Updated Oct 29, 2024
RDC Inc Acquires Development Site In Pittsburgh's North Shore For $6.32M
General Robinson Street Pittsburgh, Pa 15212, Usa
$6,320,000
Building Size
—
Asset Type
Development Site
Closing
Aug 24, 2023
About this deal
AI
RDC Inc. has acquired a development site located on General Robinson Street in Pittsburgh's North Shore. The property was sold by Alco Parking and Mast Land Co. for a total price of $6,320,000. The site spans approximately 65,000 square feet, resulting in a price per square foot of $97.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $6,320,000
- Date: 08/24/2023
- Address: General Robinson Street, Pittsburgh
- Market: Pittsburgh
- Buyer: RDC Inc - Shawn Fox
- Seller: Alco Parking & Mast Land Co. - Merrill Stabile
- BSF: 65,000
- PPBSF: $97
Amid tough development conditions, RDC Inc. is advancing plans for an 11-story apartment building near PNC Park. The project, estimated to cost between $92-95 million, will feature 305 apartments and 117 parking spaces. Construction is set to begin early next year following the successful acquisition by RDC Inc.
Players
Street Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.51%
Cash-on-Cash
-0.72%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93