Listed by Lee & Associates - Western Pennsylvania
$3,950,000
3220-3232 Penn Ave - Strip District Portfolio
Details
APN 25-D-136, 25-D-141, 25-D-74, 25-D-77, 25-D-131
Property Type Industrial
Sub Type Flex
Square Footage 24,000
Units 3
NOI $189,613
Occupancy 100%
Tenancy Multi
Lease Type NNN
Pro-Forma NOI $328,800
Class B
Year Built 1966
Year Renovated 1990
Buildings 1
Stories 1
Acreage 0.840
Zoning RIV-IMU
Parking Spaces 28 spaces
Parking Per SqFt 1.17
Ground Lease No
Ceiling Height 14
For Sale – Strip District: Redevelopment / Investment / Occupy
Marketing description
Flex-Industrial Building For Sale - Excellent Investment or Owner-Occupier Opportunity
In the Heart of the Strip District
Property Overview:
- Address: 3220-3232 Penn Ave, Pittsburgh, PA 15201
- Building Size: 24,000 SF (gross building area)
- Lot Size: 0.84 total acres
- Parcels:
- 3220 Penn Ave: 25-D-141
- 3228 Penn Ave: 25-D-136
- 3232 Penn Ave: 25-D-74, 25-D-77, 25-D-131
- Municipality: City of Pittsburgh, Allegheny County
- Zoning: RIV-IMU (Riverfront Industrial Mixed-Use)
- Building Use: Flex-Industrial
- Surrounding Uses: Warehouse, office, residential, retail
- Construction: Masonry
- Loading: (3) drive-in doors
- Parking: 28 surface spaces
- Tenancy: Hounds Town, DoorDash (vacated early)
Investment highlights
- Two existing tenants
- Hounds Town and DoorDash (expires 02/2026) provide $189,613 of NOI annually
- Proforma NOI of $328,800 with full occupancy
- Great for:
- Owner-occupancy;
- Lease-up;
- or Vertical construction (up to 155 units)
- Strategic location in the heart of the Strip District, walkable to numerous amenities
- Convenient access: 2 miles to Pittsburgh’s CBD, less than 4 miles to all major roadways (PA-28, I-279, I-579, I-376)
Listing Contacts
Listed by Lee & Associates - Western Pennsylvania
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$189,613.00
$15,801.08/mo
Valuation Metrics
0
DSCR
4.8%
Cap Rate
4.8%
ROI
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