501 Penn AvePittsburgh, PA 15222

Property Details for 501 Penn Ave

Lot size

0.47 AC

Property type

Retail properties

Property subtype

Banks

APN

175-S-73

APU

175S73

Description

This exceptional 10,000 square foot creative office space is ideally situated at the entrance to Pittsburgh's vibrant Cultural District. Boasting a prime corner location at the intersection of Penn Avenue and Cecil Place, this single-tenant property offers unparalleled visibility and accessibility. The space features dramatic 21-foot ceilings, creating a unique and inspiring atmosphere perfect for a variety of businesses. Convenient loading access is available via Cecil Place, streamlining operations. This location benefits from a captive audience of approximately 2,500 employees in nearby Fifth Avenue Place and Penn Avenue Place, along with the constant flow of visitors and residents within the Cultural District. The property's strategic position ensures high foot traffic and significant brand exposure. Furthermore, there's a potential for an additional 10,000 square feet of storage space in the lower level, providing ample room for expansion or inventory management. This Allegheny County property presents a rare opportunity to establish a thriving business in a dynamic and highly sought-after location. The property is currently vacant and ready for immediate occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $7,112,260

  6.5%

  $6,565,164

  7%

  $6,096,223

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,242,238

  Geo Method

  $10,242,238

• Alternative Use

  Use

  Valuation

  Residential

  $5,537,961

  Hospitality

  $5,072,742

  Educational

  $4,220,462

  Medical

  $4,365,610

  Retail

  $6,565,164

Location Insight

City

Wilkinsburg

County

Allegheny

State

Pennsylvania

Latitude

40.4449

Longitude

-79.8868

CBSA code

38300

CBSA name

PITTSBURGH, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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