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    40 24Th St Pittsburgh, PA 15222

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    For Lease
    Contact for pricing

    Pittsburgh Strip District Office Space: 1,397 - 14,500 SF

    Lot size:
    113,000 SF

    Property Features for 40 24Th St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    113,000 SF
    Total Rate
    258958.33

    Spaces For Lease

    at 40 24Th St, Pittsburgh, PA 15222 Contact us
    Unit 1st Floor

    $27 /Mo

    Size
    12,854 SF
    Contact us
    Unit 2nd Floor

    $27 /Mo

    Size
    2,758 SF
    Contact us
    Unit 3rd Floor

    $27 /Mo

    Size
    3,219 SF
    Contact us
    Unit Suite 5

    $27 /Mo

    Size
    14,500 SF
    Contact us
    Unit Suite 1

    $27 /Mo

    Size
    10,560 SF
    Contact us
    Unit Suite 4(stat)

    $27 /Mo

    Size
    1,394 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Bruce Mcclellan
    Bruce Mcclellan

    Listing Agency: Hanna Commercial Real Estate - Pittsburgh Listing Agent: Bruce Mcclellan

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    The Crane Building, located at 40 24th Street in Pittsburgh, Pennsylvania's vibrant Strip District, offers exceptional executive office space for lease. This prestigious building boasts a total of 113,000 square feet, divided into six suites, providing flexibility for businesses of various sizes. Currently, 46,491 square feet of prime office space is available, with minimum divisible units starting at 1,397 square feet and contiguous space available up to 14,500 square feet. The building's impressive architecture features high ceilings ranging from 13 to 16 feet, creating a spacious and modern work environment. Situated in the Allegheny County submarket of Pittsburgh Fringe Office, this location offers unparalleled access to the energy and amenities of the Strip District. The building is ideally suited for businesses seeking a prominent address in a thriving commercial hub. Multiple tenancy options are available, catering to a range of business needs and expansion plans. This is a unique opportunity to secure high-quality office space in a highly desirable location within the Pittsburgh metropolitan area. The zip code is 15222.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Net Health Corporate Office Petuum Inc. (Bike/Boat/Book/etc) Store Free Market Health (Bike/Boat/Book/etc) Store FedEx Drop Box Postal Service Stephen Casey Architects Architect

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.9824999
    Latitude
    40.4554613

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    FAQs

    What type of property is this?
    Office Property / Space - Pittsburgh Strip District Office Space: 1,397 - 14,500 SF
    Where is this office property / space located?
    The property is located at 40 24Th St Pittsburgh, PA.
    What is the lease rate?
    The lease rate is $27 SF/Yr.
    What are key features of this property?
    This property features: Exceptional executive office space for lease in Pittsburgh's Strip District, totaling 46,491 square feet available.; Riverfront location between the Cork Factory and Three Crossings.; Free, gated parking.
    (412) 471-3311 Call to check price and availability
    Request Owner's contact information
    40 24Th St Pittsburgh, PA 15222
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    Pittsburgh, PA 15222
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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
    40 24Th St Pittsburgh, PA 15222
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bruce Mcclellan
    Bruce Mcclellan
    Real Estate License ID: AB052183L
    (412) 471-3311
    Learn more
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