Pittsburgh Multifamily for Sale - Greater Downtown
215 Lelia Street is a 43-unit value-add multifamily building in Pittsburgh's 19th Ward, situated on the border of the Mt. Washington and Knoxville neighborhoods. The property consists of 42 studio units, each with a private bathroom and kitchenette, located on the 2nd and 3rd floors, plus a one 2-bedroom unit that is on the 2nd floor. Total rentable square footage is 13,042 across a 3-story brick building constructed in 1928 and converted to residential use in 1988. The building is elevator-served with 14 dedicated surface parking spaces and an additional parking easement on the adjacent parcel.
The ground floor features a lobby, commercial kitchen and cafeteria, two multipurpose rooms, dedicated office spaces, laundry room, and storage. This infrastructure is well-suited for affordable housing programming or senior living services without significant reconfiguration.
The property has been vacant since 2020 and requires full rehabilitation including mold remediation on a portion of the building. No renovations have been performed. Full architectural demolition and renovation plans dated February 2024 are available to qualified buyers. Two Certificates of Occupancy are on file, the most recent issued in 2007, confirming R2 use for 43 units of elderly and disabled housing.
At $1,199,900, the acquisition basis is $28,570 per unit. The property is eligible for 9% and 4% LIHTC, HUD Section 8 Project-Based Vouchers, HOME funds, PHFA programs, and URA gap financing. FY2026 HUD Small Area Fair Market Rent for ZIP 15211 is $1,190 per month for studio units, supporting a stabilized gross potential income of $599,760 annually on 42 units. Proforma NOI at a 50% expense ratio is $284,886, representing a 23.7% cap rate on asking price.
New ground-up affordable housing construction in Pittsburgh currently carries a total development cost of $300,000 to $500,000 per unit. This acquisition offers a meaningful basis advantage for a buyer capable of executing the rehabilitation.
All due diligence, environmental assessments, and contractor bids are the responsibility of the buyer. Property is sold as-is.
