Six-Unit Townhome Apartment
For Sale
Contact for pricing
288 2nd Street, Pitcairn, PA 15140
Two-level residences offer central air, integral garages, private parking, and separately metered utilities.
Property Size6,120 SF
Price / SF$149.51
Days on Market16
Property Features for 288 2nd Street
General Information
Standard status
Active
Size
6,120 SF
Property subtype
Multifamily
Zoning
R-2
Net Operating Income
$77,592
Additional Details
Cap Rate
9.3%
Multifamily Units
6
Amenities
central air conditioning
garage parking
Building Details
Year Built
1999
Stories
2
Units
6
Tenancy
Multi
Construction
townhome
Listing Agency:
KW Steel CIty
(412) 682-0120
Listed By:
Jean Ou · License #rs334288
Source:
Crexi
Added: Jul 28
Changed: Aug 9
Last Checked: Aug 11 at 7:56AM
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 R-2 apartment property contains six townhome-style residences totaling 6,120 SF. The two-level layouts include open living areas, kitchens, bedrooms, central air conditioning, and attached integral garages. Each residence also has private garage parking and separate utilities. The buildings were constructed in 1999.
The property is partially occupied and located at 288 2nd Street in Pitcairn, Pennsylvania, within the Greater Pittsburgh area. Current operating performance is reported at a 9.3% capitalization rate after property management and maintenance expenses. The residential configuration and individual utility setup provide a clearly defined multifamily format for continued rental operations.
The property is partially occupied and located at 288 2nd Street in Pitcairn, Pennsylvania, within the Greater Pittsburgh area. Current operating performance is reported at a 9.3% capitalization rate after property management and maintenance expenses. The residential configuration and individual utility setup provide a clearly defined multifamily format for continued rental operations.
Key Highlights
- Six partially occupied residential units
- 6,120 SF apartment property
- Two‑level townhome layouts with central air conditioning
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
$47,612
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
5.20%
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%
$952,240
$952.2K
Cap Rate 7%
$680,171
$680.2K
Cap Rate 9%
$529,022
$529.0K
Market Conditions
NOI Build-Up for 6,120 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
$91.8K $15.00/SF
− Vacancy
−$5.2K −$0.86/SF
EGI
$86.6K $14.15/SF
− OpEx
−$39.0K −$6.37/SF
NOI
$47.6K $7.78/SF
Area
Allegheny County, PA
Vacancy
5.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
45.00%
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%
$952,240
Cap Rate 7%
$680,171
Cap Rate 9%
$529,022
Alternative Uses
Best Use
Apartment 5plus
$680.2K
$595.2K – $793.5K
NOI $47,612 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,120 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 15140, PA
3,103
Population
1,696
Households
1.8
Avg Household Size
39
Median Age
16%
College-Educated
90%
High-School Grad
0.6 sq mi
ZIP Area
5,172
Density / Sq Mi
$34,400
Median Household Income
$30,308
Median Earnings
$765
Median Rent
$68,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-level residences offer central air, integral garages, private parking, and separately metered utilities.
Where is this apartment building located?
The property is located at 288 2nd Street Pitcairn, PA.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Six partially occupied residential units; 6,120 SF apartment property; Two‑level townhome layouts with central air conditioning
