1127 Wayne AveMcKees Rocks, PA 15136

Property Details for 1127 Wayne Ave

Lot size

4.91 AC

Property type

Office buildings

APN

72-M-230

APU

72M230

Description

This exceptional 63,000 square foot mixed-use property, situated on a 4.9-acre lot in McKees Rocks, Pennsylvania, presents a unique redevelopment opportunity. Originally constructed in 1927 and extensively renovated between 2019 and 2022 (with over $700,000 invested), this former high school boasts a two-story, single-building structure with 60,000 square feet of net rentable space. Currently operating at 100% occupancy as of February 10, 2024, the property offers significant potential for various uses, including senior living, a community center, or conversion into apartments. Its versatile zoning allows for a wide range of possibilities. The property features ample off-street parking and benefits from its location within an Opportunity Zone, providing attractive tax advantages for investors. Significant renovations include the installation of over 2,500 glass block windows, removal of ceiling panels and plaster in the auditorium, and a silicone sealant roof coating (applied twice). The property enjoys a spectacular view of the Pittsburgh skyline and unique terraced grounds. Property taxes were waived. APN: 0072-M-00230, 0072-M-00290. Asking price: $1,450,000 ($23.02/sq ft). This is a rare chance to acquire a substantial property in a mature neighborhood with high demand for new housing and limited undeveloped land.

• CAP approach

  CAP return

  Valuation

  6%

  $40,641,804

  6.5%

  $37,515,512

  7%

  $34,835,832

• Comparable approach

  Method

  Valuation

  Relative Method

  $19,989,966

  Geo Method

  $19,989,966

• Alternative Use

  Use

  Valuation

  Residential

  $46,519,232

  Hospitality

  $42,611,368

  Educational

  $35,452,156

  Medical

  $36,671,412

  Retail

  $55,147,800

Location Insight

City

Mc Kees Rocks

County

Allegheny

State

Pennsylvania

Latitude

40.4659

Longitude

-80.0707

CBSA code

38300

CBSA name

PITTSBURGH, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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