Brick Storefront with
For Sale
$319,000
Pending
1903 W 8TH Street, Erie, PA 16505
CommercialSale, Erie, PA
Property Size2,520 SF
Lot Size0.22 Acres
Days on Market205
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 2, Bathroom 1
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: Sep 23
Last Checked: Sep 27 at 3:06AM
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.
This 2,520-square-foot brick storefront, constructed in 1968, occupies a 0.22-acre corner site in Erie. The building includes two bathrooms and is served by natural gas forced-air heat, central air, public water, and public sewer. A front parking area accommodates 10+ cars, with additional street parking available.
The property is positioned at 1903 W 8th Street at the intersection of 8th and Delaware, along the 8th Street corridor toward Presque Isle. RLB zoning supports a range of stated use categories, including professional services, office, limited retail, eating and drinking establishments, and convenience store operations. The site also includes prominent signage and visibility characteristics noted for the corridor.
The property is positioned at 1903 W 8th Street at the intersection of 8th and Delaware, along the 8th Street corridor toward Presque Isle. RLB zoning supports a range of stated use categories, including professional services, office, limited retail, eating and drinking establishments, and convenience store operations. The site also includes prominent signage and visibility characteristics noted for the corridor.
Key Highlights
- 2,520‑square‑foot brick storefront on a 0.22‑acre corner site
- RLB zoning supports professional services, office, limited retail, and food‑related uses
- Front parking area accommodates 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
Retail
$406.0K
$355.2K – $473.6K
NOI $28,418 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
219
Businesses Nearby
9k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Country Fair
Shops & Services
6,846 visits/mo
0.3 miles
Citgo
Shops & Services
2,513 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Brick commercial building with on-site parking and RLB-zoned flexibility for office, retail, service, and food-related uses.
Where is this storefront property 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‑square‑foot brick storefront on a 0.22‑acre corner site; RLB zoning supports professional services, office, limited retail, and food‑related uses; Front parking area accommodates 10+ cars, plus street parking
