Freestanding Mixed-Use Building For
For Sale
$495,000
3412 W LAKE Road, Erie, PA 16505
6,335 SF mixed-use building with retail, storage, and office space.
Property Size6,335 SF
Lot Size0.35 Acres
Price / SF$78.14
Days on Market232
Property Features for 3412 W LAKE Road
General Information
Standard status
Active
Size
6,335 SF
Lot size
0.35 Acres
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$5,152
Amenities
Gas
3
16 Parking Spaces.
100x155x0x0
Building Details
Year Built
1942
Listing Agency:
SBRE - Sherry Bauer Real Estate Services
(814) 460-2000
Listed By:
Sherry Bauer Real Estate Services · License #RM422666
(814) 460-2000
Source:
Xome
Added: Jan 3
Changed: Aug 23
Last Checked: Aug 22 at 8:51AM
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 SBRE - Sherry Bauer Real Estate Services
Investment Insights
Based on property information with market context.
This 6,335± square foot freestanding building, constructed in 1942, is available for sale or lease. The layout includes a 2,990± square foot retail area, a 2,360± square foot storage/warehouse, a 480± square foot office with a restroom, and a 400± square foot break room with 2 restrooms. The property includes public utilities and 16 paved parking spaces. Situated on a 0.35± acre lot with 100 feet of frontage along W. Lake Road, the location benefits from 10,000 average daily traffic (PennDOT AADT 2024 count year) and is on a public bus route. It is located 1.1 miles west of Presque Isle State Park and Waldameer & Water World, near Royal Chopstix Asian Cuisine, Oregon Antiques, West Lake Bakery & Deli, Edmond’s Auto Service & Repair, Forest Park Honda & Garage, Fernetti’s Hair Design, and Lake Erie Massage Therapy. Zoned MU-1, Neighborhood Mixed-Use, the property permits multiple uses, including retail, convenience store, restaurant, day care center, health club, and medical marijuana dispensary.
Key Highlights
- Freestanding 6,335± SF building suitable for retail, storage, office, and break room.
- High‑traffic location with 100’ frontage on W. Lake Road (10,000 AADT).
- Zoned MU‑1, permitting multiple uses including retail, restaurant, and medical marijuana dispensary.
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
$39,180
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
7.92%
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%
$783,600
$783.6K
Cap Rate 7%
$559,714
$559.7K
Cap Rate 9%
$435,333
$435.3K
Market Conditions
NOI Build-Up for 6,335 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
$60.1K $9.48/SF
− Vacancy
−$4.1K −$0.64/SF
EGI
$56.0K $8.84/SF
− OpEx
−$16.8K −$2.65/SF
NOI
$39.2K $6.18/SF
Area
Erie County, PA
Vacancy
6.80%
Lease Rate
$9.48 /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%
$783,600
Cap Rate 7%
$559,714
Cap Rate 9%
$435,333
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $82,964 @ 7.0% cap · market cap 16.76%
Second Best
Retail
$1.02M
$893.0K – $1.19M
NOI $71,440 @ 7.0% cap · market cap 14.43%
Theoretical Best
Office A
$1.57M
$1.38M – $1.83M
NOI $110,016 @ 7.0% cap · market cap 22.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - 6,335 SF mixed-use building with retail, storage, and office space.
Where is this mixed-use property located?
The property is located at 3412 W LAKE Road Erie, PA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Freestanding 6,335± SF building suitable for retail, storage, office, and break room.; High‑traffic location with 100’ frontage on W. Lake Road (10,000 AADT).; Zoned MU‑1, permitting multiple uses including retail, restaurant, and medical marijuana dispensary.
