Oakland Keystone Building Investment
For Sale
$4,500,000
3520 Fifth Avenue, Pittsburgh, PA 15213
Class B, 32,763 SF clinical-research facility in Pittsburgh's Oakland neighborhood.
Property Size32,740 SF
Price / SF$137.35
Days on Market214
Property Features for 3520 Fifth Avenue
General Information
Standard status
Active
Size
32,740 SF
Class
B
Property subtype
Office
Site & Location
Neighborhood
Central Oakland
Building Details
Building Size
32,740 SF
Year Built
1968
Listed By:
Jacob Machel
(724) 288-6588
Source:
Naiburnsscalo
Added: Mar 26
Changed: Oct 5
Last Checked: Oct 24 at 2:29PM
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 Jacob Machel
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Investment Insights
Based on property information with market context.
The Keystone Building is a Class B, 32,763-square-foot academia clinical-research facility located at 3520 Fifth Ave in Pittsburgh's Oakland neighborhood. The property is situated in one of the strongest education, research, and medical corridors in the nation, near Carnegie Mellon University, UPMC, and the University of Pittsburgh Oakland Campus, flanked by UPMC Presbyterian and UPMC Montefiore. The asset is adjacent to the UPMC Presbyterian Expansion, known as The Tower, a 1.2 million-square-foot, 17-story hospital under construction with an expected completion in 2026. This new facility will feature 636 private patient rooms and specialized clinical facilities for transplant, cardiology and cardiac surgery, and neurology and neurosurgery. A new 10-story life sciences building is under construction at 3440 Forbes Avenue, enhancing the biomedical and technological landscape of the area. UPMC is planning a 50,000-square-foot addition to UPMC Children’s Hospital for a heart institute. The Keystone Building presents an opportunity for investors and owner-users, with significant vacant space available in one of Pittsburgh’s tightest office submarkets, making it a location for businesses looking to thrive in a dynamic urban setting.
Key Highlights
- Located in Oakland, Pittsburgh, a leading Education/Research/Medical corridor.
- Adjacent to the $1.5 billion UPMC Presbyterian Expansion (The Tower), the largest healthcare construction project in Pennsylvania (completion in 2026).
- New 10‑story life sciences building under construction nearby at 3440 Forbes Avenue.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$397,009
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,940,180
$7.9M
Cap Rate 7%
$5,671,557
$5.7M
Cap Rate 9%
$4,411,211
$4.4M
Market Conditions
NOI Build-Up for 32,763 SF
Gross rent
$707.7K $21.60/SF
− Vacancy
−$46.0K −$1.40/SF
EGI
$661.7K $20.20/SF
− OpEx
−$264.7K −$8.08/SF
NOI
$397.0K $12.12/SF
Area
Pittsburgh, PA
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,940,180
Cap Rate 7%
$5,671,557
Cap Rate 9%
$4,411,211
Alternative Uses
Best Use
Office B
$5.98M
$5.23M – $6.98M
NOI $418,534 @ 7.0% cap · market cap 9.30%
Second Best
Healthcare Medical
$5.67M
$4.96M – $6.62M
NOI $397,009 @ 7.0% cap · market cap 8.82%
Theoretical Best
Office A
$10.43M
$9.13M – $12.17M
NOI $730,402 @ 7.0% cap · market cap 16.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
7,001
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Pittsburgh, PA
Frequently Asked Questions
What type of property is this?
Office building - Class B, 32,763 SF clinical-research facility in Pittsburgh's Oakland neighborhood.
Where is this office building located?
The property is located at 3520 Fifth Avenue Pittsburgh, PA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Located in Oakland, Pittsburgh, a leading Education/Research/Medical corridor.; Adjacent to the $1.5 billion UPMC Presbyterian Expansion (The Tower), the largest healthcare construction project in Pennsylvania (completion in 2026).; New 10‑story life sciences building under construction nearby at 3440 Forbes Avenue.
