2950 Water StPittsburgh, PA 15203

Property Details for 2950 Water St

Lot size

1.86 AC

Property type

Hospitality properties

Property subtype

Hotels

APN

29-J-220

APU

29J220

Description

This exceptional 3,700 square foot restaurant space is available for lease in a prime South Side location. Situated at the base of the SpringHill Suites hotel, this property boasts an expansive outdoor patio, perfect for al fresco dining. Its corner location ensures high visibility, benefiting from its proximity to the entrance of both the Steelers/Pitt Football Practice facility and the UPMC Sports Medicine Facility. The property's strategic placement directly across from a SouthSide Works entrance guarantees significant foot traffic. The space also benefits from the considerable number of guests at the adjacent 115-room SpringHill Suites hotel. Further enhancing its appeal is its location next to the IBEW Circuit Center, a popular wedding and conference venue. The property's position along the Three Rivers Heritage Trail provides year-round access to a large base of runners, walkers, and cyclists. This unique combination of factors creates an unparalleled opportunity for a thriving restaurant business. The space is currently vacant and ready for immediate occupancy. The lease terms are negotiable and offer a chance to establish a successful enterprise in a vibrant and high-traffic area. This is a rare opportunity to secure a highly visible and well-located restaurant space in a rapidly developing area of Allegheny County.

• CAP approach

  CAP return

  Valuation

  6%

  $20,052,260

  6.5%

  $18,509,778

  7%

  $17,187,652

• Comparable approach

  Method

  Valuation

  Relative Method

  $29,898,310

  Geo Method

  $29,898,310

• Alternative Use

  Use

  Valuation

  Residential

  $20,207,300

  Hospitality

  $18,509,778

  Educational

  $15,399,918

  Medical

  $15,929,545

  Retail

  $23,955,428

Location Insight

City

Pittsburgh

County

Allegheny

State

Pennsylvania

Latitude

40.4264

Longitude

-79.9615

CBSA code

38300

CBSA name

PITTSBURGH, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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