Tavern With
For Sale
Contact for pricing
1137 E 11th St, Erie, PA 16503
Established bar property with multiple service areas, entertainment amenities, commercial kitchen, outdoor spaces, and an attached residential component.
Property Size6,372 SF
Price / SF$86.30
Days on Market13
Property Features for 1137 E 11th St
General Information
Standard status
Active
Size
6,372 SF
Total Parking Spaces
30
Property subtype
Retail
Zoning
R-2
Restaurant
Patio
Yes
Equipment Included
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Business Included
Yes
Multifamily Units
1
Amenities
private VIP lounge
stage
smoke room
game room
pool table areas
three bars
full commercial kitchen
pavilion
large upper deck
six-room apartment
attic space
Building Details
Year Built
1919
Units
2
Listing Agency:
Agresti Real Estate
(814) 449-7973
Listed By:
Jake Scheloske · License #PA RS.318016
Source:
Crexi
Added: Jul 30
Changed: Aug 9
Last Checked: Aug 11 at 5:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Agresti Real Estate
Investment Insights
Based on property information with market context.
This established tavern property includes three bars—two indoors and one outdoors—along with a commercial kitchen, VIP lounge, stage, smoke room, game room, and multiple pool table areas. Outdoor improvements include a fenced patio, pavilion, upper deck, and substantial on-site parking. The sale also includes furnishings, inventory, appliances, and existing business equipment, with the liquor license available as part of the transaction.
A six-room apartment with attic space is included, adding a residential component to the property. Built in 1919, the building is located directly across from the Hess Avenue Softball Fields in Erie. The property is zoned R-2, and its existing layout supports bar, lounge, restaurant, and entertainment operations, subject to applicable approvals.
A six-room apartment with attic space is included, adding a residential component to the property. Built in 1919, the building is located directly across from the Hess Avenue Softball Fields in Erie. The property is zoned R-2, and its existing layout supports bar, lounge, restaurant, and entertainment operations, subject to applicable approvals.
Key Highlights
- Three bars: two interior and one exterior
- Six‑room apartment with attic space included
- Commercial kitchen, VIP lounge, stage, game room, and pool table areas
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
$39,162
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
7.12%
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%
$783,240
$783.2K
Cap Rate 7%
$559,457
$559.5K
Cap Rate 9%
$435,133
$435.1K
Market Conditions
NOI Build-Up for 6,372 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
$74.2K $11.64/SF
− Vacancy
−$3.0K −$0.47/SF
EGI
$71.2K $11.17/SF
− OpEx
−$32.0K −$5.03/SF
NOI
$39.2K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$783,240
Cap Rate 7%
$559,457
Cap Rate 9%
$435,133
Alternative Uses
Best Use
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,551 @ 7.0% cap · market cap 16.28%
Second Best
Mixed Use
$921.7K
$806.5K – $1.08M
NOI $64,517 @ 7.0% cap · market cap 11.73%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,659 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
14k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Country Fair
Shops & Services
7,048 visits/mo
0.4 miles
Dollar General
Shops & Services
4,569 visits/mo
0.5 miles
Kwik Fill
Shops & Services
2,168 visits/mo
0.5 miles
Demographics for 16503, PA
15,328
Population
6,375
Households
2.4
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
2.4 sq mi
ZIP Area
6,387
Density / Sq Mi
$29,108
Median Household Income
$25,679
Median Earnings
$837
Median Rent
$55,400
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Moniuszko Singing Society — 1209 Reed St, Erie, PA 16503
- Off The Wall — 923 Hess Ave, Erie, PA 16503
- Bayfront Lounge — 802 E 6th St East, Erie, PA 16507
- Bullpen — 923 Hess Ave, Erie, PA 16503
- Polish Foresters — Erie, PA 16503
Frequently Asked Questions
What type of property is this?
Bar & Pub - Established bar property with multiple service areas, entertainment amenities, commercial kitchen, outdoor spaces, and an attached residential component.
Where is this bar & pub located?
The property is located at 1137 E 11th St Erie, PA.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three bars: two interior and one exterior; Six‑room apartment with attic space included; Commercial kitchen, VIP lounge, stage, game room, and pool table areas
