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 Market110
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
(814) 881-5605
Listed By:
Alina Kotok · License #PA RS379420
Source:
Crexi
Added: May 16
Changed: Aug 13
Last Checked: Aug 31 at 6:15AM
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
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 = 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
$39,288
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
7.87%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 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.
