Restaurant Investment Opportunity in
For Sale
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951 Liberty Ave, Pittsburgh, PA 15222
Restaurant property in Pittsburgh's Cultural District with high visibility.
Property Size2,310 SF
Price / SF$220.78
Days on Market155
Property Features for 951 Liberty Ave
General Information
Standard status
Active
Size
2,310 SF
Property subtype
Retail
Occupancy
100%
Building Details
Tenancy
Single
Listing Agency:
NAI Burns Scalo
(724) 825-0888
Listed By:
Andreas Kamouyerou · License #PA RS340004
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 11 at 5:53AM
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 NAI Burns Scalo
Investment Insights
Based on property information with market context.
This restaurant investment property is located at 951 Liberty Avenue in the heart of the Cultural District in Downtown Pittsburgh. The property features seating, a bar, and kitchen space on the first floor, with storage space available in the basement. The location benefits from high visibility, with 5,782 ADT on Liberty Avenue and ample foot traffic in the area. The property size is 2,310 square feet.
Key Highlights
- Prime location in the heart of Pittsburgh's Cultural District.
- High visibility with 5,782 ADT on Liberty Avenue and ample foot traffic.
- Existing restaurant infrastructure including seating, bar, and kitchen space.
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
$31,268
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
6.13%
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%
$625,360
$625.4K
Cap Rate 7%
$446,686
$446.7K
Cap Rate 9%
$347,422
$347.4K
Market Conditions
NOI Build-Up for 2,310 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
$44.4K $19.20/SF
− Vacancy
−$2.7K −$1.15/SF
EGI
$41.7K $18.05/SF
− OpEx
−$10.4K −$4.51/SF
NOI
$31.3K $13.54/SF
Area
Pittsburgh, PA
Vacancy
6.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$625,360
Cap Rate 7%
$446,686
Cap Rate 9%
$347,422
Alternative Uses
Best Use
Specialty Retail
$446.7K
$390.9K – $521.1K
NOI $31,268 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$735.7K
$643.7K – $858.3K
NOI $51,498 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,476
Businesses Nearby
Under-served
Demand for This Use
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 Retail in Pittsburgh, PA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property in Pittsburgh's Cultural District with high visibility.
Where is this conventional restaurant located?
The property is located at 951 Liberty Ave Pittsburgh, PA.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Prime location in the heart of Pittsburgh's Cultural District.; High visibility with 5,782 ADT on Liberty Avenue and ample foot traffic.; Existing restaurant infrastructure including seating, bar, and kitchen space.
