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Listing Agency: SVN Wilson Commercial Show Phone

Listed By: Kristen Asman · License ##658012934 Show Phone

Source: Moodyscre

Added: May 8 Changed: Oct 9 Last Checked: Oct 15 at 2:26AM

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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 / Yr

$279,862

Cap Rate

7.77%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,597,240 $5.6M

Cap Rate 7%

$3,998,029 $4.0M

Cap Rate 9%

$3,109,578 $3.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 37,265 SF

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 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 (±1% cap)

NOI $367,806 @ 7.0% cap · market cap 10.22%

Second Best

Warehouse

$4.00M

$3.50M – $4.66M (±1% cap)

NOI $279,862 @ 7.0% cap · market cap 7.77%

Theoretical Best

Office A

$9.25M

$8.09M – $10.79M (±1% cap)

NOI $647,159 @ 7.0% cap · market cap 17.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Riedman Apartments Apartment Building Store-N-Lock Storage Facility

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Hair Salon Kitchen & Bath Showroom Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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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