Versatile Commercial Space in Erie,
1009 E 38TH Street, Erie, PA 16504
New
- Added:
- May 15, 2026
- Days on Market:
- 2
- Last Refresh:
- May 16 at 10:06 pm
Property Features for 1009 E 38TH Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Parking
- 16
- 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
- 19920
- Expense value
- 15000
- Expense
- SecurityDeposit
- Expense freq.
- One Time
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1997
- Building materials
- Brick, Mixed
Listing agent Alina Kotok License #RS379420 (814) 881-5605
Listing office Coldwell Banker Select - Peach 2961 Peach St, Erie, PA (814) 453-4578
Listing date May 15, 2026
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.
HighLights
- High‑visibility location with approximately 15,000 cars passing by daily.
- Versatile 3,000 sq ft space suitable for office, medical, retail, or professional use.
- Flexible layout with potential to create an open floor plan.
- Convenient access with easy turn‑in and bus stop across the street.
- Secure vault - a rare and valuable feature.
- Located near Mercyhurst University, the VA Medical Center, and major Route 8 & Route 97 corridors.
Overview
This commercial space in Erie, PA, offers a prime, high-visibility location with approximately 15,000 cars passing by daily. The property benefits from easy access, with a convenient turn into the property and a bus stop located across the street. Situated near Mercyhurst University, the VA Medical Center, and major Route 8 & Route 97 corridors, the property contains approximately 3,000 sq ft of space, providing ample room for a variety of business opportunities, including office, medical, retail, or professional use. The flexible layout allows for customization, with the potential to remove walls on the first floor and create a completely open floor plan on the second floor. A unique feature is the inclusion of a secure vault, a rare and valuable addition for many business types. The property also includes a central office space, 10 individual offices, multiple bathrooms and showers, plus a freshly painted basement offering additional storage or workspace potential. The property sits on a 0.2652-acre lot.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$447.0K
NOI $40,231 @ 9.00% cap · cautious / downside scenario
Moderate
$574.7K
NOI $40,231 @ 7.00% cap · market / base-case scenario
Aggressive
$804.6K
NOI $40,231 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.3k | $22.56 |
| − Vacancy | −$15.7k | −$5.10 |
| EGI | $53.6k | $17.46 |
| − OpEx | −$13.4k | −$4.37 |
| NOI | $40.2k | $13.10 |
3,072 SF · lease $22.56/SF/yr · vacancy 22.60% · expense 25.00%
Alternative Use Scenarios
Best Use
Office B
$574.7K
$502.9K – $670.5K
NOI $40,231 @ 7.0% cap · market cap 8.06%
Second Best
Healthcare Medical
$540.7K
$473.1K – $630.8K
NOI $37,846 @ 7.0% cap · market cap 7.58%
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Richard E. Hulse ...
Alternative Medicine Practice
Erie Danzan Ryu ...
Training Center
Great Lakes Family ...
Alternative Medicine Practice
Adam Julian Renshaw
Alternative Medicine Practice
Adam Renshaw
Alternative Medicine Practice
Location Insight
- Map
- Local Demand
- City
- Erie
- County
- Erie
- State
- Pennsylvania
- Longitude
- -80.088843
- Latitude
- 42.09369
Nearby Similar for Sale
FAQs
What type of property is this?
Office units - High-visibility commercial space suitable for office, medical, or retail use.
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: High‑visibility location with approximately 15,000 cars passing by daily.; Versatile 3,000 sq ft space suitable for office, medical, retail, or professional use.; Flexible layout with potential to create an open floor plan.
