Prime Commercial Land
For Sale
$3,100,000
4500 W Ridge Road, Erie, PA 16506
14.88 acres with existing buildings near major retailers.
Property Size36,847 SF
Lot Size14.88 Acres
Price / SF$84.13
Days on Market207
Property Features for 4500 W Ridge Road
General Information
Standard status
Active
Size
36,847 SF
Lot size
14.88 Acres
Taxes and HOA fees
Annual Taxes
$28,226
Listing Agency:
Passport Realty LLC
(814) 454-1800
Listed By:
Daryl Terella · License #RS127138A
(814) 454-1800
Source:
Exprealty
Added: Feb 3
Changed: Aug 27
Last Checked: Aug 28 at 4:25PM
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 Passport Realty LLC
Investment Insights
Based on property information with market context.
Available for sale is a rare opportunity consisting of two properties totaling 14.88 acres. The properties are located near Lowe's, Sheetz, Wegmans, and Walmart Supercenter on West Ridge Road. There are three existing buildings on the properties. The west parcel includes a small storage building and a 24,200 square foot facility that is mostly free span. The east parcel contains a 14,136 square foot building. The buildings are currently leased, providing immediate income. There is vacant land available for expansion of the existing buildings or for the addition of new structures. The total square footage of the existing buildings is 36,847 square feet. This site presents a redevelopment opportunity. The sale is subject to tenant rights. The square footage of the storage building is not calculated in the total square footage.
Key Highlights
- 14.88 Acres of land near major retailers
- Three existing buildings totaling 38,336 sqft
- Buildings are currently leased, providing immediate income
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
$276,723
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
8.93%
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%
$5,534,460
$5.5M
Cap Rate 7%
$3,953,186
$4.0M
Cap Rate 9%
$3,074,700
$3.1M
Market Conditions
NOI Build-Up for 36,847 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
$349.3K $9.48/SF
− Vacancy
−$23.8K −$0.64/SF
EGI
$325.6K $8.84/SF
− OpEx
−$48.8K −$1.33/SF
NOI
$276.7K $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%
$5,534,460
Cap Rate 7%
$3,953,186
Cap Rate 9%
$3,074,700
Alternative Uses
Best Use
Retail
$5.94M
$5.19M – $6.93M
NOI $415,524 @ 7.0% cap · market cap 13.40%
Second Best
Warehouse
$3.95M
$3.46M – $4.61M
NOI $276,723 @ 7.0% cap · market cap 8.93%
Theoretical Best
Office A
$9.14M
$8.00M – $10.67M
NOI $639,900 @ 7.0% cap · market cap 20.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
311
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16506, PA
23,918
Population
10,309
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
96%
High-School Grad
13.6 sq mi
ZIP Area
1,759
Density / Sq Mi
$84,021
Median Household Income
$47,823
Median Earnings
$1,176
Median Rent
$224,200
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Valu-Stor — 4025 W Ridge Rd, Erie, PA 16506
- Sesler Self Storage — 4025 W Ridge Rd, Erie, PA 16506, United States
Frequently Asked Questions
What type of property is this?
Warehouse - 14.88 acres with existing buildings near major retailers.
Where is this warehouse located?
The property is located at 4500 W Ridge Road Erie, PA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 14.88 Acres of land near major retailers; Three existing buildings totaling 38,336 sqft; Buildings are currently leased, providing immediate income
