Remodeled Office
New
For Sale
$210,000
8800 PERRY Highway, Erie, PA 16509
CommercialSale, Erie, PA
Property Size960 SF
Lot Size0.72 Acres
Price / SF$218.75
Days on Market2
Property Features for 8800 PERRY Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
10
Elementary school district
Fort LeBoeuf
Middle school district
Fort LeBoeuf
High school district
Fort LeBoeuf
Directions
South on PA-97. Property on the corner of Perry Highway and Zwilling Rd.
Subdivision
12 - Summit
Standard status
Active
APN
40-022-099.0-012.01
Size
960 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
1873
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Septic Tank
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1983
Building materials
Frame, VinylSiding
Listing Agency:
Coldwell Banker Select - Peach · Coldwell Banker Real Estate
(814) 453-4578
Listed By:
Paul Nick · License #RS329894
(814) 572-3864
Added: Sep 1
Last Checked: Sep 2 at 6:06PM
MLS# 193014
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 960-square-foot, single-story office building was constructed in 1983 and has received extensive updates. Improvements include a roof replacement in 2022, a new hot water tank and central air system installed in 2024, plus refreshed flooring, bathrooms, and paint. The building uses natural gas forced-air heating and central air conditioning, with frame construction, vinyl siding, public water, and a septic tank.
The property occupies 0.72 acres at 8800 PERRY Highway in Erie, Pennsylvania. Its setting provides proximity to I-90 and the casino, with the site described as having high visibility and substantial traffic. Two bathrooms are included within the building configuration.
The property occupies 0.72 acres at 8800 PERRY Highway in Erie, Pennsylvania. Its setting provides proximity to I-90 and the casino, with the site described as having high visibility and substantial traffic. Two bathrooms are included within the building configuration.
Key Highlights
- 960 square feet of office space in a single‑story building
- 0.72‑acre parcel at 8800 PERRY Highway, Erie, PA 16509
- Roof replaced in 2022
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
$12,572
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
5.99%
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%
$251,440
$251.4K
Cap Rate 7%
$179,600
$179.6K
Cap Rate 9%
$139,689
$139.7K
Market Conditions
NOI Build-Up for 960 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
$21.7K $22.56/SF
− Vacancy
−$4.9K −$5.10/SF
EGI
$16.8K $17.46/SF
− OpEx
−$4.2K −$4.37/SF
NOI
$12.6K $13.10/SF
Area
Erie County, PA
Vacancy
22.60%
Lease Rate
$22.56 /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%
$251,440
Cap Rate 7%
$179,600
Cap Rate 9%
$139,689
Alternative Uses
Best Use
Office B
$179.6K
$157.2K – $209.5K
NOI $12,572 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$238.2K
$208.4K – $277.9K
NOI $16,672 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 16509, PA
28,005
Population
12,900
Households
2.2
Avg Household Size
44
Median Age
37%
College-Educated
95%
High-School Grad
38.2 sq mi
ZIP Area
733
Density / Sq Mi
$68,880
Median Household Income
$41,143
Median Earnings
$1,074
Median Rent
$207,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Single-story office property with updated major systems, interior finishes, and two bathrooms.
Where is this office building located?
The property is located at 8800 PERRY Highway Erie, PA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 960 square feet of office space in a single‑story building; 0.72‑acre parcel at 8800 PERRY Highway, Erie, PA 16509; Roof replaced in 2022
