Bar Property 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 Market187
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
Listed By:
Kevin Donahue · License #RS341981
(724) 941-1427
Added: Mar 7
Changed: Sep 9
Last Checked: Sep 10 at 8:06AM
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 property combines ownership of the real estate with an operating hospitality business and liquor license. The 1700 sq ft venue was established in 2021 and includes equipment, mechanical systems, inventory, furnishings, and decorative elements. Multiple upgrades have been completed throughout the property, supporting continued use as a functioning bar and dining venue.
The property occupies 0.04 acres at 623 North Ave in Pittsburgh, Pennsylvania, within Millvale’s nightlife district. Commercial zoning is identified as Com. The offering also includes 30-days of crossover training and consultation to support operational transition.
The property occupies 0.04 acres at 623 North Ave in Pittsburgh, Pennsylvania, within Millvale’s nightlife district. Commercial zoning is identified as Com. The offering also includes 30-days of crossover training and consultation to support operational transition.
Key Highlights
- Real estate sale includes an operating bar business and liquor license
- 1700 sq ft venue established in 2021
- Equipment, mechanicals, inventory, furnishings, and décor included
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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Pittsburgh, PA
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Similar Off Market Nearby
- Sliders Ice Curling Bar — 2 Sedgwick St, Pittsburgh, PA 15209
- Double L, INC — 307 Grant Ave, Millvale, PA 15209
- Grist House Craft Brewery — 10 E Sherman St, Pittsburgh, PA 15209
- 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 - Includes the underlying real estate, liquor license, equipment, inventory, and 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: Real estate sale includes an operating bar business and liquor license; 1700 sq ft venue established in 2021; Equipment, mechanicals, inventory, furnishings, and décor included
