215 9Th AveHomestead, PA 15120

For Sale
$1,000,000

24 Units, 8% Cap Rate, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional multifamily investment opportunity presents a 24-unit apartment building situated at 215 E 9th Ave, Homestead, PA 15120. Boasting 15,000 square feet on an 8,800 square foot lot, this single-building property, constructed in 1950, offers a current cap rate of 8.00% with a pro-forma cap rate of 10.00%. Currently operating at 95.25% occupancy, the building presents a stable income stream with significant value-add potential. Its location, just two blocks from the Waterfront development—a mixed-use entertainment and retail hub built on the site of the historic Homestead Steel Works—and seven miles southeast of Downtown Pittsburgh, provides excellent access to amenities and a thriving market. The property is zoned for multi-family use, allowing for future expansion or upgrades. This presents a compelling investment opportunity for those seeking a stable, high-performing asset with potential for increased net operating income through unit renovations and leveraging the area's revitalization. The building's strong performance and prime location make it an attractive prospect for discerning investors.

Highlights

  • $1,000,000 asking price.
  • 24-unit apartment building.
  • 15,000 square feet.
  • 8% cap rate, 10% pro-forma cap rate.
  • 95.25% occupancy.
  • Built in 1950, one building on an 8,800 sq ft lot.

Property Details for 215 9Th Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
15,000 SF
Year Built
1950
Buildings
1
Units
24

Location Insight

City
Homestead
County
Allegheny
State
Pennsylvania
Latitude
40.4068697
Longitude
-79.9097511
215 9Th Ave, Homestead, Pennsylvania

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215 9Th Ave
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