Bar and Pub with Liquor
For Sale
$379,000
623 North Ave, Pittsburgh, PA 15209
CommercialSale, Pittsburgh, PA
Property Size1,700 SF
Lot Size0.04 Acres
Price / SF$222.94
Days on Market175
Property Features for 623 North Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com
Zoning description
Com
Subdivision
Millvale
Standard status
Active
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5280
Listing Agency:
REALTY ONE GROUP GOLD STANDARD
(724) 941-1427
Listed By:
Kevin Donahue · License #RS341981
(724) 941-1427
Added: Mar 7
Changed: Aug 26
Last Checked: Aug 29 at 1:06AM
MLS# 1742725
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 bar and restaurant combines ownership of the underlying real estate with an established hospitality operation. The venue measures 1700 sq ft and includes the liquor license, equipment, mechanical systems, inventory, furnishings, and décor. The business was established in 2021, and upgrades and enhancements have been completed throughout the property.
Located in Millvale’s nightlife district, the property operates under Com zoning and is positioned at 623 North Ave in Pittsburgh. The sale includes 30 days of crossover training and consultation to support the transition to new ownership. The venue’s open interior, restaurant setup, and included operational assets provide a complete existing framework for continued bar and food service or a new owner’s concept.
Located in Millvale’s nightlife district, the property operates under Com zoning and is positioned at 623 North Ave in Pittsburgh. The sale includes 30 days of crossover training and consultation to support the transition to new ownership. The venue’s open interior, restaurant setup, and included operational assets provide a complete existing framework for continued bar and food service or a new owner’s concept.
Key Highlights
- 1700 sq ft bar and restaurant venue
- Real estate ownership included with the operating hospitality business
- Liquor license included in the sale
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
$23,011
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
6.07%
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%
$460,220
$460.2K
Cap Rate 7%
$328,729
$328.7K
Cap Rate 9%
$255,678
$255.7K
Market Conditions
NOI Build-Up for 1,700 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
$32.6K $19.20/SF
− Vacancy
−$2.0K −$1.15/SF
EGI
$30.7K $18.05/SF
− OpEx
−$7.7K −$4.51/SF
NOI
$23.0K $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%
$460,220
Cap Rate 7%
$328,729
Cap Rate 9%
$255,678
Alternative Uses
Best Use
Specialty Retail
$328.7K
$287.6K – $383.5K
NOI $23,011 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$541.4K
$473.7K – $631.7K
NOI $37,899 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
479
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15209, PA
12,044
Population
6,098
Households
2
Avg Household Size
42
Median Age
36%
College-Educated
95%
High-School Grad
4.8 sq mi
ZIP Area
2,509
Density / Sq Mi
$80,221
Median Household Income
$47,427
Median Earnings
$1,042
Median Rent
$218,300
Median Home Value
Market
Vacancy Rate% for Retail in Pittsburgh, PA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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- Harold's Haunt — 142 Grant Ave, Millvale, PA 15209
- Grant Bar Inc — 114 Grant Ave, Pittsburgh, PA 15209
Frequently Asked Questions
What type of property is this?
Bar & Pub - Sale includes the real estate, operating business, equipment, inventory, mechanical systems, and interior décor.
Where is this bar & pub located?
The property is located at 623 North Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 1700 sq ft bar and restaurant venue; Real estate ownership included with the operating hospitality business; Liquor license included in the sale
