Flex Space with Detached
For Sale
$529,900
3419 SHANNON Road, Erie, PA 16510
CommercialSale, Erie, PA
Property Size4,000 SF
Lot Size0.82 Acres
Price / SF$132.48
Days on Market50
Property Features for 3419 SHANNON Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Parking
12
Elementary school district
Iroquois
Middle school district
Iroquois
High school district
Iroquois
Directions
BAYFRONT HI-WAY TO BRIDGE OVER WINTERGREENE GORGE. TURN NORTH ON SHANNON RD, DRIVE PAST E. 38TH ST ABOUT 1/4 MILE FARTHER ON THE EAST SIDE OF THE RD.
Subdivision
15 - Harborcrk/Wesleyvill/Law Pk
Standard status
Active
APN
50-006-071.0-017.00
Size
4,000 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4081
Expense value
20000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas
Cooling system
Heat Pump
Water source
Well
Building Details
Year built
1997
Floors in Building
1
Building materials
Mixed
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Marsha Marsh RES Peach
(814) 866-8840
Listed By:
Scott Jackson · License #RS359454
(814) 413-6696
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 28 at 6:06PM
MLS# 191966
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 flex-space property includes a 4,000-square-foot commercial building and a detached 26' x 26' two-car garage on 0.8164 acres. The main structure can accommodate retail, office, warehouse, light industrial, and service-based business functions, with a layout that may support single-tenant occupancy or division into multiple tenant areas. The additional garage provides separate space for storage, workshop activities, equipment, housing, or rental use.
Built in 1997, the property has mixed construction, an asphalt roof, natural-gas heating, and heat-pump cooling. Water is supplied by a well, and the site is served by a septic tank. The address is 3419 Shannon Road in Erie, Pennsylvania, within ZIP Code 16510.
Built in 1997, the property has mixed construction, an asphalt roof, natural-gas heating, and heat-pump cooling. Water is supplied by a well, and the site is served by a septic tank. The address is 3419 Shannon Road in Erie, Pennsylvania, within ZIP Code 16510.
Key Highlights
- 4,000‑square‑foot commercial building on 0.8164 acres
- Detached 26' x 26' two‑car garage
- Main building supports retail, office, warehouse, light industrial, and service‑based uses
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
$30,040
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
5.67%
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%
$600,800
$600.8K
Cap Rate 7%
$429,143
$429.1K
Cap Rate 9%
$333,778
$333.8K
Market Conditions
NOI Build-Up for 4,000 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
$37.9K $9.48/SF
− Vacancy
−$2.6K −$0.64/SF
EGI
$35.3K $8.84/SF
− OpEx
−$5.3K −$1.33/SF
NOI
$30.0K $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 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%
$600,800
Cap Rate 7%
$429,143
Cap Rate 9%
$333,778
Alternative Uses
Best Use
Warehouse
$429.1K
$375.5K – $500.7K
NOI $30,040 @ 7.0% cap · market cap 5.67%
Second Best
Industrial
$353.4K
$309.2K – $412.3K
NOI $24,739 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$992.4K
$868.3K – $1.16M
NOI $69,466 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16510, PA
24,515
Population
10,354
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
33.0 sq mi
ZIP Area
743
Density / Sq Mi
$64,938
Median Household Income
$40,064
Median Earnings
$796
Median Rent
$158,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial layout with separate garage space for storage or workshop use.
Where is this flex space located?
The property is located at 3419 SHANNON Road Erie, PA.
What is the asking price?
The asking price for this property is $529,900.
What are key features of this property?
This property features: 4,000‑square‑foot commercial building on 0.8164 acres; Detached 26' x 26' two‑car garage; Main building supports retail, office, warehouse, light industrial, and service‑based uses
