Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    3603 W 12TH Street Erie, PA 16505

    View on Map
    Claim this Listing
    For Sale
    $315,000

    COMMERCIAL - Erie, PA

    Property size:
    3,656 SF
    Price / SF:
    $86/SF
    Added:
    Aug 13, 2024
    Days on Market:
    631
    Last Refresh:
    May 5 at 12:06 pm

    Property Features for 3603 W 12TH Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    33-027-166.0-009.00
    Size
    3,656 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    4101
    Expense value
    10000
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Building materials
    AluminumSiding, Frame

    We can help!

    Listing Contact
    Beth Lewis

    Listing agent Beth Lewis License #RS338659

    Listing office Erie Shores Realty 3545 W 12th St, Erie, PA

    Listing date Aug 13, 2024

    MLS# 177934

    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.

    Overview

    West 12th Street Commercial Property

    This commercial property is located on heavily-traveled West 12th Street. The building features three offices with reception and conference areas, a waiting room with a sink and working fireplace, and a full bathroom on the first floor. The lower level adds 1,212 square feet, suitable for storage, and includes two additional bathrooms. A 1,040-square-foot workshop and a 1,404-square-foot warehouse are attached and accessible through the basement or exterior entrances. The warehouse features two overhead doors, and Bilco doors provide access to the basement. The property, which sits on a 0.40-acre lot, has ample paved parking available. The 3,656 square foot property could be converted to residential with business at the same location. It is suitable for service businesses, medical, and retail uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Steve Lewis Contracting ... Construction Company

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.162802
    Latitude
    42.092989

    Nearby Similar for Sale

    • $319,000
      2,520 SF

      Erie Commercial Property For Sale

      2,520 SF commercial building on 0.22 acres in Erie, PA.
      1903 W 8TH Street, Erie, PA 16505
      View Details
    • $619,000
      11,568 SF

      Erie Commercial Plaza For Sale

      Four-unit commercial plaza with strong rental history and abundant parking.
      105 W 18TH Street, Erie, PA 16501
      View Details
    • $699,900
      3,471 SF

      Erie Commercial Property For Sale

      High-visibility Erie commercial property on 0.77 acres, mixed-use zoning.
      3505 W 26TH Street, Erie, PA 16506
      View Details
    • $529,900
      14,000 SF

      Erie Commercial Building with Garage

      Three-story commercial building with storage and office space on 5+ acres.
      3003 FLOWER Road, Erie, PA 16509
      View Details
    • $430,000
      4,793 SF

      Erie Office Building For Sale

      Three-story office building with multiple offices and parking.
      235 W 7TH Street, Erie, PA 16501
      View Details
    • $529,900
      14,000 SF

      Erie Commercial Building with Garage

      Three-story commercial building with storage and office space on 5+ acres.
      3003 FLOWER Road, Erie, PA 16509
      View Details
    • $899,900
      17,200 SF

      Turnkey Entertainment Destination in Erie

      Fully operational bowling alley, bar, and restaurant in prime location.
      3729 MCCLELLAND Avenue, Erie, PA 16510
      View Details
    • $899,900
      17,200 SF

      Turnkey Erie Entertainment Destination

      Fully operational bowling alley, bar, and restaurant in Erie, PA.
      3729 MCCLELLAND Avenue, Erie, PA 16510
      View Details
    • $965,000
      9,120 SF

      Wesleyville Borough 12-Unit Investment Property

      Rare 12-unit multifamily property in a desirable Erie location.
      3400 FRANCIS Street, Erie, PA 16510
      View Details
    • $448,155
      3,377 SF

      Renovated Medical Office Near Hospital

      Fully renovated medical office space near St. Vincent Hospital.
      2626 SIGSBEE Street, Erie, PA 16508
      View Details
    • $285,000
      3,642 SF

      Updated Commercial Property on Buffalo

      Well-maintained commercial property with high visibility and recent updates.
      5083 BUFFALO Road, Erie, PA 16510
      View Details
    • $274,900
      15,216 SF

      Large Commercial Building, Erie, PA

      Versatile commercial building suitable for various business ventures.
      411-15 E 10 Street, Erie, PA 16503
      View Details

    FAQs

    What type of property is this?
    Retail space - Commercial property on West 12th Street suitable for multiple uses.
    Where is this retail space located?
    The property is located at 3603 W 12TH Street Erie, PA.
    What is the asking price?
    The asking price for this property is $315,000.
    What are key features of this property?
    This property features: Heavily‑traveled location on West 12th Street.; Versatile commercial property suitable for service businesses, medical, or retail.; Attached 1,040 SF workshop and 1,404 SF warehouse with two overhead doors.
    (814) 882-5451
    We can help!
    Listing Contact
    Beth Lewis
    Real Estate License ID: RS338659
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3603 W 12TH Street, Erie, PA 16505
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!