Self-Storage
For Sale
Contact for pricing
2315 W Grandview Blvd, Erie, PA 16506
Self-storage property without an on-site office.
Property Size37,265 SF
Price / SF$96.61
Days on Market116
Property Features for 2315 W Grandview Blvd
General Information
Standard status
Active
Size
37,265 SF
Property subtype
INDUSTRIAL
Occupancy
95%
Listing Agency:
SVN Wilson Commercial
(614) 370-9077
Listed By:
Kristen Asman · License #2013003740
(614) 370-9077
Source:
Moodyscre
Added: May 8
Changed: Aug 30
Last Checked: Aug 30 at 3:46PM
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 SVN Wilson Commercial
Investment Insights
Based on property information with market context.
The self-storage facility contains 37,265 square feet and is reported at 95% occupancy. The property does not include an on-site office and is located at 2315 W Grandview Blvd in Erie, Pennsylvania.
Key Highlights
- 37,265‑square‑foot self‑storage facility
- 95% occupancy
- No on‑site office
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
$279,862
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
7.77%
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%
$5,597,240
$5.6M
Cap Rate 7%
$3,998,029
$4.0M
Cap Rate 9%
$3,109,578
$3.1M
Market Conditions
NOI Build-Up for 37,265 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
$353.3K $9.48/SF
− Vacancy
−$24.0K −$0.64/SF
EGI
$329.2K $8.84/SF
− OpEx
−$49.4K −$1.33/SF
NOI
$279.9K $7.51/SF
Area
Erie County, PA
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$5,597,240
Cap Rate 7%
$3,998,029
Cap Rate 9%
$3,109,578
Alternative Uses
Best Use
Self Storage
$5.25M
$4.60M – $6.13M
NOI $367,806 @ 7.0% cap · market cap 10.22%
Second Best
Warehouse
$4.00M
$3.50M – $4.66M
NOI $279,862 @ 7.0% cap · market cap 7.77%
Theoretical Best
Office A
$9.25M
$8.09M – $10.79M
NOI $647,159 @ 7.0% cap · market cap 17.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
95%
Occupancy
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Self-storage property without an on-site office.
Where is this self storage facility located?
The property is located at 2315 W Grandview Blvd Erie, PA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 37,265‑square‑foot self‑storage facility; 95% occupancy; No on‑site office
