Office Units with Secure
For Sale
$499,000
1009 E 38TH Street, Erie, PA 16504
COMMERCIAL - Erie, PA
Property Size3,072 SF
Lot Size0.27 Acres
Price / SF$162.43
Days on Market95
Property Features for 1009 E 38TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RLB
Parking
16
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
East 38th. Building is on the Right.
Subdivision
4 - Erie Southeast
Standard status
Active
APN
18-052-003.0-218.00
Size
3,072 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
20198
Expense value
15000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Amenities
secure vault
central office space
multiple bathrooms
showers
freshly painted basement
Building Details
Year built
1997
Building materials
Brick, Mixed
Listing Agency:
Coldwell Banker Select - Peach · Coldwell Banker Real Estate
(814) 453-4578
Listed By:
Alina Kotok · License #RS379420
(814) 881-5605
Added: May 15
Changed: Aug 17
Last Checked: Aug 17 at 7:06PM
MLS# 190915
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 brick-and-mixed-construction office property, built in 1997, offers a central office, 10 individual offices, multiple bathrooms, showers, and a secure vault. The first floor may be reconfigured by removing walls, while the second floor can be arranged as an open plan. A freshly painted basement adds storage or workspace capacity. The property is served by public water and public sewer, with natural gas forced-air heat and central air conditioning.
Set on 0.2652 acres in Erie, the property has a bus stop across the street and convenient access from the surrounding roadway. It is near Mercyhurst University and the VA Medical Center, with connectivity to the Route 8 and Route 97 corridors. Daily traffic is estimated at approximately 15,000 cars.
Set on 0.2652 acres in Erie, the property has a bus stop across the street and convenient access from the surrounding roadway. It is near Mercyhurst University and the VA Medical Center, with connectivity to the Route 8 and Route 97 corridors. Daily traffic is estimated at approximately 15,000 cars.
Key Highlights
- Secure vault included within the office property
- 10 individual offices plus a central office
- Bathrooms and showers included
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
$40,231
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
8.06%
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%
$804,620
$804.6K
Cap Rate 7%
$574,729
$574.7K
Cap Rate 9%
$447,011
$447.0K
Market Conditions
NOI Build-Up for 3,072 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
$69.3K $22.56/SF
− Vacancy
−$15.7K −$5.10/SF
EGI
$53.6K $17.46/SF
− OpEx
−$13.4K −$4.37/SF
NOI
$40.2K $13.10/SF
Area
Erie County, PA
Vacancy
22.60%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$804,620
Cap Rate 7%
$574,729
Cap Rate 9%
$447,011
Alternative Uses
Best Use
Office B
$574.7K
$502.9K – $670.5K
NOI $40,231 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$762.1K
$666.9K – $889.2K
NOI $53,350 @ 7.0% cap · market cap 10.69%
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
358
Businesses Nearby
Explore this area
Business Placement
Demographics for 16504, PA
16,135
Population
7,038
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
91%
High-School Grad
2.8 sq mi
ZIP Area
5,763
Density / Sq Mi
$51,988
Median Household Income
$34,362
Median Earnings
$966
Median Rent
$109,600
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?
Office units - Flexible commercial configuration includes individual offices, bathrooms, showers, and additional basement storage.
Where is this office units located?
The property is located at 1009 E 38TH Street Erie, PA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Secure vault included within the office property; 10 individual offices plus a central office; Bathrooms and showers included
