Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    5231 Penn Ave Pittsburgh, PA 15224
    Back to Search
    Property profile & analytics

    5231 Penn Ave Pittsburgh, PA 15224

    View on Map
    • Office buildings
    • 0.54 lot acres
    For Sale
    $3,950,000
    View Listing →
    East End Office Sublease Opportunity For Sale
    $3,950,000
    28,661 SF

    East End Office Sublease Opportunity

    Office building sublease in Pittsburgh's East End with parking.

    5231 Penn Ave, Pittsburgh, PA 15224
    View Listing
    Property ID
    US73-0643615
    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

    • Dr. Vernon Nathaniel / Physician
    • Dr. William Cutlip / Physician
    • Transitional Services Inc / Accounting Firm / Tax Preparation
    • Cierra Mcclary / Medical Clinic
    • Central Probation Office / Probation Office

    Property Details for 5231 Penn Ave

    Lot size
    0.54 lot acres
    Property type
    Office buildings
    APN
    50-L-306
    APU
    50L306

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,950,000
      ML approach
      $3,950,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Pittsburgh
    County
    Allegheny
    State
    Pennsylvania
    Longitude
    -79.9389
    Latitude
    40.4651
    CBSA code
    38300
    CBSA name
    PITTSBURGH, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $61,056
    $427,000
    $2,223,000
    $2,650,000
    -
    $427,000
    $2,223,000
    $2,650,000

    Comparable in this City

    • Value Estimation by Request
      0.07 Acres

      4818 Liberty Ave

      OFFICE BUILDING • 0.07 Acres
      4818 Liberty Ave, Pittsburgh, PA 15224-2108
      View Details
    • Value Estimation by Request
      0.04 Acres

      4041 Penn Ave

      OFFICE BUILDING • 0.04 Acres
      4041 Penn Ave, Pittsburgh, PA 15224-1333
      View Details
    • Value Estimation by Request
      1,200 SF

      4406 Penn Ave

      OFFICE BUILDING (MULTI-STORY) • 1,200 SF
      4406 Penn Ave, Pittsburgh, PA 15224-1312
      View Details
    • Value Estimation by Request
      0.31 Acres

      5131 Cypress St

      OFFICE BUILDING • 0.31 Acres
      5131 Cypress St, Pittsburgh, PA 15224-2251
      View Details
    • Value Estimation by Request
      0.09 Acres

      4063 Liberty Ave

      OFFICE BUILDING • 0.09 Acres
      4063 Liberty Ave, Pittsburgh, PA 15224-1443
      View Details
    • Value Estimation by Request
      0.05 Acres

      4202 Penn Ave

      OFFICE BUILDING • 0.05 Acres
      4202 Penn Ave, Pittsburgh, PA 15224-1308
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      East End Office Sublease Opportunity

      Office building sublease in Pittsburgh's East End with parking.
      5231 Penn Ave, Pittsburgh, PA 15224
      View Details
    • $2,999,000
      20,000 SF

      Medical/Office For Sale or Lease

      Medical/Office For Sale or Lease
      4824 Liberty Ave, Pittsburgh, PA 15224
      View Details
    • $2,800,000
      34,368 SF

      Redevelopment Opportunity | Upper Strip District

      Redevelopment Opportunity | Upper Strip District
      4017 Liberty Ave, Pittsburgh, PA 15224
      View Details
    • Contact for pricing
      5,236 SF

      Prime Urban Location Near Hospital

      Office building with off-street parking near UPMC Children’s Hospital.
      4416 Penn Ave, Pittsburgh, PA 15224
      View Details
    • $850,000
      0.13 Acres

      Bloomfield Commercial Property with Parking

      Versatile commercial property with parking in Pittsburgh's medical community.
      4225 Main St, Bloomfield, PA 15224
      View Details
    • $850,000
      0.15 Acres

      Bloomfield Commercial Property with Parking

      Versatile commercial property in Bloomfield with parking and development potential.
      4301 Main St, Bloomfield, PA 15224
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,900 SF

      Office Building Sublease Opportunity

      Sublease opportunity with free parking and public transportation access.
      5231 Penn Ave, Pittsburgh, PA 15224
      View Details
    • Contact for pricing
      6,300 SF

      Bloomfield Retail/Office Space Available

      High-traffic location in Bloomfield with dedicated parking.
      4761 Liberty Ave, Pittsburgh, PA 15224
      View Details
    • Contact for pricing

      Shadyside Restaurant Sub-Lease Opportunity

      Equipped restaurant space for sub-lease in prime Shadyside location.
      5102 Baum Blvd, Pittsburgh, PA 15224
      View Details
    • Contact for pricing
      3,329 SF

      New Retail Development in Bloomfield

      New construction retail development with on-site parking in Bloomfield.
      5207-5231 Liberty Ave, Pittsburgh, PA 15224
      View Details
    • Contact for pricing
      3,452 SF

      Prime Retail Corner Space Available

      Excellent exposure, dedicated parking, and existing build-out in growing area.
      5335 Baum Blvd, Pittsburgh, PA 15224
      View Details
    • $2,300 /Mo
      5,615 SF

      Turnkey Restaurant Space in Shadyside

      Established restaurant space available for sublease in a high-traffic Pittsburgh neighborhood.
      5102 Baum Blvd, Shadyside, PA 15224
      View Details
    View Listing
    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.
    5231 Penn Ave
    Pittsburgh, PA 15224
    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
    5231 Penn Ave, Pittsburgh, PA, 15224
    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!