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SVN | THREE RIVERS COMMERCIAL ADVISORS | 309 SMITHFIELD STREET, 5TH FLOOR, PITTSBURGH, PA 15222 OFFERING MEMORANDUM
200 GROSSSTREET200 GROSS STREETPITTSBURGH, PA 15224
Melissa [email protected]
1 PROPERTYINFORMATION
200 Gross StreetPittsburgh, PA 15224
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 2
OFFERING SUMMARY
Sale Price: $1,100,000
Number Of Units: 7
Cap Rate: 6.6%
NOI: $72,648
Lot Size: 3,228 SF
Building Size: 8,500 SF
Renovated: 2010
Market: Pittsburgh
Submarket: Friendship
Price / SF: $129.41
PROPERTY OVERVIEWSVN | Three Rivers Commercial Advisors is pleased to present this turnkeybuilding in the south after East Side of Pittsburgh. Fully leased and completelyrenovated from head to toe, this beautiful 3-story building boasts stunningarchitectural features and is in an excellent location.
PROPERTY HIGHLIGHTS• All new mechanics: Sprinkler system, Plumbing, Electric, Hot Water Tanks,
HVAC
• All new eat-in-Kitchens with new cabinetry, flooring, granite counters andstainless steel appliances (dishwasher, gas stove, refrigerator)
• New Bathrooms in each unit
• New Windows/ Internal and External Doors Throughout
• Exterior: Facade Repointed/ Arches Resupported, refurbished wrought ironrailings and decorative box gutters
• Roof ~15 Years Old- in great condition
• New 2" Domestic Water Line to street; new Pressure System (to increasewater pressure)
• Fire System with Emergency Pulls, sirens/ strobes; wired, monitored
Property Summary
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 3All SVN® offices are independently owned and operated.
Additional Photos
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 4All SVN® offices are independently owned and operated.
Additional Photos
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 5All SVN® offices are independently owned and operated.
Additional Photos
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 6All SVN® offices are independently owned and operated.
Additional Photos
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 7All SVN® offices are independently owned and operated.
Additional Photos
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 8All SVN® offices are independently owned and operated.
2 LOCATIONINFORMATION
200 Gross StreetPittsburgh, PA 15224
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 9
Location Maps
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 10
All SVN® offices are independently owned and operated.
POPULATION 0.5 MILES 1 MILE 1.5 MILES
Total population 7,723 29,214 67,865
Median age 35.4 34.6 33.6
Median age (male) 34.3 34.1 33.3
Median age (Female) 36.3 35.5 34.5
HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES
Total households 3,920 15,327 33,758
# of persons per HH 2.0 1.9 2.0
Average HH income $42,236 $47,735 $54,214
Average house value $94,884 $189,038 $198,864
* Demographic data derived from 2010 US Census
Demographics Map
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 11All SVN® offices are independently owned and operated.
Retailer Map
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 12
All SVN® offices are independently owned and operated.
3 FINANCIALANALYSIS
200 Gross StreetPittsburgh, PA 15224
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 13
INVESTMENT OVERVIEW ACTUALS: 200 GROSS STREET
Price $1,100,000
Price per Unit $157,142
GRM 12.8
CAP Rate 6.6%
Cash-on-Cash Return (yr 1) 2.89 %
Total Return (yr 1) $33,304
Debt Coverage Ratio 1.12
OPERATING DATA ACTUALS: 200 GROSS STREET
Gross Scheduled Income $85,800
Other Income $3,600
Total Scheduled Income $89,400
Vacancy Cost $2,574
Gross Income $86,826
Operating Expenses $14,178
Net Operating Income $72,648
Pre-Tax Cash Flow $7,509
FINANCING DATA ACTUALS: 200 GROSS STREET
Down Payment $260,000
Loan Amount $840,000
Debt Service $65,139
Debt Service Monthly $5,428
Principal Reduction (yr 1) $25,795
Financial Summary
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 14
All SVN® offices are independently owned and operated.
INCOME SUMMARY ACTUALS: 200 GROSS STREET
Gross Rents $85,800Laundry $3,600Vacancy Allowance (3%) -$2,574
Gross Income $86,826
EXPENSE SUMMARY ACTUALS: 200 GROSS STREET
Taxes $4,069Maintenance $700Insurance $2,500Property Management (4%) $3,329Janitorial $0Utilities $3,080Snow/ Lawn Maintenance $500
Gross Expenses $14,178
Net Operating Income $72,648
Income & Expenses
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 15
All SVN® offices are independently owned and operated.
UNITNUMBER
UNITBED
UNITBATH
LEASESTART
CURRENTRENT
MARKETRENT
1 1 1 Current $1,050 $1,200
2 1 1 Current $900 $1,100
3 1 1 Current $1,000 $1,200
4 1 1 Current $1,000 $1,100
5 1 1 Current $1,200 $1,200
6 1 1 Current $1,100 $1,100
7 1 1 Current $900 $900
Totals/Averages $7,150 $7,800
Rent Roll
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 16
All SVN® offices are independently owned and operated.
4 ADVISOR BIOS200 Gross Street
Pittsburgh, PA 15224
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 17
309 Smithfield Street, 5th FloorPittsburgh, PA 15222T 412.535.8064C [email protected]
PROFESSIONAL BACKGROUND
Melissa serves as an Advisor for SVN | Three Rivers Commercial Advisorsspecializing in Multi-Family & Retail Investment Sales.
As an Advisor, Melissa uses her 15+ years of real estate experience and herknowledge of the Pittsburgh real estate market to best advise her clients ontheir disposition and acquisition strategies.
Melissa is a driven real estate professional and takes the time to get to knowher clients investment needs and goals. She strives on putting her clientsneeds first, providing above and beyond customer service, creating a win/win for all parties involved.
Melissa was born and raised in Washington County and currently resides inPittsburgh. She graduated from Canon McMillan High School in 1995 and hasa Computer Science of Technology degree from California University. Melissais a licensed real estate agent in Pennsylvania.
MELISSA MAGGI
Advisor
200 GROSS STREET | 200 GROSS STREET, PITTSBURGH, PA 15224 SVN | Three Rivers Commercial Advisors | Page 18
All SVN® offices are independently owned and operated.
