Renovated Multi-Floor Office
For Sale
Contact for pricing
486 S Graham St, Pittsburgh, PA 15232
Office property with upgraded major systems, three-floor elevator service, and on-site vehicle parking.
Property Size16,000 SF
Lot Size0.50 Acres
Price / SF$175
Days on Market9
Property Features for 486 S Graham St
General Information
Standard status
Active
Size
16,000 SF
Total Parking Spaces
10
Elevators
Yes
Lot size
0.50 Acres
Property subtype
LAND
Additional Details
Asking Price
$2,800,000
Building Details
Year Renovated
2023
Buildings
2
Listing Agency:
Hanna Commercial Real Estate | Pittsburgh
(412) 261-2200
Listed By:
Jay W. Phoebe · License #RS195720L
Source:
Moodyscre
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 30 at 8:30PM
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 Hanna Commercial Real Estate | Pittsburgh
Investment Insights
Based on property information with market context.
This office property comprises two buildings totaling 16,000 GSF on a 1/2-acre site. A full renovation completed in 2023 included the roof, HVAC system, and electrical infrastructure. Elevator service extends across all three floors, and the property provides on-site parking for 10 vehicles.
Located at 486 S Graham St in Pittsburgh’s Shadyside - 8th Ward, the asset is available for sale or lease. Its multi-building configuration, updated core systems, and existing parking support continued office use across the property.
Located at 486 S Graham St in Pittsburgh’s Shadyside - 8th Ward, the asset is available for sale or lease. Its multi-building configuration, updated core systems, and existing parking support continued office use across the property.
Key Highlights
- 16,000 GSF across two office buildings
- Full renovation completed in 2023
- Roof, HVAC system, and electrical work included in renovation
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
$204,394
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
7.30%
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%
$4,087,880
$4.1M
Cap Rate 7%
$2,919,914
$2.9M
Cap Rate 9%
$2,271,044
$2.3M
Market Conditions
NOI Build-Up for 16,000 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
$361.0K $22.56/SF
− Vacancy
−$88.4K −$5.53/SF
EGI
$272.5K $17.03/SF
− OpEx
−$68.1K −$4.26/SF
NOI
$204.4K $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%
$4,087,880
Cap Rate 7%
$2,919,914
Cap Rate 9%
$2,271,044
Alternative Uses
Best Use
Office B
$2.92M
$2.55M – $3.41M
NOI $204,394 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.10M
$4.46M – $5.94M
NOI $356,696 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,905
Businesses Nearby
Explore this area
Business Placement
Demographics for 15232, PA
12,042
Population
6,740
Households
1.8
Avg Household Size
29
Median Age
81%
College-Educated
99%
High-School Grad
0.8 sq mi
ZIP Area
15,053
Density / Sq Mi
$66,139
Median Household Income
$40,158
Median Earnings
$1,388
Median Rent
$522,000
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?
Office building - Office property with upgraded major systems, three-floor elevator service, and on-site vehicle parking.
Where is this office building located?
The property is located at 486 S Graham St Pittsburgh, PA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 16,000 GSF across two office buildings; Full renovation completed in 2023; Roof, HVAC system, and electrical work included in renovation
