Pittsburgh, PA multifamily investors

11 posts by 7 users

Medium 1399463348 avatar bkel Brendan Kelly
Pittsburgh, PA
40 Posts
16 Votes
3 Awards

Brendan Kelly Verified

from Pittsburgh, Pennsylvania

Dec 21 '12, 09:56 AM


I joined Bigger Pockets a couple of years ago and have enjoyed the articles and forums ever since. I've been involved in real estate valuation for the past seven years and recently bought my first multifamily property, a small 2-unit just south of the city. If there are any other multifamily investors in the Pittsburgh area, I'd love to connect with you.



Medium 1399660630 avatar rrwolfpack Marc Bodinger
New York City, NY
253 Posts
5 Votes
0 Awards

Marc Bodinger

from New York City, New York

Dec 21 '12, 10:13 AM


How is the Pittsburgh commercial property market performing specifically multifamily?



Brendan Kelly Verified

from Pittsburgh, Pennsylvania

Dec 21 '12, 11:05 AM


Marc,

The multifamily sector in Pittsburgh is strong. Overall, occupancy rates are generally in the 96 to 98 percent range with some new supply in the pipeline. Several new mixed-income (LIHTC/Section 8/market rate) properties have been developed in Pittsburgh’s east end neighborhoods. However, several of these new properties are replacement housing for old Section 8 and public housing developments that have been razed. Pittsburgh’s CBD has also experienced some apartment infill development. Rent growth over the past year has been 3-4 percent for the metro area as a whole and cap rates are in 7-8 percent range for the most part. Several of Pittsburgh’s neighborhoods including Shadyside, South Side, Lawrenceville, and East Liberty are experiencing much stronger rent growth than the metro as a whole. The supply of quality multifamily assets on the market is limited, except in undesirable neighborhoods with high crime and economic decline. Hope this helps.

P.S. I have used REIS reports for market feasibility studies and valuation work I do outside of Pittsburgh and find them very useful.



Medium 1429572029 avatar avic1 Avi Cohen
Professional from Pittsburgh, PA
43 Posts
2 Votes
2 Awards

Avi Cohen

Professional from Pittsburgh, Pennsylvania

Jan 14 '13, 07:26 AM


I have recently started investing in the area and would like to meet up and talk business.



Medium 1399562331 avatar kene Kenneth E.
Pittsburgh, PA
191 Posts
135 Votes
2 Awards

Kenneth E.

from Pittsburgh, Pennsylvania

Jan 15 '13, 06:30 PM


Hey guys, I too am from Pittsburgh. Search the forums for Pittsburgh and you will see some previous discussions that a few of us locals have had about the area. If you are looking to network you can try ACRE, the local REI association.



No avatar medium Mike Well
Gillette, NJ
2 Posts
0 Votes
0 Awards

Mike Well

from Gillette, New Jersey

Feb 06 '13, 03:43 PM


Hi Brendan,

Im interested in purchasing some multifamily properties in NJ but I dont know how to conduct any market research. Where do you get the information to conduct this market research?



Medium 1399664462 avatar whereitallbegan Derrick Moore
Commercial Lender from New York City, NY
36 Posts
2 Votes
1 Award

Derrick Moore

Commercial Lender from New York City, New York

Feb 06 '13, 06:03 PM


Thanks Brendan,
this is great information all ways good to know about different markets, and congrats on your investment. Will check on those reis feasibility reports.



Medium 1399550197 avatar aduggal Ankit Duggal
Investor from Clifton , NJ
109 Posts
35 Votes
2 Awards

Ankit Duggal

Investor from Clifton , New Jersey

Feb 06 '13, 06:42 PM


@Mike Well You can use a couple of sources such as the Altos Research, Local Market Monitor, and REIS reports. It also depends on what you are using the market research for i.e. locating markets or analyzing markets. If you are locating markets then you can utilize census or NJ Department of Labor.



Derrick Moore

Commercial Lender from New York City, New York

Feb 07 '13, 12:27 PM


I just got off the web and looked at it, I remember talking about this web in college, thanks.



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