Two-Bay Auto
For Sale
$219,000
3401 W LAKE Road, Erie, PA 16505
Auto service property with an existing tenant lease extending through August 1, 2027.
Property Size1,440 SF
Price / SF$152.08
Days on Market330
Property Features for 3401 W LAKE Road
General Information
Standard status
Active
Size
1,440 SF
Property subtype
General Commercial
Zoning
MU-1
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Service Bays
2
Taxes and HOA fees
Annual Taxes
$2,634
Amenities
Central Air, Gas
3
15 Parking Spaces.
108x127x96x131
Mineral Rights.
Building Details
Year Built
1953
Listing Agency:
Airport
(814) 882-6781
Listed By:
Coldwell Banker Select
(814) 882-6781
Source:
Xome
Added: Oct 4, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:00PM
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 Airport
Investment Insights
Based on property information with market context.
This 1,440-square-foot auto service property includes a two-bay repair garage, central air, and gas service. The building dates to 1953, and the two automotive lifts currently in place are owned by the tenant. Fifteen parking spaces serve the property, which also includes a fenced storage area behind the garage. That area is rented to a neighboring party and may be vacated with 60 days’ notice.
The property is located at 3401 W Lake Road in Erie, Pennsylvania. MU-1 zoning applies, with the existing use identified as a permitted nonconforming use. The current tenant’s lease extends through 8/1/27. Mineral rights are included.
The property is located at 3401 W Lake Road in Erie, Pennsylvania. MU-1 zoning applies, with the existing use identified as a permitted nonconforming use. The current tenant’s lease extends through 8/1/27. Mineral rights are included.
Key Highlights
- Two‑bay repair garage within a 1,440 SF auto service property
- Current tenant lease extends through 8/1/27
- MU‑1 zoning with existing use identified as permitted nonconforming
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
$16,239
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
7.42%
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%
$324,780
$324.8K
Cap Rate 7%
$231,986
$232.0K
Cap Rate 9%
$180,433
$180.4K
Market Conditions
NOI Build-Up for 1,440 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
$25.9K $18.00/SF
− Vacancy
−$2.7K −$1.89/SF
EGI
$23.2K $16.11/SF
− OpEx
−$7.0K −$4.83/SF
NOI
$16.2K $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%
$324,780
Cap Rate 7%
$231,986
Cap Rate 9%
$180,433
Alternative Uses
Best Use
Retail
$232.0K
$203.0K – $270.7K
NOI $16,239 @ 7.0% cap · market cap 7.42%
Second Best
Industrial
$127.2K
$111.3K – $148.4K
NOI $8,906 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$357.3K
$312.6K – $416.8K
NOI $25,008 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Service bays
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Westlake Auto Repair — 3763 W Lake Rd, Erie, PA 16505
- Roy's Auto Services — 3081 W 12th St, Erie, PA 16505
- Edmonds Auto Service & Repair LLC — 3401 W Lake Rd, Erie, PA 16505
- Forest Park Garage — 3339 W Lake Rd, Erie, PA 16505
- Honda Service — Erie, PA 16505
Frequently Asked Questions
What type of property is this?
Auto shop - Auto service property with an existing tenant lease extending through August 1, 2027.
Where is this auto shop located?
The property is located at 3401 W LAKE Road Erie, PA.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two‑bay repair garage within a 1,440 SF auto service property; Current tenant lease extends through 8/1/27; MU‑1 zoning with existing use identified as permitted nonconforming
