Mixed-Use Property with Secure
For Sale
$499,000
1009 E 38TH Street, Erie, PA 16504
CommercialSale, Erie, PA
Property Size3,072 SF
Lot Size0.27 Acres
Price / SF$162.43
Days on Market141
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
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
secure vault
multiple bathrooms and 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: Oct 2
Last Checked: Oct 2 at 5:06PM
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 mixed-use commercial property at 1009 E 38TH Street in Erie, Pennsylvania, contains approximately 3,072 square feet in a two-story configuration. The interior includes a central office, 10 individual offices, multiple bathrooms and showers, and a secure vault. A freshly painted basement provides additional storage or workspace. The property was built in 1997 and features brick and mixed construction, natural gas forced-air heat, central air, public water, and public sewer.
The site is positioned near Mercyhurst University and the VA Medical Center, with access to the Route 8 and Route 97 corridors. A bus stop is located across the street, and the property records approximately 15,000 passing vehicles daily. Its existing office layout and specialized features support a range of office, medical, retail, or professional applications.
The site is positioned near Mercyhurst University and the VA Medical Center, with access to the Route 8 and Route 97 corridors. A bus stop is located across the street, and the property records approximately 15,000 passing vehicles daily. Its existing office layout and specialized features support a range of office, medical, retail, or professional applications.
Key Highlights
- Approximately 3,072 square feet in a two‑story mixed‑use property
- Central office plus 10 individual offices
- Secure vault and multiple bathrooms with showers
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
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 authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15,000 VPD
Traffic count
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
750
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible commercial building with offices, multiple bathrooms, showers, and additional basement space.
Where is this mixed-use property 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: Approximately 3,072 square feet in a two‑story mixed‑use property; Central office plus 10 individual offices; Secure vault and multiple bathrooms with showers
