Lawrenceville 23 is a 23-unit building in the heart of the Lawrenceville neighborhood of Pittsburgh PA. Over the past 15 years, Lawrenceville has blossomed into the trendiest neighborhood in the city with a great dining, arts, and cultural scene. The New York Times called it a “go-to” destination after its revival. As such, it has become the most highly sought after and expensive part of the city. The current owner purchased the property at the very early stages of Lawrenceville’s revival and has not kept pace with significant rent growth that has occurred over the past 15-years. The average rents are conservatively $450 under market. Our plan is to bring the rent roll closer to market, take advantage of the low CAP Rate environment of Lawrenceville, the uniqueness of this specific property, and fully market the property for sale at $5M within two years.
