Squirrel Hill 33-Unit Apartment
5532-5540 Covode Street, Pittsburgh, PA 15217
33-unit apartment building located in Pittsburgh’s Squirrel Hill Neighborhood
Property size:
26,064 SFLot size:
0.39 AcresPrice / SF:
$145/SF- Added:
- Jan 20, 2025
- Days on Market:
- 534
- Last Refresh:
- Mar 16 at 9:06 am
Property Features for 5532-5540 Covode Street
General Information
- Standard status
- Active
- Property type
- Opportunity zone commercial real estate, Multifamily properties, Other residential income properties, Investment properties, Residential income properties
- Size
- 26,064 SF
- Total Parking Spaces
- 12
- Elevators
- N/A
- Lot size
- 0.39 Acres
Building Details
- Units
- 33
Listing agent Keane (724) 699-4707
Listing office (724) 699-4707
Listing date Jan 20, 2025
HighLights
- Rare opportunity to purchase 33 units in Squirrel Hill
- Solid brick building
- Off street parking for tenants
- Long term ownership (20+ years)
Overview
Concord Plaza is a 33-unit apartment building located in Pittsburgh's Squirrel Hill neighborhood. The property features 26,064 square feet of building space, with 21 one-bedroom units and 12 studio apartments. On-site laundry facilities are available for residents. The property includes a parking lot with approximately 12 parking spaces for tenants. Constructed of solid brick, the building offers a durable structure. The property is situated on a 0.39-acre lot. This multifamily complex has been under long-term ownership for over 20 years. The location in Squirrel Hill provides access to local amenities, transportation, and a thriving community.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $531.7k | $20.40 |
| − Vacancy | −$31.9k | −$1.22 |
| EGI | $499.8k | $19.18 |
| − OpEx | −$224.9k | −$8.63 |
| NOI | $274.9k | $10.55 |
26,064 SF · lease $20.40/SF/yr · vacancy 6.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.44M – $4.58M
NOI $274,892 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.30M
$7.26M – $9.68M
NOI $581,058 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Opportunity zone commercial ...
Location Insight
- Map
- Local Demand
- City
- Pittsburgh
- County
- Allegheny
- State
- Pennsylvania
- Longitude
- -79.9221
- Latitude
- 40.4306
Nearby Similar for Sale
FAQs
What type of property is this?
Opportunity zone commercial real estate - 33-unit apartment building located in Pittsburgh’s Squirrel Hill Neighborhood
Where is this opportunity zone commercial real estate located?
The property is located at 5532-5540 Covode Street Pittsburgh, PA.
What is the asking price?
The asking price for this property is $3,795,000.
What are key features of this property?
This property features: Rare opportunity to purchase 33 units in Squirrel Hill; Solid brick building; Off street parking for tenants
