Mixed-Use Retail and Office
For Sale
$2,590,000
5818 Forbes Ave, Pittsburgh, PA 15217
SINGLE_FAMILY - Pittsburgh, PA
Property Size6,100 SF
Lot Size0.14 Acres
Price / SF$424.59
Days on Market51
Property Features for 5818 Forbes Ave
General Information
Property type
Residential
Property subtype
Office
Zoning
COM
Zoning description
COM
Directions
Head east on Forbes Ave toward Murray Ave
Subdivision
Squirrel Hill
Standard status
Active
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
39525
Listing Agency:
KELLER WILLIAMS REALTY
(412) 831-3800
Listed By:
Jingli Zhang · License #RS330713
(412) 831-3800
Added: Jun 27
Changed: Jun 30
Last Checked: Aug 16 at 5:06PM
MLS# 1761899
Copyright © 2026 West Penn Multi List, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use retail and office building includes an operating first-floor supermarket and an elevator-accessed second-floor commercial space. The upper level features multiple spacious offices and open work areas, along with a conference room, shared kitchenettes, and restroom facilities. The floor plan is described as flexible and may be subdivided for multiple tenants or customized configurations.
The property is located at 5818 Forbes Ave in Pittsburgh’s Squirrel Hill business district and is zoned COM.
With its grocery tenant on the first floor and adaptable office layout above, the building supports both owner-user and investor strategies seeking an all-in-one structure for retail and professional use.
The property is located at 5818 Forbes Ave in Pittsburgh’s Squirrel Hill business district and is zoned COM.
With its grocery tenant on the first floor and adaptable office layout above, the building supports both owner-user and investor strategies seeking an all-in-one structure for retail and professional use.
Key Highlights
- Mixed‑use property on Forbes Avenue in the Squirrel Hill business district
- First floor currently occupied by Panda Super Market
- Second floor has approx. 6,100 SF of versatile commercial space with a flexible floor plan
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
$82,570
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
3.19%
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%
$1,651,400
$1.7M
Cap Rate 7%
$1,179,571
$1.2M
Cap Rate 9%
$917,444
$917.4K
Market Conditions
NOI Build-Up for 6,100 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
$117.1K $19.20/SF
− Vacancy
−$7.0K −$1.15/SF
EGI
$110.1K $18.05/SF
− OpEx
−$27.5K −$4.51/SF
NOI
$82.6K $13.54/SF
Area
Pittsburgh, PA
Vacancy
6.00%
Lease Rate
$19.20 /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%
$1,651,400
Cap Rate 7%
$1,179,571
Cap Rate 9%
$917,444
Alternative Uses
Best Use
Specialty Retail
$1.18M
$1.03M – $1.38M
NOI $82,570 @ 7.0% cap · market cap 3.19%
Second Best
Office B
$1.11M
$974.1K – $1.30M
NOI $77,925 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $135,990 @ 7.0% cap · market cap 5.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,745
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15217, PA
26,851
Population
12,582
Households
2.1
Avg Household Size
36
Median Age
74%
College-Educated
97%
High-School Grad
3.9 sq mi
ZIP Area
6,885
Density / Sq Mi
$91,695
Median Household Income
$55,890
Median Earnings
$1,412
Median Rent
$431,600
Median Home Value
Market
Vacancy Rate% for Office in Pittsburgh, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Giant Eagle Supermarket — 1901 Murray Ave, Pittsburgh, PA 15217
- Food Shoppe — 5878 Northumberland St, Pittsburgh, PA 15217
- Panda Supermarket — 5816-5818 Forbes Ave, Pittsburgh, PA 15217
- Murray Avenue Kosher — 1916 Murray Ave, Pittsburgh, PA 15217
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Grocery-anchored mixed-use building with elevator-served office space above an operating supermarket.
Where is this grocery and convenience store located?
The property is located at 5818 Forbes Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $2,590,000.
What are key features of this property?
This property features: Mixed‑use property on Forbes Avenue in the Squirrel Hill business district; First floor currently occupied by Panda Super Market; Second floor has approx. 6,100 SF of versatile commercial space with a flexible floor plan
