Pittsburgh Lofts: 27
For Sale
$4,750,000
909 Penn Avenue, Pittsburgh, PA 15222
Lando Lofts · Multifamily Property For Sale · 27 Units
Property Size35,000 SF
Lot Size0.15 Acres
Price / SF$135.71
Days on Market580
Property Features for 909 Penn Avenue
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
35,000 SF
Class
B
Elevators
N/A
Lot size
0.15 Acres
Building Details
Year Built
1895
Year Renovated
2015
Buildings
1
Stories
6
Units
27
Listing Agency:
(724) 699-4707
Listed By:
Keane
(724) 699-4707
Added: Jan 20, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located at 909 Penn Avenue in Pittsburgh, Pennsylvania, the Lando Lofts offer an exceptional multifamily investment opportunity. This 27-unit residential property is situated in the heart of the Cultural District. These loft residences feature spacious floor plans designed to maximize natural light, with large windows and open layouts. The gourmet kitchens are equipped with gas ranges, expansive quartz-topped islands, and slow-close cabinetry. The unit mix comprises 18 one-bedroom, one-bathroom units; 4 two-bedroom, one-bathroom units; and 5 two-bedroom, two-bathroom units. Residents have access to amenities including a rooftop deck offering city views, a rooftop kitchen, and an on-site gym. The property's location offers proximity to Heinz Hall and the Benedum Center, as well as restaurants and cultural attractions. The building encompasses 35,000 square feet and sits on a 0.15-acre lot.
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
$398,591
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
8.39%
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%
$7,971,820
$8.0M
Cap Rate 7%
$5,694,157
$5.7M
Cap Rate 9%
$4,428,789
$4.4M
Market Conditions
NOI Build-Up for 35,000 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
$609.0K $17.40/SF
− Vacancy
−$39.6K −$1.13/SF
EGI
$569.4K $16.27/SF
− OpEx
−$170.8K −$4.88/SF
NOI
$398.6K $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%
$7,971,820
Cap Rate 7%
$5,694,157
Cap Rate 9%
$4,428,789
Alternative Uses
Best Use
Multifamily LT 5
$5.69M
$4.98M – $6.64M
NOI $398,591 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$5.27M
$4.61M – $6.15M
NOI $369,138 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$11.15M
$9.75M – $13.00M
NOI $780,273 @ 7.0% cap · market cap 16.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,184
Businesses Nearby
Explore this area
Business Placement
Demographics for 15222, PA
5,976
Population
4,008
Households
1.5
Avg Household Size
33
Median Age
77%
College-Educated
99%
High-School Grad
0.9 sq mi
ZIP Area
6,640
Density / Sq Mi
$111,926
Median Household Income
$61,190
Median Earnings
$1,963
Median Rent
$557,800
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?
Multifamily property - Lando Lofts · Multifamily Property For Sale · 27 Units
Where is this multifamily property located?
The property is located at 909 Penn Avenue Pittsburgh, PA.
What is the asking price?
The asking price for this property is $4,750,000.
