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    Property profile & analytics

    831 North Ave Pittsburgh, PA 15233

    • Hotels
    • 32,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1586509
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Hip at the Flashlight Factory / Event Venue
    • SMARTSolution Technologies | AV Integration / Audio Visual Equipment Supplier
    • Premier Security Systems / Security System Supplier
    • Brick and Mortar Tattoo / Tattoo Shop
    • Kelly Inground Swimming Pools / Swimming Pool

    Property Details for 831 North Ave

    Year built
    1850
    Property size
    32,000 SF
    Property type
    Hotels

    Description

    This exceptional redevelopment opportunity presents a 32,000 square foot, 40-key boutique hotel in Pittsburgh's vibrant North Side entertainment district. Located at 831 W North Ave, this historic 1850 warehouse boasts stunning exposed beams, brick walls, and a spacious open hall, perfect for events. The property's architectural drawings are approved for a boutique hotel conversion, including a first-floor restaurant. Its prime location offers walkability to stadiums and numerous cultural attractions, bars, and restaurants. An adjacent parking lot provides convenient guest parking. Priced at $1,900,000 ($59.38/sq ft), this is a unique chance to create a luxurious hotel experience in a historically significant building. The property is owned by Gramax LLC and offers significant potential for a high-return investment in a thriving urban setting. This is more than just a building

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -80.015871916776
    Latitude
    40.453791553722

    Comparable in this City

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      32,000 SF

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    • $1,300,000
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      Pittsburgh Warehouse For Sale

      19,120 SF Warehouse, Excellent Location
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    • $950,000
      10,800 SF

      Prime Retail Space in Pittsburgh

      Double storefront in historic district, ideal for owner/investor.
      913 Western Ave, Pittsburgh, PA 15233
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    Similar Nearby for Sale

    • $4,275,000

      Pittsburgh Warehouse - $4.275M

      41,100 SF Warehouse; Prime Pittsburgh Location
      1231 Western Ave, Pittsburgh, PA 15233
      View Details
    • Contact for pricing
      32,000 SF

      Mixed-Use Property Near Esplanade Development

      Retail and office space near Pittsburgh's North Shore amenities.
      1301 Beaver Ave, Pittsburgh, PA 15233
      View Details
    • $950,000
      10,800 SF

      Prime Retail Space in Pittsburgh

      Double storefront in historic district, ideal for owner/investor.
      913 Western Ave, Pittsburgh, PA 15233
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    • $1,300,000
      19,120 SF

      Pittsburgh Warehouse For Sale

      19,120 SF Warehouse, Excellent Location
      1400 Nixon St, Pittsburgh, PA 15233
      View Details

    Similar Nearby for Lease

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      5,928 SF

      North Shore Office Space Available

      Centrally-located office space on Pittsburgh's North Shore.
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    • $10 SF/Yr
      30,000 SF

      Northside Warehouse Space Available

      Pittsburgh Flex Warehouse, 27,000 SF
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      2,328 SF

      Office Space in Historic District

      2,328 SF office space in Pittsburgh's Mexican War Streets.
      1300 Brighton Rd, Pittsburgh, PA 15233
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      30,000 SF

      Prime Pittsburgh Warehouse Space

      30,000 SF Warehouse, 15,413 SF Vacant
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      4,800 SF

      Industrial Space with Drive-In Door

      4,800 SF industrial space featuring a drive-in door.
      901 Pennsylvania Ave, Pittsburgh, PA 15233
      View Details
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    Pittsburgh, PA 15233
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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