[Commercial retail+apartments] 324 E 8th Ave — Heart of Homestead, 15120 For Sale

*Heart of Homestead on the 8th Avenue strip

A *clean shell* of a commercial building in the Redevelopment District.
Everything’s been removed, down to the boiler/H2O tank.
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:

1. rent each floor for $2,500 again (gathered $5k/month for a long time)
2. 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!)
3. add a rooftop deck
   • as a rental for events
     or
   • to charge high-end rents to apartment-tenants, should you go that route

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