Established Optical Practice
For Sale
Contact for pricing
2201-3 W 38th St, Erie, PA 16506
Longstanding optical practice for sale with 35+ year history.
Property Size6,000 SF
Price / SF$155.33
Days on Market204
Property Features for 2201-3 W 38th St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$88,560
Building Details
Year Built
1992
Year Renovated
2018
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Orlando
Listed By:
Christopher Biuso · License #Fl SL3424071
(407) 557-3841
Source:
Crexi
Added: Mar 18
Changed: Oct 6
Last Checked: Oct 7 at 10:35AM
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 Marcus & Millichap - Orlando
Investment Insights
Based on property information with market context.
This commercial property, suitable for medical office space or general office use, presents an opportunity to acquire a location with a 35+ year operating history as an optical practice. The property offers 6000 square feet of space.
Key Highlights
- Longstanding optical practice, perfect for continued use.
- Benefit from a 35+ year operating history.
- Built in 1992.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,576
Cap Rate
8.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,571,520
$1.6M
Cap Rate 7%
$1,122,514
$1.1M
Cap Rate 9%
$873,067
$873.1K
Market Conditions
NOI Build-Up for 6,000 SF
Gross rent
$135.4K $22.56/SF
− Vacancy
−$30.6K −$5.10/SF
EGI
$104.8K $17.46/SF
− OpEx
−$26.2K −$4.37/SF
NOI
$78.6K $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%
$1,571,520
Cap Rate 7%
$1,122,514
Cap Rate 9%
$873,067
Alternative Uses
Best Use
Office B
$1.12M
$982.2K – $1.31M
NOI $78,576 @ 7.0% cap · market cap 8.43%
Second Best
Healthcare Medical
$1.06M
$924.0K – $1.23M
NOI $73,917 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,198 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16506, PA
23,918
Population
10,309
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
96%
High-School Grad
13.6 sq mi
ZIP Area
1,759
Density / Sq Mi
$84,021
Median Household Income
$47,823
Median Earnings
$1,176
Median Rent
$224,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Similar Off Market Nearby
- Ramey Kevin DVM — 2222 E 38th St, Erie, PA 16510
- Dr. Elizabeth Piersol — 2222 E 38th St, Erie, PA 16510
- Reamer Valerie DVM — 2222 E 38th St, Erie, PA 16510, United States
- Konzel Theresa M DVM — 2222 E 38th St, Erie, PA 16510
- Animal Kingdom Pet Hospital — 2222 E 38th St, Erie, PA 16510
Frequently Asked Questions
What type of property is this?
Medical Office Space - Longstanding optical practice for sale with 35+ year history.
Where is this medical office space located?
The property is located at 2201-3 W 38th St Erie, PA.
What is the asking price?
The asking price for this property is $932,000.
What are key features of this property?
This property features: Longstanding optical practice, perfect for continued use.; Benefit from a 35+ year operating history.; Built in 1992.
