Historic Office
For Sale
$1,250,000
317 W 6TH Street, Erie, PA 16507
CommercialSale, Erie, PA
Property Size6,006 SF
Lot Size0.25 Acres
Price / SF$208.13
Days on Market755
Property Features for 317 W 6TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RLB
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
WEST 6TH STREET AND TO PROPERTY.
Subdivision
2 - Erie Northwest
Standard status
Active
APN
17-040-010.0-204.00
Size
6,006 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8115
Expense value
100000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Radiant
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Mixed
Listing Agency:
Marsha Marsh RES Peach
(814) 866-8840
Listed By:
Marsha Marsh · License #RS218503L
(814) 440-8181
Added: Aug 19, 2024
Changed: Sep 6
Last Checked: Sep 12 at 12:06AM
MLS# 178525
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 6,006-square-foot office building combines period architectural character with practical features for contemporary business use. The interior includes multiple offices, conference rooms, and collaborative areas, while large windows bring substantial natural light into the workspace. Mixed construction, radiant natural-gas heating, and central air conditioning serve the building.
The property occupies 0.2462 acres at 317 W 6TH Street in Erie, Pennsylvania, within the historic Millionaires Row district and along Tom Hagen Way. Public water and public sewer are available, supporting the existing commercial configuration.
The property occupies 0.2462 acres at 317 W 6TH Street in Erie, Pennsylvania, within the historic Millionaires Row district and along Tom Hagen Way. Public water and public sewer are available, supporting the existing commercial configuration.
Key Highlights
- 6,006‑square‑foot office building on 0.2462 acres
- Multiple offices, conference rooms, and collaborative areas
- Large windows provide abundant natural light
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
$78,655
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
6.29%
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%
$1,573,100
$1.6M
Cap Rate 7%
$1,123,643
$1.1M
Cap Rate 9%
$873,944
$873.9K
Market Conditions
NOI Build-Up for 6,006 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
$135.5K $22.56/SF
− Vacancy
−$30.6K −$5.10/SF
EGI
$104.9K $17.46/SF
− OpEx
−$26.2K −$4.37/SF
NOI
$78.7K $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 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%
$1,573,100
Cap Rate 7%
$1,123,643
Cap Rate 9%
$873,944
Alternative Uses
Best Use
Office B
$1.12M
$983.2K – $1.31M
NOI $78,655 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,303 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,495
Businesses Nearby
Explore this area
Business Placement
Demographics for 16507, PA
9,429
Population
4,149
Households
2.3
Avg Household Size
31
Median Age
20%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
4,490
Density / Sq Mi
$34,474
Median Household Income
$20,833
Median Earnings
$1,016
Median Rent
$66,300
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Flexible professional layout with private work areas, meeting rooms, and shared collaboration space.
Where is this office building located?
The property is located at 317 W 6TH Street Erie, PA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 6,006‑square‑foot office building on 0.2462 acres; Multiple offices, conference rooms, and collaborative areas; Large windows provide abundant natural light
