Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2714 Penn Ave Pittsburgh, PA 15222
    Back to Search
    Property profile & analytics

    2714 Penn Ave, Pittsburgh, PA 15222

    View on Map
    • Retail properties & Spaces
    • 7,200 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 2714 Penn Ave

    Property type
    Retail properties & Spaces
    Property subtype
    Freestanding property

    Description

    This exceptional 7,200 square foot freestanding retail building, located at 2714-2716 Penn Avenue in the vibrant Strip District of Allegheny County, presents a unique investment opportunity. The property boasts a highly visible 74-foot frontage along Penn Avenue, ensuring maximum exposure to the area's substantial foot traffic. Currently fully vacant, the entire space is available for lease, offering unparalleled flexibility for a single tenant or the possibility of subdivision to accommodate multiple occupants. The building features high ceilings, reaching 18 feet, creating a spacious and impressive interior. The layout includes a large retail showroom area, complemented by office and warehouse components, providing versatility for a range of businesses. The expansive storefront windows maximize natural light and provide excellent visibility for showcasing merchandise or services. This prime location in the bustling Strip District offers unparalleled access to a diverse customer base and a thriving commercial environment. The property's size and adaptable design make it ideal for a variety of retail uses. Don't miss this chance to secure a prominent presence in one of Pittsburgh's most dynamic neighborhoods. Contact us today to learn more about leasing this exceptional retail space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.9765
    Latitude
    40.4563

    Comparable in this City

    • Value Estimation by Request
      40,000 SF

      429 Smithfield St

      Individual retail properties
      429 Smithfield St, Pittsburgh, PA 15222
      View Details
    • Value Estimation by Request
      40,000 SF

      429 Smithfield St

      Individual retail properties
      429 Smithfield St, Pittsburgh, PA 15222
      View Details
    • Value Estimation by Request
      17,611 SF

      535-547 6Th St

      Lifestyle centers
      535-547 6Th St, Pittsburgh, PA 15222
      View Details
    • Value Estimation by Request
      220,000 SF

      607-609 Penn Ave

      Neighborhood centers
      607-609 Penn Ave, Pittsburgh, PA 15222
      View Details
    • Value Estimation by Request

      120 5Th Ave

      Restaurants
      120 5Th Ave, Pittsburgh, PA 15222
      View Details
    • Value Estimation by Request
      90,000 SF

      316 4Th Ave

      Retail properties & Spaces
      316 4Th Ave, Pittsburgh, PA 15222
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,468 SF

      Strip District Retail/Office Gem

      Prime Pittsburgh location, flexible space available.
      1421 Penn Ave, Pittsburgh, PA 15222
      View Details
    • Contact for pricing
      Pending

      Downtown Pittsburgh Retail Opportunity

      Retail space for sale in Pittsburgh's Cultural District.
      123 6Th St, Pittsburgh, PA 15222
      View Details
    • $490,000
      0.40 Acres

      Downtown Pittsburgh Retail Opportunity

      Retail space in downtown Pittsburgh near Smithfield Street Bridge.
      109 Smithfield St, Pgh, PA 15222
      View Details
    • $2,924,435

      Downtown Pittsburgh Multi-Tenant Center

      Multi-tenant retail center in downtown Pittsburgh with high foot traffic.
      808 Liberty Ave, Pittsburgh, PA 15222
      View Details
    • Contact for pricing

      Strip District Build-Out Opportunity

      Three-level open concept space in Pittsburgh's Strip District.
      2227 Penn Ave, Pittsburgh, PA 15222
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      13,799 SF

      Office, Retail and Restaurant Space in Downtown Pittsburgh PA

      Office suite in historic building, prime downtown location.
      355 5Th Ave, Pittsburgh, PA 15222
      View Details
    • Contact for pricing
      14,400 SF

      Business - Downtown Pgh, PA

      Versatile 8,000+ SF space in the heart of Downtown Pittsburgh.
      235-239 4Th Ave, Pittsburgh, PA 15222
      View Details
    • Contact for pricing

      Park Building

      Restaurant Available Downtown Pittsburgh
      355 5Th Ave, Pittsburgh, PA 15222
      View Details
    • Contact for pricing
      13,799 SF

      Business - Downtown Pgh, PA

      Prime ground floor retail space in downtown Pittsburgh.
      355 Downtown, Pittsburgh, PA 15222
      View Details
    • Contact for pricing

      Mixed-Use Project in Pittsburgh

      Mixed-use property with modern design and dynamic neighborhood context.
      116th 15Th St, Pittsburgh, PA 15222
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2714 Penn Ave
    Pittsburgh, PA 15222
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2714 Penn Ave, Pittsburgh, PA, 15222
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!