Erie Commercial Property on
1618 E 38TH Street Erie, PA 16510
For Sale
$255,000
COMMERCIAL - Erie, PA
Property Size1,176 SF
Lot Size0.40 Acres
Price / SF$216.84
Days on Market190
Property Features for 1618 E 38TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Rooms
Bathroom 1
Parking
12
Standard status
Active
APN
18-051-066.0-103.00
Size
1,176 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7862
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1988
Building materials
Block
Listing Agency:
Weichert Realtors - The Pro Group
(814) 825-7761
Listed By:
Sherri Heasley · License #RM048781A
(814) 449-7263
Added: Jan 19
Changed: May 14
Last Checked: Jul 28 at 12:06PM
MLS# 189381
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercial property is located on a busy corridor of E 38th Street. The zoning allows for multiple uses, presenting various business opportunities. Formerly an oil change site, the property features high ceilings and overhead doors. Oil change pits are still available for use. The 1,176 square foot building includes a small office space, a bathroom, and storage areas on the first floor. Heating is provided by a forced air furnace, with an additional space heater in the basement. The furnace and hot water tank are located above the office area. The lot size is approximately 0.399 acres.
Key Highlights
- High‑traffic location on busy E 38th Street corridor.
- Zoning allows for multiple business uses.
- Former oil change site with existing infrastructure like pits and overhead doors.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.2k | $18.00 |
| − Vacancy | −$2.2k | −$1.89 |
| EGI | $18.9k | $16.11 |
| − OpEx | −$5.7k | −$4.83 |
| NOI | $13.3k | $11.28 |
1,176 SF · lease $18.00/SF/yr · vacancy 10.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$189.5K
$165.8K – $221.0K
NOI $13,262 @ 7.0% cap · market cap 5.20%
Second Best
Industrial
$103.9K
$90.9K – $121.2K
NOI $7,273 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$291.8K
$255.3K – $340.4K
NOI $20,423 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Bill's Atlantic — 1951 W 26th St, Erie, PA 16508
- Value Mercedes Benz Parts — 4910 Peach St, Erie, PA 16509
- Winschel's Auto Services — 1310 W 38th St, Erie, PA 16508
- Monro Auto Service And Tire Centers — 4902 Peach St, Erie, PA 16509
- Pro Tech Auto Glass — 1223 W 38th St, Erie, PA 16508
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial property with multi-use zoning in a busy corridor.
Where is this auto shop located?
The property is located at 1618 E 38TH Street Erie, PA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: High‑traffic location on busy E 38th Street corridor.; Zoning allows for multiple business uses.; Former oil change site with existing infrastructure like pits and overhead doors.
