Shadyside Medical/Lab Space For
For Sale
Contact for pricing
5560 Centre Ave, Pittsburgh, PA 15232
Class A medical/lab space in Pittsburgh's vibrant Shadyside neighborhood.
Property Size16,038 SF
Lot Size0.29 Acres
Price / SF$149.64
Days on Market173
Property Features for 5560 Centre Ave
General Information
Standard status
Active
Size
16,038 SF
Class
A
Lot size
0.29 Acres
Property subtype
Office
Zoning
General Commercial
Building Details
Year Renovated
2017
Buildings
1
Stories
2
Listing Agency:
Newmark
(412) 434-1031
Listed By:
Martin Perry · License #RS296875
Source:
Crexi
Added: Feb 19
Changed: Aug 8
Last Checked: Aug 10 at 9:20AM
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 Newmark
Investment Insights
Based on property information with market context.
This 16,038 square foot building offers two floors of Class A medical and lab space. Situated on a 12,424 square foot parcel, the property includes approximately 20 dedicated off-street parking spaces. The building, renovated in 2017, is zoned General Commercial and benefits from a prominent corner location at the intersection of Centre Avenue and S Negley Avenue. Located in Shadyside, a vibrant Pittsburgh neighborhood, the property is adjacent to the Giant Eagle Market District Express and is located minutes from Carnegie Mellon University, the University of Pittsburgh, UPMC Hillman Cancer Center, East Liberty’s Bakery Square, Duolingo Headquarters, and Google’s Pittsburgh Office. The property is suitable for commercial real estate and medical office space.
Key Highlights
- Two Floors of Class A - Medical / Lab Space
- Excellent Location on the intersection of Centre Avenue and S Negley Avenue
- 16,038 SF Building Size / 12,424 SF Parcel Size
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
$204,879
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
8.54%
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%
$4,097,580
$4.1M
Cap Rate 7%
$2,926,843
$2.9M
Cap Rate 9%
$2,276,433
$2.3M
Market Conditions
NOI Build-Up for 16,038 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
$361.8K $22.56/SF
− Vacancy
−$88.6K −$5.53/SF
EGI
$273.2K $17.03/SF
− OpEx
−$68.3K −$4.26/SF
NOI
$204.9K $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%
$4,097,580
Cap Rate 7%
$2,926,843
Cap Rate 9%
$2,276,433
Alternative Uses
Best Use
Office B
$2.93M
$2.56M – $3.41M
NOI $204,879 @ 7.0% cap · market cap 8.54%
Second Best
Healthcare Medical
$2.78M
$2.43M – $3.24M
NOI $194,342 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$5.11M
$4.47M – $5.96M
NOI $357,543 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,401
Businesses Nearby
Under-served
Demand for This Use
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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Similar Off Market Nearby
- Veterinary Emergency Group — 6244 Penn Ave, Pittsburgh, PA 15206
- Cat Clinic and Hospital — 5170 Liberty Ave, Pittsburgh, PA 15224
- East End Veterinary Medical Centre — 5875 Ellsworth Ave, Pittsburgh, PA 15232
- PetVet365 Pet Hospital Pittsburgh/Shadyside at the Junction — 5247 Liberty Ave Unit 202, Pittsburgh, PA 15224
Frequently Asked Questions
What type of property is this?
Medical Office Space - Class A medical/lab space in Pittsburgh's vibrant Shadyside neighborhood.
Where is this medical office space located?
The property is located at 5560 Centre Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two Floors of Class A - Medical / Lab Space; Excellent Location on the intersection of Centre Avenue and S Negley Avenue; 16,038 SF Building Size / 12,424 SF Parcel Size
