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Smallman Street PITTSBURGH, PA 15201

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Smallman Street PITTSBURGH, PA 15201 OFFERING MEMORANDUM Aerial View - Rear 32206 smallman street PITTSBURGH, PA 15201 All SVN® Offices Independently Owned & Operated. ©2020 All Rights Reserved. DISCLAIMER The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party TABLE OF without the written consent of the SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person is authorized by the Owner to CONTENTS provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor. Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner EXECUTIVE SUMMARY 3 disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted CONCEPTUAL PLANS & PHOTOS 9 or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. LOCATION OVERVIEW 20 The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have SVN | Three Rivers Commercial Advisors acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto. 309 Smithfield Street, 5th Fl, Pittsburgh, PA 15222 P: 412-535-8050 | F: 412-535-6855 To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any E: [email protected] prospective purchaser should not rely on any such correspondence or statements as binding www.SVNThreeRivers.com Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk. All SVN® offices independently owned and operated. | 2 DISCLAIMER 3220 smallman street EXECUTIVE SUMMARY 3 | INVESTMENT OVERVIEW SVN Three Rivers Commercial Advisors is pleased to present for OFFERING SUMMARY sale 3220 Smallman Street, located in Pittsburgh’s Strip District. This 3220 Smallman Street desirable 30,200 SF warehouse is a ADDRESS: perfect re-development opportunity Pittsburgh, PA 15201 or value-add warehouse. The property is 100% leased by a long PARCEL ID: 0025-D-00040-0000-00 term tenant paying below market rent. ASKING PRICE: $2,700,000 The building is a one story office/warehouse building with partial floor containing 22,440 SF of gross building area and 7,760 SF of additional two PRICE/SF: $89.40 story mezzanine storage space. It is masonry, metal and frame construction with some stucco at the façade, with a mix of slider, glass block and double GROSS BUILDING AREA: 30,200 SF hung windows at the office space. The roof is a sloped concrete base with rubber membrane. There are two electronically operated overhead doors at LOT SIZE: 0.41 AC the front of the building and two interior roll up doors. OCCUPANCY: 100% The first floor consists of entry to lobby, partitioned storage/warehouse spaces, restroom, and 2 main larger warehouse spaces. The main warehouse SALE TYPE: Re-development / Value Add areas are at either side of the building, both with open warehouse space, steel support beams, metal halide warehouse lighting fixtures and ceilings heights of 18’-20’. One of the main warehouse areas has the 2 story YEAR BUILT: Est. 1900 mezzanine area. The second floor consists of open bullpen areas, 3 private offices, 3 restrooms, and a kitchenette. OVERHEAD DOORS: 2 Exterior; 2 Interior Three-phase electrical A gas forced air furnace heats the first floor workshop areas, and multiple ELECTRICAL: overhead gas space heaters and radiant gas heat for the warehouse spaces. service There is also a 40-gallon gas hot water tank. The office spaces have a roof mounted heating and cooling unit. The building has three-phase electrical FRONTAGE: 150’ on Smallman Street service. All public utilities are available and connected to the site. The property has 150’ of frontage along Smallman Street and extends back 120’ on either side to Mulberry Way. Site improvements include concrete sidewalks. | 4 DOWNTOWN PITTSBURGH PROPERTY HIGHLIGHTS POSSIBLE RE-DEVELOPMENT / VALUE-ADD INVESTMENT OPPORTUNTY Possible to re-develop to multi-family or flex / warehouse. In place cashflow with tremendous upside with below market rents and long term tenant. Proposed 69,000 SF - 74,000 SF multi-family development includes 48 units with retail space and roof top deck. STRIP DISTRICT PRIME LOCATION Desirable Strip District sub-market in Pittsburgh surrounded by large residential and commercial developments. Location allows for great access and visibility with approximately 8,000 cars passing per 3220 day. smallman street ACCESS TO MAJOR INTERSTATE The major corridors in the Strip District are Penn Avenue, Liberty Avenue, and Smallman Street, all allowing for access to Interstate 579 and the Central Business District approximately 1.0 mile to the southwest. 5 | RIV-IMU ZONING PURPOSE The Allegheny, Monongahela, and Ohio Rivers and their riverfronts are valuable cultural and ecological resources of city-wide and regional significance that contribute to the public’s economic, environmental, recreational, and aesthetic well-being. The City intends to improve the ecological health of its rivers and riverfronts for the benefit of the public through regulation of development along its riverfronts. Regulation through the Riverfront (RIV) Zoning District will limit potentially detrimental impacts near the riverfronts while allowing for high-quality, sustainable development and preservation of the diverse character of the City’s riverfronts. The RIV Riverfront Zoning District is intended to promote development of the City’s riverfronts in a manner that: a. Acknowledges the historic diversity of uses, the varied character, and the economic value of the riverfronts; b. Facilitates mixed-use development that physically and functionally integrates with the riverfront and strengthens pedestrian connections to the riverfronts; c. Maintains and creates connections between the riverfronts and neighborhoods within the City; d. Protects areas of industrial use from encroachment of incompatible uses; e. Creates an environment that supports multiple modes of transportation; f. Promotes sustainable development; g. Improves of the ecological health of the rivers; h. Conserves and enhances riverbanks and riverfronts; i. Conserves, restores, and enhances native riverbank and aquatic plant life, improves river ecosystem health, and supports biodiversity; and j. Improves the scenic qualities and the public’s enjoyment of riverfronts by preserving, creating, and enhancing public views and access to the riverfronts. The RIV-IMU Industrial Mixed-Use Subdistrict is intended to address areas of the riverfront that are diversifying from their original, strictly industrial nature. It accommodates a variety of higher intensity uses, including light industrial, commercial, and high density residential development. The RIV-IMU Subdistrict is also intended for industrial areas that are focused on research and development and technology-oriented industries. | 6 RIV-IMU ZONING PERMITTED BY RIGHT RESIDENTIAL USES Two-Unit Three-Unit Multi-Unit Assisted Living Assisted Living Multi-Suite Residential Residential Residential Class A Class B Residential NON-RESIDENTIAL USES Agriculture Agriculture Bank or Financial (Limited) With
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