Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    402 Kirkpatrick St Pittsburgh, PA 15219
    Back to Search
    Property profile & analytics

    402 Kirkpatrick St, Pittsburgh, PA 15219

    View on Map
    • Commercial real estate
    • 30,128 SF
    • 1.13 lot acres
    Off-Market
    Property ID
    US73-0101267
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 402 Kirkpatrick St

    Lot size
    1.13 lot acres
    Property type
    Commercial real estate
    APN
    10-P-209, 10-R-86, 10-R-84, 10-R-85

    Description

    This exceptional multifamily investment opportunity encompasses a 48-unit apartment building portfolio situated in Pittsburgh, Pennsylvania's vibrant Hill District. The property consists of three buildings situated on three separate parcels totaling 1.13 acres, with addresses at 402 Kirkpatrick St, 2331-2347 Reed St, and 2202-2206 LaPlace St, all within the 15219 zip code. The combined square footage is 30,128, offering a current asking price of $2,100,000, or $43,750 per unit. The property boasts a current Net Operating Income (NOI) of $164,082, translating to a 7.81% capitalization rate. A pro-forma analysis projects a significantly higher NOI of $295,490 and a 14.07% capitalization rate, indicating substantial value-add potential. This potential is further enhanced by the property's location within a Federal and State Opportunity Zone, presenting tax advantages for investors. The property's strategic location offers convenient access to Downtown Pittsburgh's Central Business District (CBD), approximately five minutes away, and benefits from excellent public transportation. Furthermore, the Kirkpatrick Street parcel (APN 10-P-209) presents a significant development opportunity, with zoning already in place for a potential expansion of up to 185 units, based on a proposed budget exceeding $20 million. The existing buildings offer a value-add opportunity through utility separation. This portfolio presents a compelling investment opportunity for those seeking strong returns and significant upside potential in a rapidly developing urban area. The Allegheny County location provides further investment security.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.9755082
    Latitude
    40.4445934

    Comparable in this City

    • $250,000
      0.04 Acres

      Mixed-Use Building in Hill District

      Mixed-use property with retail and apartments in Hill District.
      2042 Center Hill Rd, District, PA 15219
      View Details
    • $650,000

      Mixed-Use Investment Building

      Renovated mixed-use property with a ground-floor storefront and six rent-ready apartments plus rear office space.
      2145 Centre Ave, Pittsburgh, PA 15219
      View Details
    • Contact for pricing
      0.22 Acres

      Uptown Pittsburgh Redevelopment Opportunity

      Prime Location, Mixed-Use Potential
      1801 Blvd Of The Allies, Pittsburgh, PA 15219
      View Details
    • $835,000
      Pending

      Renovated Mixed-Use Property in Pittsburgh

      Turn-key investment opportunity in a popular Pittsburgh location.
      3105 Brereton St, Pittsburgh, PA 15219
      View Details
    • $50,000
      1,632 SF

      Duplex Fixer-Upper with Conversion Potential

      Duplex with conversion potential, priced for a fast sale.
      769 Bryn Mawr Rd, Pittsburgh, PA 15219
      View Details
    • New
      Contact for pricing
      0.05 Acres

      Charming Brick Duplex Investment Opportunity

      Well-maintained duplex near Downtown Pittsburgh with immediate income potential.
      2918 Leander St, Pittsburgh, PA 15219
      View Details

    Similar Nearby for Sale

    • $250,000
      0.04 Acres

      Mixed-Use Building in Hill District

      Mixed-use property with retail and apartments in Hill District.
      2042 Center Hill Rd, District, PA 15219
      View Details
    • $650,000

      Mixed-Use Investment Building

      Renovated mixed-use property with a ground-floor storefront and six rent-ready apartments plus rear office space.
      2145 Centre Ave, Pittsburgh, PA 15219
      View Details
    • Contact for pricing
      0.22 Acres

      Uptown Pittsburgh Redevelopment Opportunity

      Prime Location, Mixed-Use Potential
      1801 Blvd Of The Allies, Pittsburgh, PA 15219
      View Details
    • $835,000
      Pending

      Renovated Mixed-Use Property in Pittsburgh

      Turn-key investment opportunity in a popular Pittsburgh location.
      3105 Brereton St, Pittsburgh, PA 15219
      View Details
    • $50,000
      1,632 SF

      Duplex Fixer-Upper with Conversion Potential

      Duplex with conversion potential, priced for a fast sale.
      769 Bryn Mawr Rd, Pittsburgh, PA 15219
      View Details
    • New
      Contact for pricing
      0.05 Acres

      Charming Brick Duplex Investment Opportunity

      Well-maintained duplex near Downtown Pittsburgh with immediate income potential.
      2918 Leander St, Pittsburgh, PA 15219
      View Details

    Similar Nearby for Lease

    • $915,000

      Downtown Office Space Available

      Spacious downtown office suite with offices, conference rooms, and kitchen.
      710 Downtown, Pgh, PA 15219
      View Details
    • Contact for pricing
      160,200 SF

      Innovation District Life Sciences Hub

      Six-floor, 160,000 SF building in Pittsburgh Innovation District.
      350 Technology Dr, Pittsburgh, PA 15219
      View Details
    • Contact for pricing
      6,000 SF

      Creative Office Space Available

      Mixed-use office space for creatives, entrepreneurs, and hybrid work.
      1908 Wylie Ave, Pittsburgh, PA 15219
      View Details
    • $38 SF/Yr
      312,672 SF

      Class A Office Building

      45-story Class A office building in the CDB.
      301 Grant St, Pittsburgh, PA 15219
      View Details
    • $27 SF/Yr
      22,276 SF

      Office Space in Station Square

      Office space available for lease in Pittsburgh, Pennsylvania.
      100 West Station Square Dr, Pittsburgh, PA 15219
      View Details
    • $16 SF/Yr
      4,171 SF

      Downtown Pittsburgh Office Space Available

      Six-story masonry building in Pittsburgh's central business district.
      225 Ross St, Pittsburgh, PA 15219
      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.
    402 Kirkpatrick St
    Pittsburgh, PA 15219
    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
    402 Kirkpatrick St, Pittsburgh, PA, 15219
    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!