115 Smithfield St Pittsburgh, PA 15222-2203

Property Details for 115 Smithfield St

Lot size

0.07 lot acres

Property type

Investment properties

Property subtype

Live-work space

APN

1-M-123

APU

1M123

Description

This exceptional three-story executive office building, located at 115 Smithfield Street in Pittsburgh, Pennsylvania's central district, presents a compelling investment opportunity. Boasting 9,000 square feet on a 0.07-acre lot, the property offers a strong net operating income (NOI) of $110,000, translating to a 4.40% capitalization rate. The asking price is $2,500,000, resulting in a price per square foot of $277.78. Originally constructed in 1900 and renovated in 1980, the building is zoned for commercial use and benefits from its high-traffic location within walking distance of Pittsburgh's cultural and financial districts. Current leases are in place, providing immediate investment returns. The property's iconic status and central location make it ideal for continued operation as executive offices or present a unique opportunity for redevelopment or a change of use, capitalizing on the area's ongoing revitalization. Additionally, a ground lease option is available at an 8.8% cap rate. This property offers a blend of established income and significant future potential in a thriving Pittsburgh neighborhood. The Allegheny County location and 15219 zip code provide easy access to major transportation routes and amenities.