Multi-Use Office
For Sale
Contact for pricing
1213 W 38TH Street, Erie, PA 16508
First-floor office space with flexible zoning and added storage in a high-traffic Erie location.
Property Size1,018 SF
Lot Size0.14 Acres
Price / SF$162.08
Days on Market67
Property Features for 1213 W 38TH Street
General Information
Standard status
Active
Size
1,018 SF
Class
C
Total Parking Spaces
10
Lot size
0.14 Acres
Property subtype
Office
Zoning
C-1, Local Commercial
Investment Type
Owner/User
Additional Details
Traffic Count
14,000 vehicles/day
Building Details
Year Built
1951
Year Renovated
2019
Buildings
1
Stories
2
Units
10
Listing Agency:
SBRE - Sherry Bauer Real Estate
(814) 453-2000
Listed By:
Sherry Bauer · License #PA RM422666
Source:
Crexi
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 21 at 12:13PM
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 SBRE - Sherry Bauer Real Estate
Investment Insights
Based on property information with market context.
This for-sale office building offers approximately 1,018 square feet across the first and second floors, plus a full basement for additional storage. The first floor includes a waiting area or reception, an open office area, three offices, and a restroom. A second-floor bonus area of approximately 416 square feet adds two more offices, while the approximately 733-square-foot full basement supports storage needs.
The building is located along a high-traffic corridor in a walkable community, with 14,000 average annual daily traffic per PennDOT’s 2024 count year. The property sits on 0.1435 acres and features 50 feet of frontage along W. 38th Street, along with off-street parking for up to 10 vehicles.
Zoned C-1, Local Commercial in the City of Erie, the property allows a range of uses beyond traditional office, including office, retail, day-cares, and pet grooming, among other permitted options. With forced air gas heat and central air conditioning throughout, updated building systems including a new metal roof in 2021, a furnace in 2019, hot water tank in 2021, and an electric panel in 2022, the layout is well-suited for professional services that benefit from multiple office rooms and on-site storage.
The building is located along a high-traffic corridor in a walkable community, with 14,000 average annual daily traffic per PennDOT’s 2024 count year. The property sits on 0.1435 acres and features 50 feet of frontage along W. 38th Street, along with off-street parking for up to 10 vehicles.
Zoned C-1, Local Commercial in the City of Erie, the property allows a range of uses beyond traditional office, including office, retail, day-cares, and pet grooming, among other permitted options. With forced air gas heat and central air conditioning throughout, updated building systems including a new metal roof in 2021, a furnace in 2019, hot water tank in 2021, and an electric panel in 2022, the layout is well-suited for professional services that benefit from multiple office rooms and on-site storage.
Key Highlights
- 1,018± SF office building with first‑floor reception, open office, 3 offices, and restroom, plus 416± SF second‑floor office space
- Full 733± SF basement provides additional storage space
- Forced air gas heat and central air conditioning throughout
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
$13,332
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
8.08%
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%
$266,640
$266.6K
Cap Rate 7%
$190,457
$190.5K
Cap Rate 9%
$148,133
$148.1K
Market Conditions
NOI Build-Up for 1,018 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
$23.0K $22.56/SF
− Vacancy
−$5.2K −$5.10/SF
EGI
$17.8K $17.46/SF
− OpEx
−$4.4K −$4.37/SF
NOI
$13.3K $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%
$266,640
Cap Rate 7%
$190,457
Cap Rate 9%
$148,133
Alternative Uses
Best Use
Office B
$190.5K
$166.7K – $222.2K
NOI $13,332 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$252.6K
$221.0K – $294.7K
NOI $17,679 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Explore this area
Business Placement
Demographics for 16508, PA
15,172
Population
7,385
Households
2.1
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
2.8 sq mi
ZIP Area
5,419
Density / Sq Mi
$52,361
Median Household Income
$36,209
Median Earnings
$852
Median Rent
$121,800
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 building - First-floor office space with flexible zoning and added storage in a high-traffic Erie location.
Where is this office building located?
The property is located at 1213 W 38TH Street Erie, PA.
What is the asking price?
The asking price for this property is $165,000.
What are key features of this property?
This property features: 1,018± SF office building with first‑floor reception, open office, 3 offices, and restroom, plus 416± SF second‑floor office space; Full 733± SF basement provides additional storage space; Forced air gas heat and central air conditioning throughout
