85% Occupied Multifamily Near Downtown
14 Apartment Units | Online Auction Sale | Pittsburgh, PA 15210
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
- Property Type
-
Multifamily
- Square Feet
- 21,268 SF
Listing Contacts
Rick Dimidjian
Verified Profile
Emily Walper
Verified Profile
- Property Info
Property Overview
120 Stamm Avenue is a prime 14-unit apartment complex located 3 miles southwest of Downtown Pittsburgh in the vibrant Mount Oliver neighborhood. This four-story building consists of seven studio apartments, three one-bedroom units, and four two-bedroom units, currently 85% occupied. Situated on a 0.23-acre lot, the property features surface parking, income-generating on-site laundry, balconies, full kitchens, open layouts, and spacious closets. Positioned within an Opportunity Zone, 120 Stamm Avenue offers investors valuable tax incentives to offset startup costs and presents significant potential for operational improvement through a strategic lease-up plan.
Nestled in the highly residential Mount Oliver Borough, the property offers a close-knit community atmosphere with the convenience of being near Downtown Pittsburgh. The area boasts a robust population of over 385,000, with an annual consumer spending of $4.8 billion within a 5-mile radius of the property. Over 50% of the residents within a 2-mile radius are renter-occupied, enhancing the appeal for potential tenants. The property is conveniently located just two blocks from Brownsville Road, a major retail corridor, providing residents with easy access to bus lines, local shops, restaurants, and community parks. Additionally, 120 Stamm Avenue is within 3 miles of the Pittsburgh Amtrak Station, a 31-minute drive from Pittsburgh International Airport, and offers easy access to major highways like Bypass 19, which connects to Interstate 376.
Mount Oliver is part of the South Allegheny multifamily submarket, where rental demand has surged, keeping vacancies low and driving a 4% rental rate growth over the past three years. Investors can also benefit from Pennsylvania's favorable tax structure, including corporate tax credits for job creation and investment. With its strategic location, solid market fundamentals, and operational upside, 120 Stamm Avenue represents a compelling investment opportunity in a growing and dynamic market.
Nestled in the highly residential Mount Oliver Borough, the property offers a close-knit community atmosphere with the convenience of being near Downtown Pittsburgh. The area boasts a robust population of over 385,000, with an annual consumer spending of $4.8 billion within a 5-mile radius of the property. Over 50% of the residents within a 2-mile radius are renter-occupied, enhancing the appeal for potential tenants. The property is conveniently located just two blocks from Brownsville Road, a major retail corridor, providing residents with easy access to bus lines, local shops, restaurants, and community parks. Additionally, 120 Stamm Avenue is within 3 miles of the Pittsburgh Amtrak Station, a 31-minute drive from Pittsburgh International Airport, and offers easy access to major highways like Bypass 19, which connects to Interstate 376.
Mount Oliver is part of the South Allegheny multifamily submarket, where rental demand has surged, keeping vacancies low and driving a 4% rental rate growth over the past three years. Investors can also benefit from Pennsylvania's favorable tax structure, including corporate tax credits for job creation and investment. With its strategic location, solid market fundamentals, and operational upside, 120 Stamm Avenue represents a compelling investment opportunity in a growing and dynamic market.
Property Details
- Class
- C
- Year Built
- 1966
- Stories
- 4
- Lot Size (sq. ft)
- 10,019 SF
- Units
- 14
Highlights
- 120 Stamm Avenue is a 14-unit apartment complex located in Mount Oliver, just 3 miles southwest of Downtown Pittsburgh.
- Property includes seven studios, three one-bedrooms, and four two-bedrooms, with 85% occupancy on a 0.23-acre lot.
- In an Opportunity Zone, 120 Stamm Avenue presents investors with tax incentives and significant operational upside through a strategic lease-up plan.
- Situated in the Mount Oliver Borough, the property benefits from a tight-knit community while being conveniently close to Downtown Pittsburgh.
- Two blocks from Brownsville Road, a central retail corridor with access to bus lines, Dollar Tree, community parks, local restaurants, and shops.
- Solid investment in a growing market with a 4% rental rate growth in the past 3 years and low vacancies in the South Allegheny multifamily submarket.
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