Flex Building with
For Sale
$315,000
Pending
3603 W 12TH Street, Erie, PA 16505
CommercialSale, Erie, PA
Property Size3,656 SF
Lot Size0.40 Acres
Days on Market760
Property Features for 3603 W 12TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-2
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
West 12th Street to 3603. Property lies at southwest corner of Linden Avenue and West 12th Street.
Subdivision
5 - Millcreek N of W26
Standard status
Pending
APN
33-027-166.0-009.00
Size
3,656 SF
Lot size
0.40 Acres
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
Listing Agency:
Erie Shores Realty
(814) 838-9602
Listed By:
Beth Lewis · License #RS338659
(814) 882-5451
Added: Aug 13, 2024
Changed: Aug 25
Last Checked: Sep 11 at 6:06PM
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.
Investment Insights
Based on property information with market context.
This 3,656-square-foot flex property combines office, workshop, storage, and warehouse areas within an attached building. The first floor includes three offices, reception and conference areas, a waiting room with a sink and working fireplace, plus a full bathroom. The lower level provides 1,212 square feet of additional space and two bathrooms. A 1,040-square-foot workshop and 1,404-square-foot warehouse offer dedicated operational areas, with the warehouse equipped with two overhead doors and access from both the basement and exterior.
The property occupies a .40-acre lot at 3603 W 12TH Street in Erie, Pennsylvania, with ample paved parking. Public water and sewer serve the site, while building systems include forced-air natural gas heat and central air conditioning.
The property occupies a .40-acre lot at 3603 W 12TH Street in Erie, Pennsylvania, with ample paved parking. Public water and sewer serve the site, while building systems include forced-air natural gas heat and central air conditioning.
Key Highlights
- 3,656 SF flex property with office, workshop, storage, and warehouse areas
- 1,404 SF warehouse with two overhead doors and basement or exterior access
- 1,040 SF attached workshop for operational or production use
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
$27,457
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
8.72%
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%
$549,140
$549.1K
Cap Rate 7%
$392,243
$392.2K
Cap Rate 9%
$305,078
$305.1K
Market Conditions
NOI Build-Up for 3,656 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
$34.7K $9.48/SF
− Vacancy
−$2.4K −$0.64/SF
EGI
$32.3K $8.84/SF
− OpEx
−$4.8K −$1.33/SF
NOI
$27.5K $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%
$549,140
Cap Rate 7%
$392,243
Cap Rate 9%
$305,078
Alternative Uses
Best Use
Office B
$684.0K
$598.5K – $798.0K
NOI $47,879 @ 7.0% cap · market cap 15.20%
Second Best
Warehouse
$392.2K
$343.2K – $457.6K
NOI $27,457 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$907.0K
$793.7K – $1.06M
NOI $63,492 @ 7.0% cap · market cap 20.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Stephany Catering — 1022 wyoming ave, erie, pa 16505
- Cali's West Catering & Express Take Out — 1313 Harper Dr, Erie, PA 16505
Frequently Asked Questions
What type of property is this?
Flex space - Configured for office, workshop, storage, and warehouse operations with paved parking and separate exterior access points.
Where is this flex 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: 3,656 SF flex property with office, workshop, storage, and warehouse areas; 1,404 SF warehouse with two overhead doors and basement or exterior access; 1,040 SF attached workshop for operational or production use
