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    Versatile Building in Oil City Title is generated by Realmo AI

    2004 W 1st Street, Oil City, PA 16301

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    For Sale
    $225,000

    COMMERCIAL - Oil City, PA

    Property size:
    24,500 SF
    Lot size:
    3.10 Acres
    Price / SF:
    $9/SF
    Added:
    Feb 24, 2026
    Days on Market:
    86
    Last Refresh:
    May 21 at 2:06 pm

    Property Features for 2004 W 1st Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    I-1
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Standard status
    Active
    APN
    16,031.-033..-000
    Size
    24,500 SF
    Lot size
    3.10 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1866

    Building Details

    Year built
    1960

    We can help!

    Listing Contact
    Mark Moyer

    Listing agent Mark Moyer

    Listing office Richards & Richards Real Estate LLC Franklin, PA

    Listing date Feb 24, 2026

    MLS# 163568

    Copyright © 2026 Allegheny Valley Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large open bays with high ceilings suitable for various uses.
    • Separated office space with a large fenced outside storage area.
    • Desirable, easily accessible location for vehicle traffic.
    • 3‑phase electric power.
    • Block and brick construction.
    • Electric and natural gas heating.

    Overview

    This 24,500 square foot building presents opportunities for investors or owner-users. The property features large open bays with high ceilings and separated office space. A large fenced outside area provides added storage. Zoned I-1, the building is suitable for call center, back office, industrial, professional office, research and development, retail, warehouse, and distribution purposes. The property is equipped with 3-phase electric. Situated on a 3.1-acre lot, the property is easily accessible for vehicle traffic. The property is located in Oil City, Venango County, Pennsylvania. The property is priced in consideration of needing a roof replacement.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Law Firm Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Carpet & Flooring Store Florist

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oil City
    County
    Venango
    State
    Pennsylvania
    Longitude
    -79.731417
    Latitude
    41.406484

    Nearby Similar for Sale

    • $699,000
      10,102 SF

      Oil City Commercial Opportunity

      Commercial building with kitchen, banquet facilities, and parking.
      601 E 2ND Street, Oil City, PA 16301
      View Details
    • $300,000
      7,700 SF

      Special Purpose Property For Sale

      7,700 SqFt special purpose commercial property available.
      21 State St, Oil City, PA 16301
      View Details

    FAQs

    What type of property is this?
    Flex space - Large building suitable for investors or owner-users in Oil City.
    Where is this flex space located?
    The property is located at 2004 W 1st Street Oil City, PA.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Large open bays with high ceilings suitable for various uses.; Separated office space with a large fenced outside storage area.; Desirable, easily accessible location for vehicle traffic.
    (814) 758-6978
    We can help!
    Listing Contact
    Mark Moyer
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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