Updated Fitness Center
New
For Sale
Contact for pricing
2920 Mckelvey Rd, Pittsburgh, PA 15218
Sports courts, wellness services, and flexible expansion areas support a range of documented programming options.
Property Size55,000 SF
Price / SF$70
Days on Market6
Property Features for 2920 Mckelvey Rd
General Information
Standard status
Active
Size
55,000 SF
Property subtype
RETAIL
Listing Agency:
SVN | Three Rivers Commercial Advisors
(724) 759-5164
Listed By:
Garrett Cheran · License #AB068671
(724) 759-5164
Source:
Moodyscre
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 22 at 12:51PM
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.
This 55,000 SF sports and wellness complex has been fully updated and includes a main gym with 30 feet of clear height. The athletic area contains three full basketball courts and can accommodate up to five volleyball courts, with large restrooms and a concession area serving the facility. An integrated counseling, health, and wellness spa is included with equipment, while additional spa and flex space supports wellness, office, or expansion use.
The 6.33-acre property offers extensive on-site parking and immediate access to Parkway East and Route 30. The roof was replaced in 2019, and the facility is income producing. Its documented use potential includes sports training, tournaments, wellness services, fitness, recreation, and community programming.
The 6.33-acre property offers extensive on-site parking and immediate access to Parkway East and Route 30. The roof was replaced in 2019, and the facility is income producing. Its documented use potential includes sports training, tournaments, wellness services, fitness, recreation, and community programming.
Key Highlights
- 55,000 SF fully updated sports and wellness complex
- 30 feet of clear height in the main gym area
- Three full basketball courts; space for up to five volleyball courts
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
$322,608
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
8.38%
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%
$6,452,160
$6.5M
Cap Rate 7%
$4,608,686
$4.6M
Cap Rate 9%
$3,584,533
$3.6M
Market Conditions
NOI Build-Up for 55,000 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
$528.0K $9.60/SF
− Vacancy
−$31.7K −$0.58/SF
EGI
$496.3K $9.02/SF
− OpEx
−$173.7K −$3.16/SF
NOI
$322.6K $5.87/SF
Area
Pittsburgh, PA
Vacancy
6.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
35.00%
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%
$6,452,160
Cap Rate 7%
$4,608,686
Cap Rate 9%
$3,584,533
Alternative Uses
Best Use
Flex RnD
$4.61M
$4.03M – $5.38M
NOI $322,608 @ 7.0% cap · market cap 8.38%
Second Best
Industrial
$4.44M
$3.88M – $5.18M
NOI $310,635 @ 7.0% cap · market cap 8.07%
Theoretical Best
Office A
$17.52M
$15.33M – $20.44M
NOI $1,226,143 @ 7.0% cap · market cap 31.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15218, PA
13,497
Population
7,321
Households
1.8
Avg Household Size
40
Median Age
52%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
5,868
Density / Sq Mi
$67,723
Median Household Income
$46,711
Median Earnings
$1,114
Median Rent
$203,200
Median Home Value
Market
Vacancy Rate% for Industrial in Pittsburgh, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Steel City Skillz — 2024 Noble St, Pittsburgh, PA 15218
- Mark Staley Yoga — 7634 westmoreland ave, pittsburgh, pa 15218
Frequently Asked Questions
What type of property is this?
Fitness center & gym - Sports courts, wellness services, and flexible expansion areas support a range of documented programming options.
Where is this fitness center & gym located?
The property is located at 2920 Mckelvey Rd Pittsburgh, PA.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 55,000 SF fully updated sports and wellness complex; 30 feet of clear height in the main gym area; Three full basketball courts; space for up to five volleyball courts
