Flex Space with Roll-Up
For Sale
Contact for pricing
2800 Penn Ave, Pittsburgh, PA 15222
Flex space on a 0.33-acre parcel with RIV-IMU zoning and existing parking, featuring warehouse and retail/office areas.
Property Size20,000 SF
Lot Size0.33 Acres
Price / SF$110
Days on Market536
Property Features for 2800 Penn Ave
General Information
Standard status
Active
Size
20,000 SF
Total Parking Spaces
14
Lot size
0.33 Acres
Property subtype
INDUSTRIAL
Zoning
RIV-IMU
Warehouse & Industrial
Warehouse Space
17,000 SF
Office Build-Out
3,000 SF
Building Details
Buildings
1
Stories
2
Building Size
20,000 SF
Tenancy
Single
Listing Agency:
SVN | Three Rivers Commercial Advisors
(412) 535-8050
Listed By:
Nathan Pazsint · License ##RS339099
(412) 352-8754
Source:
Moodyscre
Added: Mar 28, 2025
Changed: Aug 8
Last Checked: Sep 13 at 3:59AM
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
Investment Insights
Based on property information with market context.
Flex space on a 0.33-acre parcel with existing parking. The property includes a 20,000 SF, two-level warehouse configuration with a retail showroom and office space.
On the ground level, there is 3,000 SF of retail/office and 7,000 SF of heated warehouse space, featuring a 12’ x 20’ rollup and a receiving dock. The second floor includes 10,000 SF of heated warehouse space.
RIV-IMU zoning provides flexibility for redevelopment, including multi-unit residential, grocery, hotel, retail, and dispensary use, while the current setup may also support a commercial flex use with parking already in place. A tenant has been in the space since 1951, with the space scheduled to be vacated by December 31, 2025.
On the ground level, there is 3,000 SF of retail/office and 7,000 SF of heated warehouse space, featuring a 12’ x 20’ rollup and a receiving dock. The second floor includes 10,000 SF of heated warehouse space.
RIV-IMU zoning provides flexibility for redevelopment, including multi-unit residential, grocery, hotel, retail, and dispensary use, while the current setup may also support a commercial flex use with parking already in place. A tenant has been in the space since 1951, with the space scheduled to be vacated by December 31, 2025.
Key Highlights
- 0.33‑acre parcel with 20,000 SF, two‑level flex/warehouse space
- Ground level includes 3,000 SF retail/office and 7,000 SF heated warehouse
- 12’ x 20’ rollup plus receiving dock
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
$137,163
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
6.23%
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%
$2,743,260
$2.7M
Cap Rate 7%
$1,959,471
$2.0M
Cap Rate 9%
$1,524,033
$1.5M
Market Conditions
NOI Build-Up for 20,000 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
$170.4K $8.52/SF
− Vacancy
−$9.0K −$0.45/SF
EGI
$161.4K $8.07/SF
− OpEx
−$24.2K −$1.21/SF
NOI
$137.2K $6.86/SF
Area
Pittsburgh, PA
Vacancy
5.30%
Lease Rate
$8.52 /SF/Yr
Expense Ratio
15.00%
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%
$2,743,260
Cap Rate 7%
$1,959,471
Cap Rate 9%
$1,524,033
Alternative Uses
Best Use
Retail
$3.33M
$2.91M – $3.89M
NOI $233,100 @ 7.0% cap · market cap 10.60%
Second Best
Warehouse
$1.96M
$1.71M – $2.29M
NOI $137,163 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$6.37M
$5.57M – $7.43M
NOI $445,870 @ 7.0% cap · market cap 20.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,548
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Pittsburgh, PA
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space on a 0.33-acre parcel with RIV-IMU zoning and existing parking, featuring warehouse and retail/office areas.
Where is this flex space located?
The property is located at 2800 Penn Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 0.33‑acre parcel with 20,000 SF, two‑level flex/warehouse space; Ground level includes 3,000 SF retail/office and 7,000 SF heated warehouse; 12’ x 20’ rollup plus receiving dock
