111 Smithfield St
Pittsburgh, PA 15222
Emerald Building · Retail Property For Sale

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.