111 Smithfield St
Pittsburgh, PA 15222
Emerald Building · Retail Property For Sale
![111 Smithfield St, Pittsburgh, PA for sale - Building Photo - Image 1 of 1](https://images1.loopnet.com/i2/HdGN5NOt2FWvaLL1Um8131pxNgkLXq4eLOyvrVMzsrQ/110/111-Smithfield-St-Pittsburgh-PA-Building-Photo-1-Large.jpg)
PROPERTY FACTS
ABOUT 111 SMITHFIELD ST , PITTSBURGH, PA 15222
Great three-story building with full occupancy. First floor is an Indian restaurant (lease expires Jan. 2020). Second floor is a two-bedroom apartment (expires May 2020). The third floor is a two-bedroom apartment (month-to-month; tenant been there since 2013). The apartments on the second and third floors have a separate entrance from the restaurant. Each apartment is overly spacious and a third bedroom could be easily added. Zoning is Golden Triangle, which allows for flexible usage, such as office, retail, residential, and restaurant. These apartments have a high demand since they are around the corner from Point Park University. The list price is based on the following. If a buyer finances 80% of the list price, the monthly mortgage on the building would be $3,022 (30-year loan at 6% interest). The net income on the building currently is $3,635 (rent minus taxes and landlord's contribution to utilities). Thus, the profit would be $613/month. If a third bedroom is added to each apartment, the rent for each could easily increase to $1,800/month. (Historically, each student in an apartment has been willing to pay $600 per month toward rent, which totals $1,800 for three bedrooms.) This minor renovation increases the profit to $1,978/month. The building pays for itself and can generate an extra 2K per month for the owner. The building is in great condition with no significant repairs needed. A law firm and an architectural firm are across the street as well as other small restaurants on the block. Station Square is less than a ten-minute walk by crossing the Smithfield Bridge over the Monongahela River.
PROPERTY TAXES
Parcel Number | 0001-M-00122-0000-00 | Improvements Assessment | $307,000 |
Land Assessment | $148,000 | Total Assessment | $455,000 |
Listing ID: 15970601
Date on Market: 5/6/2019
Last Updated:
Address: 111 Smithfield St, Pittsburgh, PA 15222
The The Point Retail Property at 111 Smithfield St, Pittsburgh, PA 15222 is no longer being advertised on LoopNet.com. Contact the broker for information on availability.
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