215 9Th Ave Homestead, PA 15120
- Apartment buildings
- 15,000 SF
Current Use by Public Records
- Apartment buildings
Property Details for 215 9Th Ave
- Year built
- 1950
- Property size
- 15,000 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a 24-unit apartment building situated at 215 E 9th Ave, Homestead, PA 15120. Boasting 15,000 square feet on an 8,800 square foot lot, this single-building property, constructed in 1950, offers a current cap rate of 8.00% with a pro-forma cap rate of 10.00%. Currently operating at 95.25% occupancy, the building presents a stable income stream with significant value-add potential. Its location, just two blocks from the Waterfront development—a mixed-use entertainment and retail hub built on the site of the historic Homestead Steel Works—and seven miles southeast of Downtown Pittsburgh, provides excellent access to amenities and a thriving market. The property is zoned for multi-family use, allowing for future expansion or upgrades. This presents a compelling investment opportunity for those seeking a stable, high-performing asset with potential for increased net operating income through unit renovations and leveraging the area's revitalization. The building's strong performance and prime location make it an attractive prospect for discerning investors.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Homestead
- County
- Allegheny
- State
- Pennsylvania
- Longitude
- -79.9098
- Latitude
- 40.4069
