Point Breeze Renovated Four-Unit
For Sale
Contact for pricing
7218 Meade St, Pittsburgh, PA 15208
Renovated four-unit apartment building in Point Breeze neighborhood.
Property Size5,390 SF
Price / SF$139.15
Days on Market754
Property Features for 7218 Meade St
General Information
Standard status
Active
Size
5,390 SF
Property subtype
Multifamily
Zoning
R1D-L
Listing Agency:
RE/MAX Select Realty
(724) 933-6300
Listed By:
Anthony Dasta · License #PA # rs327725
Source:
Crexi
Added: Jul 18, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:00PM
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 RE/MAX Select Realty
Investment Insights
Based on property information with market context.
This renovated four-unit apartment building is located in Point Breeze. Over the past three years, the entire property has undergone extensive updates. The building comprises two 4-bedroom, 2-bath units and two 2-bedroom, 1-bath units. Each unit features a contemporary design and layout. The 4-bedroom units currently average $1,750 per month, while the 2-bedroom units average $1,350 per month. Tenants pay all utilities, including a water reimbursement. The property's location in Point Breeze offers a blend of suburban tranquility and urban accessibility. It is located a block from several bus stops and a short distance from Frick Park, Bakery Square, and Regent Square, providing residents with easy access to public transportation, outdoor activities, shopping, dining, and entertainment. Nearby amenities include the Meridian shopping complex, Trader Joe's, Giant Eagle Market District, Bakery Galley, Alta Via, and LA Fitness. The property size is 5390 square feet.
Key Highlights
- Completely renovated 4‑unit apartment building in the last three years.
- Strong rental income potential with 4‑bedroom units averaging $1,750/month and 2‑bedroom units averaging $1,350/month.
- Desirable Point Breeze location offering both tranquility and urban accessibility.
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
$61,383
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
8.18%
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%
$1,227,660
$1.2M
Cap Rate 7%
$876,900
$876.9K
Cap Rate 9%
$682,033
$682.0K
Market Conditions
NOI Build-Up for 5,390 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
$93.8K $17.40/SF
− Vacancy
−$6.1K −$1.13/SF
EGI
$87.7K $16.27/SF
− OpEx
−$26.3K −$4.88/SF
NOI
$61.4K $11.39/SF
Area
Pittsburgh, PA
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,227,660
Cap Rate 7%
$876,900
Cap Rate 9%
$682,033
Alternative Uses
Best Use
Multifamily LT 5
$876.9K
$767.3K – $1.02M
NOI $61,383 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$812.1K
$710.6K – $947.5K
NOI $56,847 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,162 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,110
Businesses Nearby
Explore this area
Business Placement
Demographics for 15208, PA
9,601
Population
5,599
Households
1.7
Avg Household Size
38
Median Age
51%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
6,401
Density / Sq Mi
$59,267
Median Household Income
$45,437
Median Earnings
$1,020
Median Rent
$273,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Renovated four-unit apartment building in Point Breeze neighborhood.
Where is this quadplex located?
The property is located at 7218 Meade St Pittsburgh, PA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Completely renovated 4‑unit apartment building in the last three years.; Strong rental income potential with 4‑bedroom units averaging $1,750/month and 2‑bedroom units averaging $1,350/month.; Desirable Point Breeze location offering both tranquility and urban accessibility.
