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 Market169
Property Features for 3520 Fifth Avenue
General Information
Standard status
Active
Size
32,740 SF
Class
B
Property subtype
Office
Building Details
Building Size
32,740 SF
Year Built
1968
Listed By:
Jacob Machel
(724) 288-6588
Source:
Naiburnsscalo
Added: Mar 26
Changed: Sep 8
Last Checked: Sep 10 at 7:10AM
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
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 = 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
$397,009
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
8.82%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,001
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 Office in Pittsburgh, PA
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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.
