Historic Mixed-Use Restaurant
For Sale
$285,000
4019 MAIN Street, Erie, PA 16511
Restaurant improvements and a rear apartment create a mixed-use property with both commercial and residential components.
Property Size1,616 SF
Price / SF$176.36
Days on Market195
Property Features for 4019 MAIN Street
General Information
Standard status
Active
Size
1,616 SF
Property subtype
General Commercial
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$2,486
Amenities
Central Air, Gas
3
4 Parking Spaces.
40x120x0x0
Building Details
Year Built
1950
Listing Agency:
(814) 722-1110
Listed By:
Howard Hanna Erie East
(814) 722-1110
Source:
Xome
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 1:19PM
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 Howard Hanna Erie East
Investment Insights
Based on property information with market context.
This mixed-use property combines an operating restaurant setting with a rear one-bedroom, one-bathroom apartment. Restaurant-related supplies and equipment convey with the real estate, along with a new grill installed in 2025, exterior concrete patio seating, replacement plumbing and fixtures, and some electrical updates. The property was built in 1950 and is listed on the National Register of Historic Places.
The apartment includes upgraded flooring, a new kitchen, exterior siding, HVAC, and updated plumbing and electrical systems. Uninstalled fixtures also convey. Additional property details include central air, gas service, four parking spaces, and a 1,616-square-foot property size.
The apartment includes upgraded flooring, a new kitchen, exterior siding, HVAC, and updated plumbing and electrical systems. Uninstalled fixtures also convey. Additional property details include central air, gas service, four parking spaces, and a 1,616-square-foot property size.
Key Highlights
- Restaurant supplies and equipment convey with the real estate
- New grill installed in 2025
- Rear 1 bedroom/1 bathroom apartment with new kitchen, flooring, siding, HVAC, plumbing and electrical
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
$22,711
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
7.97%
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%
$454,220
$454.2K
Cap Rate 7%
$324,443
$324.4K
Cap Rate 9%
$252,344
$252.3K
Market Conditions
NOI Build-Up for 1,616 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
$31.6K $19.56/SF
− Vacancy
−$1.3K −$0.82/SF
EGI
$30.3K $18.74/SF
− OpEx
−$7.6K −$4.68/SF
NOI
$22.7K $14.05/SF
Area
Erie County, PA
Vacancy
4.20%
Lease Rate
$19.56 /SF/Yr
Expense Ratio
25.00%
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%
$454,220
Cap Rate 7%
$324,443
Cap Rate 9%
$252,344
Alternative Uses
Best Use
Specialty Retail
$324.4K
$283.9K – $378.5K
NOI $22,711 @ 7.0% cap · market cap 7.97%
Second Best
Mixed Use
$233.7K
$204.5K – $272.7K
NOI $16,362 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$400.9K
$350.8K – $467.7K
NOI $28,064 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Explore this area
Business Placement
Demographics for 16511, PA
11,347
Population
4,861
Households
2.3
Avg Household Size
43
Median Age
32%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
1,533
Density / Sq Mi
$71,644
Median Household Income
$41,998
Median Earnings
$871
Median Rent
$162,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant improvements and a rear apartment create a mixed-use property with both commercial and residential components.
Where is this mixed-use property located?
The property is located at 4019 MAIN Street Erie, PA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Restaurant supplies and equipment convey with the real estate; New grill installed in 2025; Rear 1 bedroom/1 bathroom apartment with new kitchen, flooring, siding, HVAC, plumbing and electrical
