3462 William Penn Hwy Pittsburgh, PA 15235
Property profile & analytics
Location Intelligence
Current Use by Public Records
- Lifestyle centers
Property Details for 3462 William Penn Hwy
- Property size
- 146,513 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents The Shoppes at Penn Center East, a Class A, mixed-use property totaling 146,513 square feet in Pittsburgh, Pennsylvania. Situated on William Penn Highway (Route 22), this two-building, two-story shopping center boasts a strong tenancy mix including national brands like Starbucks, Rite Aid, Panera Bread, and Applebee's, alongside a diverse roster of office tenants. The property currently enjoys 82.2% occupancy with a weighted average lease term of 5.5 years and an average in-place rent of $20.18 per square foot. The retail component comprises 72,820 square feet (49.7% of the total gross leasable area), while the office space occupies 73,693 square feet (50.3%). The property benefits from a prime location within the highly amenitized Penn Center East campus, offering convenient access to Interstate 376 and Interstate 76, and is surrounded by a dense retail corridor with limited vacancy. The strong tenant base, including a recently expanded lease with Rizzo International, contributes to a Net Operating Income (NOI) of $1,778,183 and a 9.12% capitalization rate. This Core+ investment opportunity offers significant upside potential with 26,130 square feet of available space. The property features multiple points of ingress/egress and excellent visibility along William Penn Highway, providing unmatched convenience and accessibility. The asking price is $19,500,000.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pittsburgh
- County
- Allegheny
- State
- Pennsylvania
- Longitude
- -79.8104
- Latitude
- 40.4295
