Versatile Commercial Property with High
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1909 E 38th St., Erie, PA 16504
High-visibility commercial space suitable for office, medical, or retail use.
Property Size3,000 SF
Price / SF$166.33
Days on Market156
Property Features for 1909 E 38th St.
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Special Purpose
Listing Agency:
Coldwell Banker Select, REALTORS
Listed By:
Alina Kotok · License #PA RS379420
(814) 881-5605
Source:
Crexi
Added: May 16
Changed: Oct 16
Last Checked: Oct 16 at 7:21AM
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 Coldwell Banker Select, REALTORS
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Investment Insights
Based on property information with market context.
This commercial property offers a prime, high-visibility location with approximately 15,000 cars passing by daily. It provides easy access with a convenient turn into the property and a bus stop across the street. The property is located near Mercyhurst University, the VA Medical Center, and major Route 8 & Route 97 corridors. The space encompasses approximately 3,000 sq ft, offering ample room for a variety of business opportunities, including office, medical, retail, or professional use. The layout is flexible, with the potential to remove walls on the first floor and create a completely open floor plan on the second floor. A unique feature is the secure vault, a rare and valuable addition for many business types. The property includes a central office space, 10 individual offices, multiple bathrooms and showers, plus a freshly painted basement offering additional storage or workspace potential.
Key Highlights
- High‑visibility location with approximately 15,000 cars passing by daily.
- Approximately 3,000 sq ft suitable for office, medical, retail, or professional use.
- Easy access with a convenient turn into the property and a bus stop across the street.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,288
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$785,760
$785.8K
Cap Rate 7%
$561,257
$561.3K
Cap Rate 9%
$436,533
$436.5K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$67.7K $22.56/SF
− Vacancy
−$15.3K −$5.10/SF
EGI
$52.4K $17.46/SF
− OpEx
−$13.1K −$4.37/SF
NOI
$39.3K $13.10/SF
Area
Erie County, PA
Vacancy
22.60%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$785,760
Cap Rate 7%
$561,257
Cap Rate 9%
$436,533
Alternative Uses
Best Use
Office B
$561.3K
$491.1K – $654.8K
NOI $39,288 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$744.3K
$651.2K – $868.3K
NOI $52,099 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
378
Businesses Nearby
Explore this area
Business Placement
Demographics for 16504, PA
16,135
Population
7,038
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
91%
High-School Grad
2.8 sq mi
ZIP Area
5,763
Density / Sq Mi
$51,988
Median Household Income
$34,362
Median Earnings
$966
Median Rent
$109,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office units - High-visibility commercial space suitable for office, medical, or retail use.
Where is this office units located?
The property is located at 1909 E 38th St. Erie, PA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: High‑visibility location with approximately 15,000 cars passing by daily.; Approximately 3,000 sq ft suitable for office, medical, retail, or professional use.; Easy access with a convenient turn into the property and a bus stop across the street.
