606 Evans AveMcKeesport, PA 15132

For Sale
$175,000

Mixed-use investment opportunity, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional mixed-use property at 606 Evans Ave, McKeesport, PA 15132, presents a compelling investment opportunity. The building, totaling 2,130 square feet, features a ground-floor medical office space and a second-floor two-bedroom apartment. Currently, the property boasts a 50% occupancy rate, generating a net operating income (NOI) of $17,203. However, a pro-forma NOI of $20,703 is projected based on increased rental income. The asking price is $175,000, translating to $82.16 per square foot and $87,500 per unit. The medical office space includes a waiting room, reception area, two exam rooms, and a private office. The second-floor apartment, currently rented for $900 per month, features a small back patio. The property sits on a 2,668 square foot lot and benefits from C-5 zoning, allowing for a variety of uses including medical facilities, offices, retail, and rehabilitation centers. Its prime location across from UPMC McKeesport Hospital and minutes from the Pennsylvania Turnpike ensures high visibility and accessibility. Separate utility metering is in place for both units. The property offers a current cap rate of 9.83% and a pro-forma cap rate of 11.83%, indicating significant potential for return on investment. This is a rare opportunity to acquire a well-located, mixed-use property with strong upside potential in a growing market.

Highlights

  • Mixed-use property with 2,130 sq ft building, including a medical office and a 2-bedroom apartment.
  • Currently 50% occupied, generating $17,203 NOI, with a projected $20,703 NOI.
  • Asking price: $175,000 ($82.16/sq ft, $87,500/unit).
  • Located across from UPMC McKeesport Hospital, minutes from the PA Turnpike.
  • C-5 zoning allows for various uses, including medical, office, retail, and rehabilitation.

Property Details for 606 Evans Ave

Property type
Other specialty properties, Other office properties
Square Feet
2,130 SF
Class
C
Stories
2
Units
2

Location Insight

City
McKeesport
County
Allegheny
State
Pennsylvania
Latitude
40.35006973481
Longitude
-79.849488038806
606 Evans Ave, McKeesport, Pennsylvania

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606 Evans Ave
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