Oakland Multifamily Portfolio: 60
For Sale
$10,900,000
306 Craft Ave, Pittsburgh, PA 15213
5 Multifamily Properties in Pittsburgh, PA
Property Size50,202 SF
Lot Size0.33 Acres
Price / SF$217.12
Days on Market628
Property Features for 306 Craft Ave
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
50,202 SF
Elevators
N/A
Lot size
0.33 Acres
Building Details
Buildings
5
Units
60
Listed By:
Keane George
(724) 699-4707
Added: Jan 20, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This is a portfolio of six well-maintained multifamily buildings comprising 60 residential units situated on five parcels in Pittsburgh's desirable Oakland neighborhood. The portfolio includes a variety of unit sizes, featuring forty-three two-bedroom, one-bathroom units; nine one-bedroom, one-bathroom units; and eight three-bedroom, one-bathroom units. An additional parcel, currently used as a parking lot accommodating approximately eleven vehicles, is conveniently located adjacent to several of the buildings. The buildings are situated in close proximity, simplifying management and maintenance. The portfolio's location in Oakland offers exceptional proximity to universities, ensuring consistently high occupancy rates and strong rental demand. The entire portfolio is 50,202 square feet and situated on 0.33 acres.
Key Highlights
- 60 unit portfolio in Oakland
- Walking distance to Universities
- Well maintained buildings with updated units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$571,715
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,434,300
$11.4M
Cap Rate 7%
$8,167,357
$8.2M
Cap Rate 9%
$6,352,389
$6.4M
Market Conditions
NOI Build-Up for 50,202 SF
Gross rent
$873.5K $17.40/SF
− Vacancy
−$56.8K −$1.13/SF
EGI
$816.7K $16.27/SF
− OpEx
−$245.0K −$4.88/SF
NOI
$571.7K $11.39/SF
Area
Pittsburgh, PA
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,434,300
Cap Rate 7%
$8,167,357
Cap Rate 9%
$6,352,389
Alternative Uses
Best Use
Multifamily LT 5
$8.17M
$7.15M – $9.53M
NOI $571,715 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$7.56M
$6.62M – $8.82M
NOI $529,470 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$15.99M
$13.99M – $18.65M
NOI $1,119,178 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,414
Businesses Nearby
Explore this area
Business Placement
Demographics for 15213, PA
31,075
Population
11,349
Households
2.7
Avg Household Size
25
Median Age
64%
College-Educated
94%
High-School Grad
2.4 sq mi
ZIP Area
12,948
Density / Sq Mi
$31,330
Median Household Income
$6,795
Median Earnings
$1,243
Median Rent
$247,500
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 Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - 5 Multifamily Properties in Pittsburgh, PA
Where is this multifamily property located?
The property is located at 306 Craft Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $10,900,000.
What are key features of this property?
This property features: 60 unit portfolio in Oakland; Walking distance to Universities; Well maintained buildings with updated units
