3101 Liberty Avenue Listing Details & Market Data

Lee & Associates is pleased to present the opportunity to acquire the Fee simple interest in 3101 Liberty Avenue, Pittsburgh PA. The subject property consists of 8 parcels totaling 1.52 Acres. This is a rare opportunity to acquire sought after land for a multifamily redevelopment. The subject property is located in the heart of Pittsburgh’s “Strip” district in the fringe downtown market. The strip district has experienced exponential growth over the last decade and has become the premier destination for Tech office, progressive food & beverage and housing for Pittsburgh’s young professionals. The population of the Strip District is expected to double over the next 3 years as the submarket continues to be the location of choice for tech office occupiers and the millennial work force. The primary 6 parcels are located in between the two main corridors running through the Strip district; Penn and Liberty Avenue and consist of 1.17 Acres of land with the 2 additional parcels just a block away that total .35 acres. The primary parcels can be redeveloped under current zoning regulation for a 6 on 1 vertical construction multifamily building with surface level parking which benefit from the adjacent two parcels to serve as additional free surface parking. Demand supersedes inventory for high quality land for multifamily redevelopment projects in the Strip district. A developer will have clear pathway to prosperity by acquiring the land, razing the existing structures and delivering new class “A” multifamily. With effective rents of nearly $3.00 SF, the future stabilized value will provide an above market return on equity on this project. The property is currently occupied by Plantscape, Pittsburgh’s premier commercial landscape company (https://plantscape.com/). Plantscape has a 50 year operating history in the Pittsburgh market and has occupied this facility for 38 years. Plantscape is currently evaluating relocation opportunities in the Pittsburgh market to identify the best location to serve as a new facility for their ever growing business. Plantscape is open to discussions regarding post-closing occupancy providing a new owner rental income to offset the carrying costs during the planning and entitlement process for the multifamily conversion.