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Listed by REAL OF PENNSYLVANIA
$995,000
Est. payment /mo
0.66 Acres Lot
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Other
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1775676
HOA Y/N No
Year Built 1910
Annual Tax Amount $6,350
Lot Size 0.660 Acres
Acres 0.66
Property Sub-Type Other
Property Description
12-Unit Value-Add Portfolio | 3 Units Vacant | Path to 8.5% Cap | Pittsburgh's Brighton Heights
PROPERTY DESCRIPTION
3421 & 3427 California Avenue, Pittsburgh, PA 15212 | Asking $1,100,000
This two-building, 12-unit apartment portfolio offers investors a rare combination of stable in-place income and immediate value-add upside in Pittsburgh's established Brighton Heights neighborhood. Three units are currently vacant, creating a direct path to restoring pro forma NOI of $100,220/year and a 9.11% cap rate — simply by leasing up to historical occupancy.
3421 California Avenue (8 units) and 3427 California Avenue (4 units) are offered together as a contiguous package on the same block. Both buildings were constructed circa 1910 and feature classic Pittsburgh brick construction, original hardwood millwork, and cast-iron radiator heating systems — built to last and low on structural capital requirements.
The portfolio currently generates $7,411/month ($88,932/year) in gross income across nine occupied units, including a government-backed Housing Assistance Payment (HAP) stream from three active Section 8 contracts. HAP-subsidized units deliver guaranteed monthly income regardless of market conditions, providing a recession-resistant foundation for the portfolio's cash flow.
At $1,100,000 — just $91,667 per unit — this portfolio is priced well below replacement cost and below the per-unit value of comparable multi-family sales in the Pittsburgh market. The seller is offering full transparency: rent rolls, HAP contracts, lease copies, utility bills, and tax records are available to qualified buyers upon execution of a confidentiality agreement.
3427 California Avenue also includes a two-car detached garage, providing additional revenue potential or operational use for an owner/operator.
PROPERTY DESCRIPTION
3421 & 3427 California Avenue, Pittsburgh, PA 15212 | Asking $1,100,000
This two-building, 12-unit apartment portfolio offers investors a rare combination of stable in-place income and immediate value-add upside in Pittsburgh's established Brighton Heights neighborhood. Three units are currently vacant, creating a direct path to restoring pro forma NOI of $100,220/year and a 9.11% cap rate — simply by leasing up to historical occupancy.
3421 California Avenue (8 units) and 3427 California Avenue (4 units) are offered together as a contiguous package on the same block. Both buildings were constructed circa 1910 and feature classic Pittsburgh brick construction, original hardwood millwork, and cast-iron radiator heating systems — built to last and low on structural capital requirements.
The portfolio currently generates $7,411/month ($88,932/year) in gross income across nine occupied units, including a government-backed Housing Assistance Payment (HAP) stream from three active Section 8 contracts. HAP-subsidized units deliver guaranteed monthly income regardless of market conditions, providing a recession-resistant foundation for the portfolio's cash flow.
At $1,100,000 — just $91,667 per unit — this portfolio is priced well below replacement cost and below the per-unit value of comparable multi-family sales in the Pittsburgh market. The seller is offering full transparency: rent rolls, HAP contracts, lease copies, utility bills, and tax records are available to qualified buyers upon execution of a confidentiality agreement.
3427 California Avenue also includes a two-car detached garage, providing additional revenue potential or operational use for an owner/operator.
Location
State PA
County Allegheny-north
Community Public Transportation
Area Brighton Heights
Zoning RM-M
Interior
Interior Features InteriorFeatures
Fireplace No
Exterior
Parking Features Off Street
Community Features Public Transportation
Utilities Available Electricity Available, Natural Gas Available, Sewer Available, Water Available
View Y/N Yes
View River
Total Parking Spaces 5
Building
Structure Type Brick
Schools
School District Northgate
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NEARBY SCHOOL & BUSINESS
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