Two-Unit Flex Space with
For Sale
$499,900
7480 W LAKE Road, Fairview, PA 16415
CommercialSale, Fairview, PA
Property Size4,529 SF
Lot Size0.67 Acres
Price / SF$110.38
Days on Market59
Property Features for 7480 W LAKE Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B-1
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 1
Parking
25
Elementary school district
Fairview
Middle school district
Fairview
High school district
Fairview
Directions
Northeast corner of Avonia Rd. and W. Lake Rd. (Rt. 98 and Rt. 5)
Subdivision
8 - Fairview Boro & Twp
Standard status
Active
APN
21-010-008.0-001.01
Size
4,529 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5999
Expense value
20000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Septic Tank
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Well
Amenities
office space
4 bathrooms
metal roof
composite roof
updated laminate flooring
exterior outbuilding
Building Details
Year built
1990
Building materials
Block, Masonry
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Jul 7
Changed: Sep 3
Last Checked: Sep 3 at 3:06PM
MLS# 191870
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 4,529-square-foot flex space is a block and masonry commercial building completed in 1990 on a 0.67-acre parcel. The interior is divided into two commercial units, currently occupied by a print shop and a framing shop, with office space and four bathrooms. Separate utilities serve the units, while 400-amp electric service supports a range of commercial operations. Heating is provided by forced-air natural gas equipment, with central air conditioning.
An exterior outbuilding is configured as a workshop and adds enclosed space for storage, contractor activities, workspace, or other commercial functions. The building includes a metal roof over one section and a composite roof over the other, with laminate flooring updates in portions of the interior. The property is served by a well and septic tank and is located at 7480 W LAKE Road in Fairview, Pennsylvania.
An exterior outbuilding is configured as a workshop and adds enclosed space for storage, contractor activities, workspace, or other commercial functions. The building includes a metal roof over one section and a composite roof over the other, with laminate flooring updates in portions of the interior. The property is served by a well and septic tank and is located at 7480 W LAKE Road in Fairview, Pennsylvania.
Key Highlights
- 4,529 SF commercial building on 0.67 acres
- Two separate commercial units with separate utilities
- 400‑amp electric service
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
$28,011
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
5.60%
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%
$560,220
$560.2K
Cap Rate 7%
$400,157
$400.2K
Cap Rate 9%
$311,233
$311.2K
Market Conditions
NOI Build-Up for 4,529 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
$42.9K $9.48/SF
− Vacancy
−$2.9K −$0.64/SF
EGI
$40.0K $8.84/SF
− OpEx
−$12.0K −$2.65/SF
NOI
$28.0K $6.18/SF
Area
Erie County, PA
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$560,220
Cap Rate 7%
$400,157
Cap Rate 9%
$311,233
Alternative Uses
Best Use
Retail
$729.6K
$638.4K – $851.2K
NOI $51,074 @ 7.0% cap · market cap 10.22%
Second Best
Industrial
$400.2K
$350.1K – $466.9K
NOI $28,011 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$1.12M
$983.2K – $1.31M
NOI $78,652 @ 7.0% cap · market cap 15.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16415, PA
9,898
Population
3,958
Households
2.5
Avg Household Size
44
Median Age
46%
College-Educated
98%
High-School Grad
23.3 sq mi
ZIP Area
425
Density / Sq Mi
$105,604
Median Household Income
$51,650
Median Earnings
$1,229
Median Rent
$286,300
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Block and masonry commercial building with separate utilities, substantial electric capacity, office areas, and an exterior workshop.
Where is this flex space located?
The property is located at 7480 W LAKE Road Fairview, PA.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 4,529 SF commercial building on 0.67 acres; Two separate commercial units with separate utilities; 400‑amp electric service
