Strip Mall Anchored by
New
For Sale
Contact for pricing
3479 Babcock Boulevard, Pittsburgh, PA 15237
The 1998-built property has leases with Sherwin-Williams and North Hills Kitchen & Bath.
Property Size6,200 SF
Price / SF$225.81
Days on Market7
Property Features for 3479 Babcock Boulevard
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$100,968
Additional Details
Anchor Co-Tenants
Sherwin-Williams
Building Details
Year Built
1998
Units
2
Tenancy
Multi
Listing Agency:
Sands Investment Group
(844) 474-4666
Listed By:
Gary Berwick · License #AZ BR625869000
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 3:51AM
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 Sands Investment Group
Investment Insights
Based on property information with market context.
This 6,200-square-foot strip mall was built in 1998 and includes Sherwin-Williams as its anchor tenant. Sherwin-Williams has occupied the property since 1997 under a lease extending through 2029, with a negotiated renewal option continuing through 2034.
North Hills Kitchen & Bath is also secured by a recently executed long-term lease that includes annual rent escalations. The property is located at 3479 Babcock Boulevard in Pittsburgh, Pennsylvania, and is offered for sale.
North Hills Kitchen & Bath is also secured by a recently executed long-term lease that includes annual rent escalations. The property is located at 3479 Babcock Boulevard in Pittsburgh, Pennsylvania, and is offered for sale.
Key Highlights
- 6,200 SF strip mall anchored by Sherwin‑Williams
- Sherwin‑Williams occupancy dates to 1997
- Sherwin‑Williams lease runs through 2029 with renewal option through 2034
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
$71,870
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
5.13%
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%
$1,437,400
$1.4M
Cap Rate 7%
$1,026,714
$1.0M
Cap Rate 9%
$798,556
$798.6K
Market Conditions
NOI Build-Up for 6,200 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
$111.6K $18.00/SF
− Vacancy
−$8.9K −$1.44/SF
EGI
$102.7K $16.56/SF
− OpEx
−$30.8K −$4.97/SF
NOI
$71.9K $11.59/SF
Area
ZIP 15237
Vacancy
8.00%
Lease Rate
$18.00 /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%
$1,437,400
Cap Rate 7%
$1,026,714
Cap Rate 9%
$798,556
Alternative Uses
Best Use
Retail
$1.03M
$898.4K – $1.20M
NOI $71,870 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,220 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 15237, PA
45,670
Population
19,332
Households
2.4
Avg Household Size
43
Median Age
58%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
1,895
Density / Sq Mi
$108,538
Median Household Income
$64,006
Median Earnings
$1,327
Median Rent
$306,900
Median Home Value
Market
Vacancy Rate% for Retail in Pittsburgh, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - The 1998-built property has leases with Sherwin-Williams and North Hills Kitchen & Bath.
Where is this strip mall located?
The property is located at 3479 Babcock Boulevard Pittsburgh, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 6,200 SF strip mall anchored by Sherwin‑Williams; Sherwin‑Williams occupancy dates to 1997; Sherwin‑Williams lease runs through 2029 with renewal option through 2034
