Corner Retail and Office
For Sale
$319,000
Pending
1903 W 8TH Street, Erie, PA 16505
COMMERCIAL - Erie, PA
Property Size2,520 SF
Lot Size0.22 Acres
Days on Market160
Property Features for 1903 W 8TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RLB
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
10
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Near Erie's Frontier Neighborhood, located at 1803 W. 8th Street, the corner of 8th and Delaware Ave - entrances off both 8th Street and Delaware
Subdivision
2 - Erie Northwest
Standard status
Pending
APN
16-031-013.0-305.00
Size
2,520 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6495
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1968
Building materials
Brick
Listing Agency:
Coldwell Banker Select - Airport · Coldwell Banker Real Estate
(814) 838-2299
Listed By:
Pat Grab · License #RS328737
(814) 450-8685
Added: Mar 6
Changed: Aug 4
Last Checked: Aug 13 at 1:06AM
MLS# 189858
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.
Former Pony Express Mail, Pack and Ship store available as real estate only; the business has officially closed. The brick building offers 2,520 square feet on a 0.22-acre corner lot and features central air with natural gas forced-air heating. Water is public and sewer is public sewer.
The property sits on the corner of 8th and Delaware in Erie, PA, near the Frontier neighborhoods. It includes a large front parking lot for 10+ cars plus street parking, along with excellent signage and visibility along the 8th Street corridor to Presque Isle.
The space would be adaptable to a wide variety of uses that fall under RLB zoning (attached), including professional services, office, limited retail, eating/drinking establishments, and convenience store use.
The property sits on the corner of 8th and Delaware in Erie, PA, near the Frontier neighborhoods. It includes a large front parking lot for 10+ cars plus street parking, along with excellent signage and visibility along the 8th Street corridor to Presque Isle.
The space would be adaptable to a wide variety of uses that fall under RLB zoning (attached), including professional services, office, limited retail, eating/drinking establishments, and convenience store use.
Key Highlights
- 2,520 SF brick building on a 0.22‑acre corner lot
- RLB zoning supports professional services, office, limited retail, and eating/drinking
- Large front parking lot for 10+ cars plus street parking
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
$28,418
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
8.91%
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%
$568,360
$568.4K
Cap Rate 7%
$405,971
$406.0K
Cap Rate 9%
$315,756
$315.8K
Market Conditions
NOI Build-Up for 2,520 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
$45.4K $18.00/SF
− Vacancy
−$4.8K −$1.89/SF
EGI
$40.6K $16.11/SF
− OpEx
−$12.2K −$4.83/SF
NOI
$28.4K $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%
$568,360
Cap Rate 7%
$405,971
Cap Rate 9%
$315,756
Alternative Uses
Best Use
Office B
$471.5K
$412.5K – $550.0K
NOI $33,002 @ 7.0% cap · market cap 10.35%
Second Best
Retail
$406.0K
$355.2K – $473.6K
NOI $28,418 @ 7.0% cap · market cap 8.91%
Theoretical Best
Office A
$625.2K
$547.0K – $729.4K
NOI $43,763 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Brick corner building with central air, natural gas forced-air heat, and a parking lot for 10+ vehicles.
Where is this office building located?
The property is located at 1903 W 8TH Street Erie, PA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: 2,520 SF brick building on a 0.22‑acre corner lot; RLB zoning supports professional services, office, limited retail, and eating/drinking; Large front parking lot for 10+ cars plus street parking
