Flex Space with Attached
For Sale
$315,000
3603 W 12TH Street, Erie, PA 16505
COMMERCIAL - Erie, PA
Property Size3,656 SF
Lot Size0.40 Acres
Price / SF$86.16
Days on Market731
Property Features for 3603 W 12TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-2
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
West 12th Street to 3603. Property lies at southwest corner of Linden Avenue and West 12th Street.
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-027-166.0-009.00
Size
3,656 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4101
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Building materials
AluminumSiding, Frame
Listing Agency:
Erie Shores Realty
(814) 838-9602
Listed By:
Beth Lewis · License #RS338659
(814) 882-5451
Added: Aug 13, 2024
Changed: Aug 4
Last Checked: Aug 13 at 12:06PM
MLS# 177934
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.
Flex space at 3603 W 12TH Street, Erie, PA 16505 designed for working space with office functionality. The first floor includes three offices with reception and conference areas, a waiting room with sink, and a working fireplace, along with a full bathroom. The lower level provides additional storage with 1,212 square feet and adds two more bathrooms. An attached 1,040 SF workshop and 1,404 SF warehouse connect through basement access or exterior entrances, and the warehouse includes two overhead doors. Bilco doors open to the basement as well.
The building is served by forced air heat with natural gas, central air cooling, public water, and public sewer. It sits on a 0.40 acre lot with ample paved parking.
While suited for many service-oriented uses, the layout also supports flexible adaptation, including the possibility of converting portions for residential use while keeping a business at the same location.
The building is served by forced air heat with natural gas, central air cooling, public water, and public sewer. It sits on a 0.40 acre lot with ample paved parking.
While suited for many service-oriented uses, the layout also supports flexible adaptation, including the possibility of converting portions for residential use while keeping a business at the same location.
Key Highlights
- 3603 W 12TH Street flex space setup with attached workshop and warehouse for combined office and work use
- Three offices plus reception and conference areas, waiting room with sink, and full bathroom on the first floor
- Lower level adds 1,212 SF storage and two additional bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,457
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$549,140
$549.1K
Cap Rate 7%
$392,243
$392.2K
Cap Rate 9%
$305,078
$305.1K
Market Conditions
NOI Build-Up for 3,656 SF
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.
Gross rent
$34.7K $9.48/SF
− Vacancy
−$2.4K −$0.64/SF
EGI
$32.3K $8.84/SF
− OpEx
−$4.8K −$1.33/SF
NOI
$27.5K $7.51/SF
Area
Erie County, PA
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$549,140
Cap Rate 7%
$392,243
Cap Rate 9%
$305,078
Alternative Uses
Best Use
Office B
$684.0K
$598.5K – $798.0K
NOI $47,879 @ 7.0% cap · market cap 15.20%
Second Best
Warehouse
$392.2K
$343.2K – $457.6K
NOI $27,457 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$907.0K
$793.7K – $1.06M
NOI $63,492 @ 7.0% cap · market cap 20.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space with three offices, central air, and warehouse access via two overhead doors plus exterior and basement entryways.
Where is this flex space located?
The property is located at 3603 W 12TH Street Erie, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 3603 W 12TH Street flex space setup with attached workshop and warehouse for combined office and work use; Three offices plus reception and conference areas, waiting room with sink, and full bathroom on the first floor; Lower level adds 1,212 SF storage and two additional bathrooms
