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    1001-03 Parade St Erie, PA 16503

    For Sale
    $349,900

    Historic Charm, High-Yield Investment

    Property size:
    6,560 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    307
    This exceptional 6,560 square foot commercial building presents a rare investment opportunity in Erie, PA. Located on the prominent northeast corner of 10th and Parade Streets, this beautiful brick structure boasts excellent street visibility and high traffic exposure. The property comprises six rental units, mostly occupied by long-term tenants, providing immediate and consistent cash flow. Recent upgrades include a new metal roof (2022) and a complete electrical service replacement, enhancing both efficiency and longevity. Many windows have also been replaced. The building's historic charm is complemented by modern updates, creating a desirable blend of character and functionality. A substantial, clear basement and a large walk-up attic offer significant potential for expansion and future development. Individual utility metering for each unit simplifies management and optimizes cost allocation. While the liquor license is not included in the sale price of $349,900, it is available for separate negotiation under specific conditions. This well-maintained property, situated on a 0.08-acre lot, represents a solid investment with strong potential for both rental income and future appreciation. Low current rents offer room for future increases.

    Property Features for 1001-03 Parade St

    General Information

    Property type
    Other commercial real estate
    Square Feet
    6,560 SF
    Lot Size
    3,485 SF

    Building Details

    Year Built
    1890
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.07373
    Latitude
    42.1286

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    FAQs

    What type of property is this?
    Commercial real estate - Historic Charm, High-Yield Investment
    Where is this commercial real estate located?
    The property is located at 1001-03 Parade St Erie, PA.
    What is the asking price?
    The asking price for this property is $349,900.
    (814) 382-8326
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    1001-03 Parade St Erie, PA 16503
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    Erie, PA 16503
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    1001-03 Parade St Erie, PA 16503
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