Stunning, renovated, brick building with multiple tenants and off street private parking and courtyard in one of Pittsburgh's Opportunity Zones.
1940 5th Ave
Commercial Opportunity
This income producing property is located in an Opportunity Zone and has Multiple Tenants. The building is located conveniently between downtown Pittsburgh and the Pitt and CMU campuses. There are tax benefits available for tenants due to the desirable Keystone Innovation Zone location. Extensive renovations have been completed inside and out and the building and grounds have been meticulously cared for. Included with the building are two full side lots, grassy and gardened, with off street parking for 15 vehicles.
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Sale Price: $3,000,000
Cap Rate: 7.76%
Building Size: 12,931 SF
Lot Size: 5,040 SF
Units Included: 1932/1934, 1936-1942
Lot # for 1932/1934: 101 0011 K 00010
Lot # for 1936-942: 101 0011 K 00008
Zoning: Commercial -
Front Living Area: 1,478sf
Main Studio Floor: 3,322sf
Loft, includes enclosed area/storage/bathroom: 1,169sf
Second Floor: 1,169sf
Third Floor: 1,290sf
Ground Floor: 3,300sf
Old Tool Room, Bathroom, Slop Alcove: 412sfNon-Rentable Square Feet (Basement, Utility, Storage): 791sf
Building Total: 12,931sf
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2002-2005: Renovation of Interior, Exterior, and Grounds
Parking Lot, ADA Entry, Courtyard, Kitchen, Iron Fencing, Landscaping
2006-2023: Additional Renovation of Interior, Exterior, and Grounds
Repainting of entire building (2017)
Renovation of floor 3/1942 address (new HVAC unit)
Update of Salon floor 2/1942 address (new appliance and oven vent)
New Main Roof (2018–10 year warranty)
New Lower Roof (2019–10 year warranty)
Ongoing renovation of Main Studio (bathroom, conf. area, 2 offices)
Kitchen and Living Space floor 1
Updated/New: HVAC/Plumbing/Electric
Mold Remediation–ground floor (2020)
New Overhead Gas Heating Units (2022)
Exterior Painting–upper 1/3 South/West and Window Repair (2022)
Kitchen Roof repair/fascia (2022)
New Main Studio Boiler (2022)
Two Air Units–Main Roof/Living 1 (2023)
Exterior Painting–Lower Building (2023)
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Financial Summary
(ACTUAL - 2023)
Gross Rental Income
Other Income
Vacancy Loss
Effective Gross Income
Taxes
Operating Expenses
Total Expenses
Net Operating Income
ANNUAL
$271,560
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–
$271,560
$35,000
$46,221
$81,221
$190,339
ANNUAL PER SF
$21.92
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$21.92
$2.82
$3.73
$6.55
$15.36
Prime Location
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Commercial site in the rapidly evolving neighborhood of Uptown. Nearby projects include the new UPMC Mercy Vision and Rehabilitation facility, Bus Rapid Transit’s major transit and streetscape enhancement project scheduled to finish in 2024, as well as eight additional major institutional, commercial, and residential projects currently unfolding–two of which are at Duquesne University on Forbes Ave.
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This prime property is in a Keystone Innovation Zone that makes tax benefits available to startup companies. Located directly between Downtown Pittsburgh and the Medical/Educational/Cultural center of Oakland which includes the prestigious institutions of Carnegie Mellon University and University of Pittsburgh. A total of $4.8 million in benefits has accrued here and at the Paramount Film Exchange nearby over the past 12 years.
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This site is located in one of Pittsburgh’s 28 designated Opportunity Zones, designed to spur long-term development to transitioning neighborhoods.
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UPMC Mercy, Duquesne University, PPG Paints Arena, and the First National Bank building (currently under construction) bring healthcare, education, commerce, and sports/entertainment to the Forbes/Fifth Avenue corridor. These are hallmarks of thriving city life with the convenience of easy access in and out of the city by public transit or car to neighboring communities, major highways and the Pittsburgh International Airport.
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In the News
Meet the Team
Bob Cenk, real estate agent and owner of boutique brokerage, Broadview Realty, and Brian Schmidt, a Realtor with industry recognized RE/MAX, have teamed up to raise the bar for the Pittsburgh Commercial Real Estate Market. Having lived and worked in the Pittsburgh area for the entirety of their careers, they offer unique backgrounds and perspectives, but they share a common mission to improve the experience of buying and selling real estate. What prompted this team approach is Bob and Brian's commitment to excellence. Bob and Brian are able to help you with any real estate transaction within the Pittsburgh Market - both Commercial and Residential. They would love to show you why their approach is different from the rest! They pledge to go above and beyond in communication and customer service, and to use their marketing, sales and negotiating skills to your advantage.
Bob Cenk
“If you dream it, you can do it!” – Bob has lived this mantra from a young age. Afraid of heights, Bob set out to conquer his fear by learning to rock climb. From dirt bag climber to high-altitude mountaineer, Bob summited some of the world’s hardest ascents including being one of only a few to ever successfully climb the South Face of Aconcagua in Argentina. Building on his mountaineering skills, Bob began taking clients to the far reaches of the world, focusing on not just the summit, but the journey in reaching it.
After having climbed some of the world’s highest mountains, running a successful guiding business and an outdoor retail store, Bob decided to try something really dangerous – Real Estate!
Bob quickly became internationally known for his marketing and systems approach and became a top agent in the Pittsburgh area in addition to coaching real estate and sales professionals and eventually opened his own brokerage, Broadview Realty.
Bob’s entrepreneurial spirit, ability to overcome obstacles, and keen sales and marketing acumen have enabled him to successfully transact thousands of real estate deals in both the residential and commercial market. Bob’s clients often remark on his exceptional negotiating and communication skills as well as his personal, straightforward approach to getting things done.
Brian Schmidt
“Let me be your trusted advisor in all your real estate endeavors.” – As a licensed Realtor based in Pittsburgh, Pennsylvania, Brian brings a professional approach grounded in dedication, clear communication, integrity, and adaptability. His business is built on earning and maintaining trust while delivering results that align with each client’s unique real estate goals.
A proud Pittsburgh native, Brian offers in-depth knowledge of the region’s geography, neighborhoods, and market dynamics—an advantage that allows him to guide clients through a broad range of real estate transactions with confidence. Whether assisting first-time buyers, marketing residential properties, identifying investment opportunities, or navigating the commercial and luxury real estate sectors, he offers the insight and experience necessary to make informed, strategic decisions.
Brian graduated Robert Morris University with a degree in Business and a minor in Management Information Systems. This background enhances his ability to leverage technology and data to maximize results and create streamlined, efficient experiences for his clients.
The real estate industry is constantly evolving—and so is Brian. By staying ahead of market trends and embracing innovation, he ensures his clients receive exceptional service every step of the way.
Contact
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