7218 Meade St Pittsburgh, PA 15208
- Commercial real estate
- 5,390 SF
Current Use by Public Records
- Commercial real estate
Property Details for 7218 Meade St
- Property size
- 5,390 SF
- Property type
- Commercial real estate
- APN
- 0126-H-00266-0000-00
Description
This exceptional four-unit apartment building presents a compelling investment opportunity in Pittsburgh's desirable Point Breeze neighborhood. The 5,390 square foot building, completely renovated in 2021, boasts a 7.99% cap rate and a strong net operating income (NOI) of $59,943, reflecting a 100% occupancy rate. The property features two spacious four-bedroom, two-bathroom units and two comfortable two-bedroom, one-bathroom units, all designed with modern amenities and contemporary layouts. Current rental income averages $1,750 per month for the four-bedroom units and $1,350 for the two-bedroom units, with tenants responsible for all utilities, minimizing owner overhead. Situated on a 7,800 square foot lot, the three-story building is zoned for four families, ensuring compliance and future development potential. Its prime location offers easy access to public transportation, Frick Park, Bakery Square, Regent Square, and numerous shopping and dining options, including Trader Joe's, Giant Eagle Market District, and LA Fitness. Ample parking and a secure, well-lit property enhance tenant satisfaction and peace of mind. This stabilized investment, priced at $750,000 ($187,500 per unit and $139.15 per square foot), offers a rare blend of strong rental income, prime location, and modern updates, making it an ideal addition to any multifamily portfolio. The Allegheny County property (APN: 0126-H-00266-0000-00) is owned by MORGAN FAMILY DEVELOPMENT LP.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pittsburgh
- County
- Allegheny
- State
- Pennsylvania
- Longitude
- -79.899635861804
- Latitude
- 40.449681466464
