Property details
Pittsburgh MSA Multifamily Property, Northeast Region
Property Description
Pittsburgh MSA Multifamily Portfolio
This is currently an off-market, confidential offering.
South Allegheny Submarket
Price Per Unit: $81,818
Rentable SF: 32,838
Cap Rate (Current): 6.34%
Net Operating Income: $228,299
Cap Rate (Proforma): 8.63%
Proforma Net Operating Income: $310,791
6 Property portfolio, 44 total units consisting of (32) 1 bed/1 bath, (8) 2 bed/1 bath and (4) 3 bed/1 bathand.
95% current occupancy which includes owner shop and one unit in renovation. (delivery12/21).
Strong occupancy history for many years. Good base of long- term tenants.
Tenants pay all utilities that are separately metered.
Current rent averages 25% below CoStar market average rent of $1.12 sf.
In close proximity to Pittsburgh CBD and Pittsburgh International Airport.
Easy access to bus line and major interstate routes.
Tremendous upside to rent income potential.
Immediate impact upon completion of one unit in renovation and nearly complete along with conversion of the maintenance shop back to a revenue producing apartment.
The Property portfolio is located within the Pittsburgh MSA, South Allegheny submarket.
A mix of Class B and C Suburban Multifamily apartments, consisting of 44 units in six buildings ranging from 2-20 units.
Some with garages and individual balconies while complimented by ample, paved, surface parking.
Properties are close to all shopping and related services.
The apartments and common building areas are well maintained and in good appearance with little or no deferred maintenance.
All roofs are in good condition and average 8-10 years of age.
Properties are long time family owned and managed by conscientious owners.
Units feature floorplans from 650 square feet to 1,026 square feet, fully appointed kitchens, including dishwashers and gas heat.
Central air conditioning in 32 units, some have private storage rooms or basements with private laundry rooms and washer/dryer hookups.
21 units have private balconies others have backyards and garages.
The property is located in just five miles from downtown Pittsburgh and the Central Business District.
Pittsburgh International Airport is relatively close to the property.
Images
Highlights
- Status:
- Available
- Price:
- $3,600,000
- PSF:
- $110
- Cap Rate:
- 6.34%
Property Information
- Building Size:
- 32,838 sq.ft.
- Property Type:
- Apartments
- Industry Type:
- Apartment - Multifamily
- Units/Spaces:
- 44
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.