Equipped Auto
New
For Sale
$360,000
2223 STATE Street, Erie, PA 16502
CommercialSale, Erie, PA
Property Size1,124 SF
Lot Size0.15 Acres
Price / SF$320.28
Days on Market4
Property Features for 2223 STATE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Corner of State St and E 23 Rd St.
Subdivision
3 - Erie Southwest
Standard status
Active
APN
18-050-002.0-222.00
Size
1,124 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1234
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Heating system
Natural Gas, Forced Air
Building Details
Year built
1949
Building materials
Block, VinylSiding
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Behar Hoxha · License #RS338608
(814) 737-2457
Added: Sep 4
Last Checked: Sep 7 at 1:06PM
MLS# 193089
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,124-square-foot auto shop was built in 1949 and includes the operating business, tools, equipment, office space, and parking lot. Block and vinyl siding construction is paired with natural gas, forced-air heating.
The property occupies a visible corner position with approximately 40 feet of frontage on State Street and 165 feet along E. 23rd Street. Its existing shop improvements and included business assets provide a defined setup for automotive service use.
The property occupies a visible corner position with approximately 40 feet of frontage on State Street and 165 feet along E. 23rd Street. Its existing shop improvements and included business assets provide a defined setup for automotive service use.
Key Highlights
- 1,124‑square‑foot auto shop built in 1949
- Business, tools, and equipment included
- Office space and parking lot on site
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
$12,675
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
3.52%
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%
$253,500
$253.5K
Cap Rate 7%
$181,071
$181.1K
Cap Rate 9%
$140,833
$140.8K
Market Conditions
NOI Build-Up for 1,124 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
$20.2K $18.00/SF
− Vacancy
−$2.1K −$1.89/SF
EGI
$18.1K $16.11/SF
− OpEx
−$5.4K −$4.83/SF
NOI
$12.7K $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%
$253,500
Cap Rate 7%
$181,071
Cap Rate 9%
$140,833
Alternative Uses
Best Use
Retail
$181.1K
$158.4K – $211.3K
NOI $12,675 @ 7.0% cap · market cap 3.52%
Second Best
Industrial
$99.3K
$86.9K – $115.9K
NOI $6,952 @ 7.0% cap · market cap 1.93%
Theoretical Best
Office A
$278.9K
$244.0K – $325.3K
NOI $19,520 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,099
Businesses Nearby
41k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 98%
Home Improvements & Furnishings 2%
Country Fair
Shops & Services
15,117 visits/mo
0.3 miles
Citgo
Shops & Services
6,495 visits/mo
0.2 miles
Family Dollar
Shops & Services
5,507 visits/mo
0.1 miles
Dollar General
Shops & Services
4,731 visits/mo
0.3 miles
Country Fair
Shops & Services
4,529 visits/mo
0.3 miles
Demographics for 16502, PA
15,435
Population
7,811
Households
2
Avg Household Size
34
Median Age
18%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,174
Density / Sq Mi
$34,649
Median Household Income
$27,342
Median Earnings
$831
Median Rent
$90,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Glenwood Automotive — 2915 Glenwood Park Ave, Erie, PA 16508
- Fleet Repair — 2615 Myrtle St, Erie, PA 16508
- Right Fleet Towing Company — 2609-11 Peach St, Erie, PA 16508
- C & J Automotive Performance — 2802 Glenwood Park Ave, Erie, PA 16508
- Apex Auto Service Center — 2615 Peach St, Erie, PA 16508
Frequently Asked Questions
What type of property is this?
Auto shop - Mechanic shop with business assets, tools, equipment, office space, and an on-site parking lot.
Where is this auto shop located?
The property is located at 2223 STATE Street Erie, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 1,124‑square‑foot auto shop built in 1949; Business, tools, and equipment included; Office space and parking lot on site
