Freestanding Flex Building with
For Sale
Contact for pricing
145 Delta Dr, Pittsburgh, PA 15238
8,808 SF flex building featuring office and warehouse space.
Property Size8,808 SF
Price / SF$164.62
Days on Market708
Property Features for 145 Delta Dr
General Information
Standard status
Active
Size
8,808 SF
Property subtype
Office
Listing Agency:
Hanna Commercial Real Estate - Pittsburgh
Listed By:
Michael Connor · License #PA RS330446
(412) 261-2200
Source:
Crexi
Added: Sep 27, 2024
Changed: Aug 16
Last Checked: Sep 2 at 7:08AM
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 Hanna Commercial Real Estate - Pittsburgh
Investment Insights
Based on property information with market context.
This 8,808 square-foot freestanding building includes 2,652 square feet of office space and 6,156 square feet of warehouse space. A 3,438 square-foot mezzanine is present but not included in the rentable square footage. The office area features a reception area, one private office, and open office areas. The warehouse includes a lunchroom, shipping office, and conference/training room. There are two full sets of restrooms, plus a shop restroom with an eyewash station. A 1/2-ton freight lift provides access to the mezzanine. The property is equipped with 800 amps of 120/208V power. The warehouse portion is 70% sprinklered. Access to the warehouse is provided by one 12’ x 14’ electric drive-in door. HVAC is provided by gas-fired roof-top units and gas-fired space heaters in the warehouse. Ceiling heights in the warehouse are 16’9” for 2,718 square feet, and 7’11” under the mezzanine. There are 16 parking spaces available, providing a ratio of 1.82 spaces per 1,000 rentable square feet.
Key Highlights
- 8,808 SF Free‑Standing Building
- Features 2,652 SF of Office space and 6,156 SF of Warehouse space
- High Power Capacity: 800 amp 120/208 V
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
$51,664
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
3.56%
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%
$1,033,280
$1.0M
Cap Rate 7%
$738,057
$738.1K
Cap Rate 9%
$574,044
$574.0K
Market Conditions
NOI Build-Up for 8,808 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
$84.6K $9.60/SF
− Vacancy
−$5.1K −$0.58/SF
EGI
$79.5K $9.02/SF
− OpEx
−$27.8K −$3.16/SF
NOI
$51.7K $5.87/SF
Area
Pittsburgh, PA
Vacancy
6.00%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,033,280
Cap Rate 7%
$738,057
Cap Rate 9%
$574,044
Alternative Uses
Best Use
Flex RnD
$738.1K
$645.8K – $861.1K
NOI $51,664 @ 7.0% cap · market cap 3.56%
Second Best
Industrial
$710.7K
$621.8K – $829.1K
NOI $49,747 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$2.81M
$2.45M – $3.27M
NOI $196,361 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 15238, PA
13,266
Population
6,001
Households
2.2
Avg Household Size
47
Median Age
75%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
840
Density / Sq Mi
$124,904
Median Household Income
$78,510
Median Earnings
$1,189
Median Rent
$452,300
Median Home Value
Market
Vacancy Rate% for Industrial in Pittsburgh, PA
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Frequently Asked Questions
What type of property is this?
Flex space - 8,808 SF flex building featuring office and warehouse space.
Where is this flex space located?
The property is located at 145 Delta Dr Pittsburgh, PA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 8,808 SF Free‑Standing Building; Features 2,652 SF of Office space and 6,156 SF of Warehouse space; High Power Capacity: 800 amp 120/208 V
