Furnished Flex
For Sale
Contact for pricing
Pending
450 Castle Shannon Blvd, Pittsburgh, PA 15234
C-2-zoned commercial space configured for combined office and flex use.
Property Size1,700 SF
Days on Market181
Property Features for 450 Castle Shannon Blvd
General Information
Standard status
Pending
Size
1,700 SF
Property subtype
Mixed Use, Office, Retail, Special Purpose
Zoning
C-2
Investment Type
Owner/User
Additional Details
Furnished
Yes
Building Details
Year Renovated
2015
Buildings
1
Stories
2
Units
2
Abandoned
No
Listing Agency:
Coldwell Banker Realty Pittsburgh
(412) 655-0400
Listed By:
Dan Haeck · License #Pennsylvania RS302793
Source:
Crexi
Added: Mar 4
Changed: Aug 31
Last Checked: Aug 31 at 12:16AM
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 Coldwell Banker Realty Pittsburgh
Investment Insights
Based on property information with market context.
This 1,700-square-foot commercial space combines office and flex functionality and is furnished for immediate occupancy. The property is classified under C-2 zoning, supporting its commercial positioning.
Located at 450 Castle Shannon Blvd in Pittsburgh, Pennsylvania, the space offers a flexible format for users seeking both office and operational areas within one property.
Located at 450 Castle Shannon Blvd in Pittsburgh, Pennsylvania, the space offers a flexible format for users seeking both office and operational areas within one property.
Key Highlights
- 1,700 square feet of office and flex space
- Furnished interior
- C‑2 zoning
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
$21,717
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
6.58%
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%
$434,340
$434.3K
Cap Rate 7%
$310,243
$310.2K
Cap Rate 9%
$241,300
$241.3K
Market Conditions
NOI Build-Up for 1,700 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
$38.4K $22.56/SF
− Vacancy
−$9.4K −$5.53/SF
EGI
$29.0K $17.03/SF
− OpEx
−$7.2K −$4.26/SF
NOI
$21.7K $12.77/SF
Area
Pittsburgh, PA
Vacancy
24.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$434,340
Cap Rate 7%
$310,243
Cap Rate 9%
$241,300
Alternative Uses
Best Use
Office B
$310.2K
$271.5K – $362.0K
NOI $21,717 @ 7.0% cap · market cap 6.58%
Second Best
Flex RnD
$142.5K
$124.7K – $166.2K
NOI $9,972 @ 7.0% cap · market cap 3.02%
Theoretical Best
Office A
$541.4K
$473.7K – $631.7K
NOI $37,899 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15234, PA
13,966
Population
6,733
Households
2.1
Avg Household Size
45
Median Age
39%
College-Educated
94%
High-School Grad
3.1 sq mi
ZIP Area
4,505
Density / Sq Mi
$75,766
Median Household Income
$49,531
Median Earnings
$1,004
Median Rent
$199,700
Median Home Value
Market
Vacancy Rate% for Office in Pittsburgh, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C-2-zoned commercial space configured for combined office and flex use.
Where is this flex space located?
The property is located at 450 Castle Shannon Blvd Pittsburgh, PA.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 1,700 square feet of office and flex space; Furnished interior; C‑2 zoning
