Flex Space with Attached
For Sale
$315,000
3603 W 12th St, Erie, PA 16505
Combination offices, workshop, and warehouse with overhead doors and multiple entrances on heavily traveled West 12th Street.
Property Size3,656 SF
Lot Size0.40 Acres
Price / SF$86.16
Days on Market749
Property Features for 3603 W 12th St
General Information
Standard status
Active
Size
3,656 SF
Lot size
0.40 Acres
Additional Details
Drive-In Doors
2
Office Units
3
Taxes and HOA fees
Annual Taxes
$4,101
Listing Agency:
Erie Shores Realty
(814) 882-5451
Listed By:
Beth Lewis · License #RS338659
(814) 882-5451
Source:
Exprealty
Added: Aug 13, 2024
Changed: Aug 20
Last Checked: Aug 29 at 2:28PM
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 Erie Shores Realty
Investment Insights
Based on property information with market context.
This commercial flex property includes a first-floor office setup with three offices, reception and conference areas, a waiting room with sink, and a working fireplace, along with a full bathroom. A lower level adds enclosed storage space with two additional bathrooms. The building also contains an attached workshop area and an attached warehouse area, with access provided through both basement and exterior entrances.
The warehouse space is equipped with two overhead doors, and Bilco doors provide basement access as well. The property is situated on a 0.40-acre lot with ample paved parking, and it fronts West 12th Street described as heavily traveled, supporting convenient customer and service access.
The layout can fit a range of service-focused uses needing both customer-facing space and operational/storage areas. It may also be considered for mixed residential conversion scenarios, with the business remaining at the same location, subject to applicable requirements. Overall, the combination of office rooms, dedicated work/storage areas, and multiple entry points is designed for businesses that want flexible on-site space in one building.
The warehouse space is equipped with two overhead doors, and Bilco doors provide basement access as well. The property is situated on a 0.40-acre lot with ample paved parking, and it fronts West 12th Street described as heavily traveled, supporting convenient customer and service access.
The layout can fit a range of service-focused uses needing both customer-facing space and operational/storage areas. It may also be considered for mixed residential conversion scenarios, with the business remaining at the same location, subject to applicable requirements. Overall, the combination of office rooms, dedicated work/storage areas, and multiple entry points is designed for businesses that want flexible on-site space in one building.
Key Highlights
- Commercial building on heavily‑traveled West 12th Street, ready for occupancy.
- First floor includes three offices, reception and conference areas, waiting room with sink, working fireplace, and a full bathroom.
- Lower level offers 1,212 SF with two additional bathrooms for storage.
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
$27,457
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
8.72%
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%
$549,140
$549.1K
Cap Rate 7%
$392,243
$392.2K
Cap Rate 9%
$305,078
$305.1K
Market Conditions
NOI Build-Up for 3,656 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
$34.7K $9.48/SF
− Vacancy
−$2.4K −$0.64/SF
EGI
$32.3K $8.84/SF
− OpEx
−$4.8K −$1.33/SF
NOI
$27.5K $7.51/SF
Area
Erie County, PA
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$549,140
Cap Rate 7%
$392,243
Cap Rate 9%
$305,078
Alternative Uses
Best Use
Warehouse
$392.2K
$343.2K – $457.6K
NOI $27,457 @ 7.0% cap · market cap 8.72%
Second Best
Industrial
$323.0K
$282.6K – $376.9K
NOI $22,611 @ 7.0% cap · market cap 7.18%
Theoretical Best
Office A
$907.0K
$793.7K – $1.06M
NOI $63,492 @ 7.0% cap · market cap 20.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
3
Office units
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combination offices, workshop, and warehouse with overhead doors and multiple entrances on heavily traveled West 12th Street.
Where is this flex space located?
The property is located at 3603 W 12th St Erie, PA.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Commercial building on heavily‑traveled West 12th Street, ready for occupancy.; First floor includes three offices, reception and conference areas, waiting room with sink, working fireplace, and a full bathroom.; Lower level offers 1,212 SF with two additional bathrooms for storage.
