Mixed-Use Development
New
For Sale
$1,200,000
4912 & 4916 W RIDGE Road, Erie, PA 16506
CommercialSale, Erie, PA
Property Size9,131 SF
Lot Size4.25 Acres
Price / SF$131.42
Days on Market2
Property Features for 4912 & 4916 W RIDGE Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
M-2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking
10
Lot features
Mineral Rights
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
Turn onto W 23rd. from Asbury Rd. Property is on the left hand side driving towards Wegmans. Right next to GeorgeKo. Alternative access via W Ridge Rd
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-042-230.1-003.00
Size
9,131 SF
Lot size
4.25 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9890
Expense value
35000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1950
Building materials
Brick, VinylSiding
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Isaac Yurkewicz · License #RS333371
(814) 460-7538
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 7:06AM
MLS# 192900
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 4.25-acre mixed-use property includes a 9,000-square-foot tool and dye shop constructed in 1980, a two-unit residential rental, and a mobile home. Public water and public sewer serve the property, and utilities run across the lot. The parcel can accommodate phased construction or a unified development plan, subject to applicable approvals.
Located at 4912 & 4916 W Ridge Road, the site is positioned along a heavily traveled commercial corridor in Millcreek. Established nearby businesses include Wegmans, Chipotle, Starbucks, PNC, and Erie Insurance. MU-2 zoning permits a broad range of uses, including multifamily residential, retail, office, service, medical, and integrated mixed-use concepts.
Located at 4912 & 4916 W Ridge Road, the site is positioned along a heavily traveled commercial corridor in Millcreek. Established nearby businesses include Wegmans, Chipotle, Starbucks, PNC, and Erie Insurance. MU-2 zoning permits a broad range of uses, including multifamily residential, retail, office, service, medical, and integrated mixed-use concepts.
Key Highlights
- 4.25‑acre mixed‑use development site at 4912 & 4916 W Ridge Road
- MU‑2 zoning permits multifamily residential, retail, office, service, medical, and integrated mixed‑use uses
- Existing 9,000‑square‑foot tool and dye shop built in 1980
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
$92,451
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
7.70%
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%
$1,849,020
$1.8M
Cap Rate 7%
$1,320,729
$1.3M
Cap Rate 9%
$1,027,233
$1.0M
Market Conditions
NOI Build-Up for 9,131 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
$164.4K $18.00/SF
− Vacancy
−$16.4K −$1.80/SF
EGI
$147.9K $16.20/SF
− OpEx
−$55.5K −$6.07/SF
NOI
$92.5K $10.13/SF
Area
Erie County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,849,020
Cap Rate 7%
$1,320,729
Cap Rate 9%
$1,027,233
Alternative Uses
Best Use
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,451 @ 7.0% cap · market cap 7.70%
Second Best
Industrial
$806.8K
$705.9K – $941.2K
NOI $56,473 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$2.27M
$1.98M – $2.64M
NOI $158,573 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - MU-2 zoning permits residential, retail, office, service, medical, and integrated mixed-use development.
Where is this mixed-use property located?
The property is located at 4912 & 4916 W RIDGE Road Erie, PA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 4.25‑acre mixed‑use development site at 4912 & 4916 W Ridge Road; MU‑2 zoning permits multifamily residential, retail, office, service, medical, and integrated mixed‑use uses; Existing 9,000‑square‑foot tool and dye shop built in 1980
