Auto Shop with Overhead
For Sale
$255,000
1618 E 38TH Street, Erie, PA 16510
CommercialSale, Erie, PA
Property Size1,176 SF
Lot Size0.40 Acres
Price / SF$216.84
Days on Market225
Property Features for 1618 E 38TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
12
Lot features
Mineral Rights
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
East 38th just east of Davison on north side across from Widget.
Subdivision
4 - Erie Southeast
Standard status
Active
APN
18-051-066.0-103.00
Size
1,176 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7862
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
high ceilings
overhead doors
oil change pits
forced air furnace
space heater
office space
bathroom
storage areas
Building Details
Year built
1988
Building materials
Block
Listing Agency:
Weichert Realtors - The Pro Group
(814) 825-7761
Listed By:
Sherri Heasley · License #RM048781A
(814) 449-7263
Added: Jan 19
Changed: Aug 19
Last Checked: Sep 1 at 6:06PM
MLS# 189381
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,176-square-foot block auto shop was built in 1988 and retains features associated with its former oil change use, including overhead doors and oil change pits. The first floor includes a small office, bathroom, and storage areas. Heating is provided by a forced-air furnace and a basement space heater, with natural gas service. The furnace and hot water tank are positioned above the office area.
The property is located on E 38th Street in Erie’s active commercial corridor. Public water and public sewer serve the building, and the zoning allows for multiple uses.
The property is located on E 38th Street in Erie’s active commercial corridor. Public water and public sewer serve the building, and the zoning allows for multiple uses.
Key Highlights
- 1,176‑square‑foot block building constructed in 1988
- Overhead doors and existing oil change pits
- Small 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
Lease Details
Yes
Paved road access
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 - Oil change pits, a small office, bathroom, storage, and natural-gas heating support the existing layout.
Where is this auto shop located?
The property is located at 1618 E 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: 1,176‑square‑foot block building constructed in 1988; Overhead doors and existing oil change pits; Small first‑floor office, bathroom, and storage areas
