$1,100,000
12-Unit Value-Add Portfolio | 3 Units Vacant | Path to 9.11% 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.
3421-3427 California, Brighton Heights
Listing courtesy of REAL OF PENNSYLVANIA.
