Mixed-Use Property with Office
For Sale
$2,590,000
5818 Forbes Ave, Pittsburgh, PA 15217
CommercialSale, Pittsburgh, PA
Property Size6,100 SF
Lot Size0.14 Acres
Price / SF$424.59
Days on Market75
Property Features for 5818 Forbes Ave
General Information
Property type
Commercial Sale
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
Amenities
conference room
shared kitchenettes
Listing Agency:
KELLER WILLIAMS REALTY
(412) 831-3800
Listed By:
Jingli Zhang · License #RS330713
(412) 566-8119
Added: Jun 27
Changed: Sep 9
Last Checked: Sep 9 at 6:06PM
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 property combines an occupied ground-floor retail component with approximately 6,100 square feet of commercial space above. The first floor is occupied by Panda Super Market, while the second floor includes multiple offices, open work areas, a conference room, shared kitchenettes, and restrooms. Elevator service connects the upper level to the building entrance.
The upper-floor layout is designed for adaptable commercial use and may be subdivided for separate tenant configurations. The property is located on Forbes Avenue in Pittsburgh’s Squirrel Hill business district and carries COM zoning. Its 0.1423-acre site supports a combination of established retail occupancy and flexible office-oriented space.
The upper-floor layout is designed for adaptable commercial use and may be subdivided for separate tenant configurations. The property is located on Forbes Avenue in Pittsburgh’s Squirrel Hill business district and carries COM zoning. Its 0.1423-acre site supports a combination of established retail occupancy and flexible office-oriented space.
Key Highlights
- Approximately 6,100 square feet of second‑floor commercial space
- Ground‑floor occupancy by Panda Super Market
- Multiple offices and open work areas on the upper level
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
$77,925
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
3.01%
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%
$1,558,500
$1.6M
Cap Rate 7%
$1,113,214
$1.1M
Cap Rate 9%
$865,833
$865.8K
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
$137.6K $22.56/SF
− Vacancy
−$33.7K −$5.53/SF
EGI
$103.9K $17.03/SF
− OpEx
−$26.0K −$4.26/SF
NOI
$77.9K $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%
$1,558,500
Cap Rate 7%
$1,113,214
Cap Rate 9%
$865,833
Alternative Uses
Best Use
Office B
$1.11M
$974.1K – $1.30M
NOI $77,925 @ 7.0% cap · market cap 3.01%
Second Best
Retail
$1.02M
$888.7K – $1.18M
NOI $71,096 @ 7.0% cap · market cap 2.75%
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,724
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Pittsburgh, PA
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with occupied ground-floor retail and flexible upper-level commercial space with elevator access.
Where is this mixed-use property 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: Approximately 6,100 square feet of second‑floor commercial space; Ground‑floor occupancy by Panda Super Market; Multiple offices and open work areas on the upper level
