Turnkey Vacant Rite Aid | Highway Access 623 E Ohio St

The former Rite Aid, situated at 623 E Ohio Street, is a prime investment opportunity in a bustling Pittsburgh Northside neighborhood. The vacant asset has an excellent corner location at the intersection of E Ohio Street and Nash Street, seeing upward of 3,400 vehicles per day. Built in 1980, the property has been a successful staple to the community. The asset rings in at an impressive 8,024 square feet, consisting of a main floor and a basement for storage. This turnkey asset is completely vacant and a blank canvas for new ownership. The broad commercial zoning allows buyers to transform this asset to meet their vision or business needs. Whether built-out for a single tenancy or leased to multiple tenants, the property can begin its transformation immediately.

The former Rite Aid benefits from being a part of the Greater Downton Pittsburgh Retail Submarket. This retail submarket has a vacancy rate of 4.2% and no retail space under construction in the Greater Downton Pittsburgh Retail Submarket as of Q1 2025. This area contains roughly 5.5 million square feet of inventory. Over the past year, 190,000 square feet of retail inventory traded. The average annual sales volume over the past five years is $13.4 million, and $13.1 million over the past 10 years across 38 sales.

Pittsburgh bodes well as a solid place for investment. The city has undergone a significant transformation since its historical roots in the steel industry, becoming a vibrant hub for technology, healthcare, and education. Some of the largest employers in the region include UPMC, Highmark Health, PNC Bank, University of Pittsburgh, Carnegie Mellon University, and Excela Health. Pittsburgh is home to a fast-growing hub for technology and innovation, highlighted by the renovation of the former Nabisco factory into Google's regional headquarters. The city is also home to the language-learning platform Duolingo. An estimated 1,800 tech companies employing more than 86,000 people are located in Pittsburgh. According to a study by Ernst & Young, 2023 was the second-highest year on record for dollars invested in Pittsburgh's tech economy. Across several venture capital investments, large corporate deals, and several seed and accelerator investments, the region raked in approximately $3.12 billion in funding.

The Deutschtown neighborhood in Northside is a bustling part of town. Deutschtown is known for its blend of residential and commercial with historic charm sprinkled in. This area is highly accessible by residents and commuters via Interstates 279 and 579, which connect to the rest of the city. Many local shops, restaurants, and bars line the streets, creating a highly desirable neighborhood for residents and businesses. The area is highly walkable, with major attractions such as Allegheny Commons Park, PNC Park, the Andy Warhol Museum, and much of Downtown Pittsburgh close by.

Property tours are available by appointment only. Please contact the listing broker to schedule.