402 Kirkpatrick St Pittsburgh, PA 15219

Property Details for 402 Kirkpatrick St

Lot size

1.13 lot acres

Property size

30,128 SF

Property type

Commercial real estate

APN

10-P-209, 10-R-86, 10-R-84, 10-R-85

Description

This exceptional multifamily investment opportunity encompasses a 48-unit apartment building portfolio situated in Pittsburgh, Pennsylvania's vibrant Hill District. The property consists of three buildings situated on three separate parcels totaling 1.13 acres, with addresses at 402 Kirkpatrick St, 2331-2347 Reed St, and 2202-2206 LaPlace St, all within the 15219 zip code. The combined square footage is 30,128, offering a current asking price of $2,100,000, or $43,750 per unit. The property boasts a current Net Operating Income (NOI) of $164,082, translating to a 7.81% capitalization rate. A pro-forma analysis projects a significantly higher NOI of $295,490 and a 14.07% capitalization rate, indicating substantial value-add potential. This potential is further enhanced by the property's location within a Federal and State Opportunity Zone, presenting tax advantages for investors. The property's strategic location offers convenient access to Downtown Pittsburgh's Central Business District (CBD), approximately five minutes away, and benefits from excellent public transportation. Furthermore, the Kirkpatrick Street parcel (APN 10-P-209) presents a significant development opportunity, with zoning already in place for a potential expansion of up to 185 units, based on a proposed budget exceeding $20 million. The existing buildings offer a value-add opportunity through utility separation. This portfolio presents a compelling investment opportunity for those seeking strong returns and significant upside potential in a rapidly developing urban area. The Allegheny County location provides further investment security.