Former Hampton Inn Hotel
3041 W 12th St Erie, PA 16505
For Sale
Contact for pricing
Former Hampton Inn hotel with substantial completed Property Improvement Plan work already performed for new ownership transition.
Property Size45,414 SF
Price / SF$30.83
Days on Market81
Property Features for 3041 W 12th St
General Information
- Standard status
- Active
- Size
- 45,414 SF
- Property subtype
- Hospitality
Building Details
- Year Built
- 1994
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Jerry Swon · License #10401248594
Source:
Crexi
Added: May 5
Changed: Jul 23
Last Checked: Jul 23 at 6:47AM
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 - Manhattan
Investment Insights
Based on property information with market context.
Marcus & Millichap presents a hotel investment opportunity offered for sale. The property is a former Hampton Inn and includes substantial Property Improvement Plan (PIP) work that has already been completed. The reported completed PIP amount is $623,000, which is intended to reduce near-term capital expenditure requirements for a new owner.
The offering is located at 3041 W 12th Street in Erie, Pennsylvania. Property tours are available by appointment only, and the listing broker should be contacted to schedule a tour.
This opportunity is positioned as a hospitality asset with completed capital improvements and a value-add framework that includes operational optimization goals for new ownership. For registration requirements and regulations related to the offering, please review the provided requirements or contact the listing broker.
The offering is located at 3041 W 12th Street in Erie, Pennsylvania. Property tours are available by appointment only, and the listing broker should be contacted to schedule a tour.
This opportunity is positioned as a hospitality asset with completed capital improvements and a value-add framework that includes operational optimization goals for new ownership. For registration requirements and regulations related to the offering, please review the provided requirements or contact the listing broker.
Key Highlights
- Former Hampton Inn hotel at 3041 W 12th Street, Erie, PA 16505
- Year built: 1994
- Significant Property Improvement Plan (PIP) work already completed totaling $623,000
Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $452.3k | $9.96 |
| − Vacancy | −$248.8k | −$5.48 |
| EGI | $203.5k | $4.48 |
| − OpEx | −$106.9k | −$2.35 |
| NOI | $96.7k | $2.13 |
45,414 SF · lease $9.96/SF/yr · vacancy 55.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$1.38M
$1.21M – $1.61M
NOI $96,684 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.27M
$9.86M – $13.14M
NOI $788,678 @ 7.0% cap · market cap 56.33%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
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FAQs
What type of property is this?
Hotel - Former Hampton Inn hotel with substantial completed Property Improvement Plan work already performed for new ownership transition.
Where is this hotel located?
The property is located at 3041 W 12th St Erie, PA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Former Hampton Inn hotel at 3041 W 12th Street, Erie, PA 16505; Year built: 1994; Significant Property Improvement Plan (PIP) work already completed totaling $623,000
