Freestanding Mixed-Use Retail
For Sale
$895,000
2178 38th St, Erie, PA 16510
Renovated 2021 freestanding building with mostly open layout, office, restrooms, fenced storage, and covered shipping/receiving.
Property Size3,392 SF
Lot Size0.94 Acres
Price / SF$263.86
Days on Market109
Property Features for 2178 38th St
General Information
Standard status
Active
Size
3,392 SF
Total Parking Spaces
23
Lot size
0.94 Acres
Site & Location
Road Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Additional Details
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$24,409
Building Details
Year Built
1962
Year Renovated
2021
Listing Agency:
SBRE - Sherry Bauer Real Estate Services
(814) 460-2000
Listed By:
Sherry Bauer · License #RM422666
(814) 460-2000
Source:
Exprealty
Added: May 8
Changed: Aug 23
Last Checked: Aug 23 at 9:28AM
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 SBRE - Sherry Bauer Real Estate Services
Investment Insights
Based on property information with market context.
This freestanding mixed-use retail building is 3,392± SF and was built in 1962, with a renovation completed in 2021. The interior features a mostly open floor plan plus an office area, two restrooms, storage, and a fenced covered shipping/receiving area. The property includes a generator, new tile flooring, and updated lighting. Electrical service is listed as 3 phase, 4 wire, 120/208V with public utilities.
The building is located on a 0.94± acre corner lot with paved parking for up to 23 vehicles. It sits at a signalized corner intersection with digital signage, providing visibility for passing traffic. Traffic counts provided include 14,000 average daily traffic along W. 38th Street and 7,800 AADT along Pittsburgh Avenue (PennDOT).
The building is located on a 0.94± acre corner lot with paved parking for up to 23 vehicles. It sits at a signalized corner intersection with digital signage, providing visibility for passing traffic. Traffic counts provided include 14,000 average daily traffic along W. 38th Street and 7,800 AADT along Pittsburgh Avenue (PennDOT).
Key Highlights
- -3,392± SF freestanding mixed‑use building on a 0.94± acre corner lot with paved parking for ~23
- Renovated in 2021: generator installed plus new tile flooring and lighting
- Former cannabis dispensary with mostly open floor plan, office, 2 restrooms, storage, fenced covered shipping/receiving area
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
$38,252
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
4.27%
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%
$765,040
$765.0K
Cap Rate 7%
$546,457
$546.5K
Cap Rate 9%
$425,022
$425.0K
Market Conditions
NOI Build-Up for 3,392 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
$61.1K $18.00/SF
− Vacancy
−$6.4K −$1.89/SF
EGI
$54.6K $16.11/SF
− OpEx
−$16.4K −$4.83/SF
NOI
$38.3K $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%
$765,040
Cap Rate 7%
$546,457
Cap Rate 9%
$425,022
Alternative Uses
Best Use
Retail
$546.5K
$478.2K – $637.5K
NOI $38,252 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$841.5K
$736.3K – $981.8K
NOI $58,907 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Yes
Fenced yard
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
52k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Dining 18%
Citgo
Shops & Services
12,822 visits/mo
0.1 miles
Dollar Tree
Shops & Services
10,034 visits/mo
0.3 miles
Taco Bell
Dining
9,214 visits/mo
0.3 miles
Country Fair
Shops & Services
7,679 visits/mo
0.1 miles
Dollar General
Shops & Services
7,435 visits/mo
0.3 miles
Demographics for 16510, PA
24,515
Population
10,354
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
33.0 sq mi
ZIP Area
743
Density / Sq Mi
$64,938
Median Household Income
$40,064
Median Earnings
$796
Median Rent
$158,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated 2021 freestanding building with mostly open layout, office, restrooms, fenced storage, and covered shipping/receiving.
Where is this retail space located?
The property is located at 2178 38th St Erie, PA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: -3,392± SF freestanding mixed‑use building on a 0.94± acre corner lot with paved parking for ~23; Renovated in 2021: generator installed plus new tile flooring and lighting; Former cannabis dispensary with mostly open floor plan, office, 2 restrooms, storage, fenced covered shipping/receiving area
