Auto Shop with Overhead
For Sale
$255,000
1618 38TH Street, Erie, PA 16510
Former oil-change facility with service pits, office space, bathroom, storage areas, and flexible multi-use zoning.
Property Size1,176 SF
Price / SF$216.84
Days on Market453
Property Features for 1618 38TH Street
General Information
Standard status
Active
Size
1,176 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$7,862
Amenities
high ceilings
overhead doors
oil change pits
forced air furnace
space heater
office space
bathroom
storage areas
Gas
3
12 Parking Spaces.
126x140x0x0
Mineral Rights.
Building Details
Year Built
1988
Listing Agency:
The Pro Group
(814) 825-7761
Listed By:
Weichert Realtors
(814) 449-7263
Source:
Xome
Added: Jun 7, 2025
Changed: Sep 2
Last Checked: Sep 1 at 5:05PM
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 The Pro Group
Investment Insights
Based on property information with market context.
This 1176 SF auto shop was built in 1988 and previously operated as an oil-change facility. The building retains overhead doors and oil-change pits, along with a first-floor office, bathroom, and storage areas. Heating includes a forced-air furnace and a basement space heater; the hot water tank and furnace are positioned above the office area.
The property sits along the busy E 38th Street corridor in Erie, Pennsylvania, at 1618 E 38TH Street. The site includes 12 parking spaces and exterior dimensions recorded as 126x140x0x0. Zoning allows multiple uses, providing flexibility for businesses evaluating an automotive or other commercial application. Mineral rights are included.
The property sits along the busy E 38th Street corridor in Erie, Pennsylvania, at 1618 E 38TH Street. The site includes 12 parking spaces and exterior dimensions recorded as 126x140x0x0. Zoning allows multiple uses, providing flexibility for businesses evaluating an automotive or other commercial application. Mineral rights are included.
Key Highlights
- 1176 SF auto shop built in 1988
- Overhead doors and oil‑change pits remain in place
- First‑floor office, bathroom, and storage 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
$13,262
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
5.20%
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%
$265,240
$265.2K
Cap Rate 7%
$189,457
$189.5K
Cap Rate 9%
$147,356
$147.4K
Market Conditions
NOI Build-Up for 1,176 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
$21.2K $18.00/SF
− Vacancy
−$2.2K −$1.89/SF
EGI
$18.9K $16.11/SF
− OpEx
−$5.7K −$4.83/SF
NOI
$13.3K $11.28/SF
Area
Erie County, PA
Vacancy
10.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$265,240
Cap Rate 7%
$189,457
Cap Rate 9%
$147,356
Alternative Uses
Best Use
Retail
$189.5K
$165.8K – $221.0K
NOI $13,262 @ 7.0% cap · market cap 5.20%
Second Best
Industrial
$103.9K
$90.9K – $121.2K
NOI $7,273 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$291.8K
$255.3K – $340.4K
NOI $20,423 @ 7.0% cap · market cap 8.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
17k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Home Improvements & Furnishings 46%
Dollar General
Shops & Services
9,259 visits/mo
0.3 miles
Valu Home Centers
Home Improvements & Furnishings
7,893 visits/mo
0.3 miles
Demographics for 16510, PA
24,515
Population
10,354
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
33.0 sq mi
ZIP Area
743
Density / Sq Mi
$64,938
Median Household Income
$40,064
Median Earnings
$796
Median Rent
$158,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Value Mercedes Benz Parts — 4910 Peach St, Erie, PA 16509
- Monro Auto Service And Tire Centers — 4902 Peach St, Erie, PA 16509
- Winschel's Auto Services — 1310 W 38th St, Erie, PA 16508
- Pro Tech Auto Glass — 1223 W 38th St, Erie, PA 16508
- Bill's Atlantic — 1951 W 26th St, Erie, PA 16508
Frequently Asked Questions
What type of property is this?
Auto shop - Former oil-change facility with service pits, office space, bathroom, storage areas, and flexible multi-use zoning.
Where is this auto shop located?
The property is located at 1618 38TH Street Erie, PA.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 1176 SF auto shop built in 1988; Overhead doors and oil‑change pits remain in place; First‑floor office, bathroom, and storage areas
