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    28 Acres of Versatile Land Title is generated by Realmo AI

    8835 PERRY HIGHWAY RT 97, Erie, PA 16509

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    Claim this Listing
    Pending
    $250,000

    COMMERCIAL - Erie, PA

    Property size:
    1,219,680 SF
    Lot size:
    28.60 Acres
    Added:
    Apr 9, 2026
    Days on Market:
    55
    Last Refresh:
    Jun 2 at 4:06 pm

    Property Features for 8835 PERRY HIGHWAY RT 97

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    APN
    40-022-096.0-001.00
    Size
    1,219,680 SF
    Lot size
    28.60 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1871
    Expense value
    5000
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    We can help!

    Listing Contact
    Evan Rumbaugh

    Listing agent Evan Rumbaugh License #RS376068

    Listing office Agresti Real Estate 2635 W 26th Street, Erie, PA

    Listing date Apr 9, 2026

    MLS# 190327 Listing URL

    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.

    HighLights

    • 28 Acres of versatile land with a mix of open pasture and wooded acreage.
    • Gas well on the property provides potential for free natural gas.
    • Walnut Creek runs through the property, adding natural beauty and a peaceful setting.
    • Ideal for building a dream home, creating a private estate, or exploring development opportunities.
    • Convenient location offering a serene, rural feel.
    • Property is Realtor owned.

    Overview

    This property features 28 acres of land in Summit Township. The acreage includes a mix of open pasture and wooded areas. Walnut Creek runs through the property. There is an existing gas well on the property that provides the potential for free natural gas. The parcel is suited for building a home, creating a private estate, or exploring future development opportunities. The sale is contingent upon the seller having the property subdivided to reflect 28 acres before closing. The property is located in Erie, PA.
    Property Profile Location Intelligence

    Current Use by Public Records

    H And J Auto ... Car Dealership

    Suggested Use

    Auto Repair Shop Auto Parts Store Department Store HVAC Service Bar & Pub Electrical Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.020096
    Latitude
    42.04289

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    FAQs

    What type of property is this?
    Land - 28 acres in Summit Township with pasture, woods, and creek.
    Where is this land located?
    The property is located at 8835 PERRY HIGHWAY RT 97 Erie, PA.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: 28 Acres of versatile land with a mix of open pasture and wooded acreage.; Gas well on the property provides potential for free natural gas.; Walnut Creek runs through the property, adding natural beauty and a peaceful setting.
    (814) 969-1029
    We can help!
    Listing Contact
    Evan Rumbaugh
    Real Estate License ID: RS376068
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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