnings
$731
Median Rent
$162,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Auto shop - A 4-bay garage building with office space and a break room, currently operating as a high-performance automotive business.
Where is this auto shop located?
The property is located at 2473 N Center Avenue Somerset Somerset, PA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 6,000 SF building currently used as a high‑performance automotive business; 4‑bay garage building with office space plus offices and a break room; 6.3‑acre parcel with land that extends to the rear of the property
