*Heart of Homestead on the 8th Avenue strip
A *clean shell* of a commercial++ building in the Redevelopment District. Nice & empty storefront/apartment-zoned property ‘showcases’ its versatility on one of our best retail strips east of the city..
All outdated components have been removed, down to the boiler/H2O tank, to present the space/s as merely requiring configuration to the next owner’s preference.
County use: 404 – Retail/Apartments Over
Approx. 3,600 feet/floor. LL is/was “Build-to-Suit” storefront w/a bay window.
Most recent rents:
- lower level: local hardware store (moved across the street) – $2,500/month + all utilities
- upper level: a contractor – $2,500/month + all utilities
Capitalize @≈12% → 14% (see 8th pic for possible scenarios).
Potential options:
- rent each floor for $2,500 again (gathered $5k/month for a long time)
- turn upper floor into a few apartments for a few more thousand in monthly rents (*it’s already zoned for optional apartments on the upper level!)
- add a rooftop deck
- as a rental for events
or - to charge high-end rents to apartment-tenants, should you go that route
- as a rental for events
Here’s a semi-comparable property for price reference: 454 W. 8th Avenue, West Homestead, PA 15120
- Taxes: $4,172
- Electric: Updated & on
- Plumbing: Updated
- Bath: Functional (all; total: 2)
- Roof: Flat; asphalt
- Furnace: Was a boiler; removed
- Hot Water Tank: Removed
- Windows: Good
- Floors: 2.5
- Parking: Retail/street
- Rental Potential: $5,000 minimum/mo