Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2424 W 23rd St Erie, PA 16506

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Expansive flex space with warehouse, office, and shop areas.

    Type:Industrial
    Property size:
    185,271 SF
    Added:
    Dec 12, 2023
    Days on Market:
    860
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 2424 W 23rd St

    General Information

    Standard status
    Active
    Size
    185,271 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1954

    We can help!

    Listing Contact
    Luke Herder

    Listing agent Luke Herder License #WI

    Listing office Phoenix Investors

    Listing date Dec 12, 2023

    Source Crexi

    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 Phoenix Investors

    Overview

    Versatile Flex Space in Erie

    This expansive property offers a total availability of 185,271 square feet. The property includes 58,814 square feet of warehouse space, 122,469 square feet of office facilities and 3,988 square feet of shop space. The property features two docks with potential to add additional docks to-suit and two drive-ins. Clear heights range from 16 to 30 feet. Crane infrastructure enhances its versatility.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Team Hardinger Warehouse & Storage Ainsworth nutrition warehouse Hotel & Motel Amazon WWE1 Warehouse & Storage General Partitions Warehouse & Storage Old Lyme Gourmet ... Corporate Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Moe's Southwest Grill — 2187 W 12th St, Erie, PA 16505
    • Tater Tater Food Truck — 2501 W 12th St #111, Erie, PA 16505

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.130284
    Latitude
    42.095748

    Nearby Similar for Lease

    • $9/mo

      Erie Retail/Office Space Available

      2,520 SF commercial building adaptable to various uses for lease.
      1903 W 8TH Street, Erie, PA 16505
      View Details
    • $7/mo

      Remodeled Restaurant and Bar Space

      Remodeled restaurant and bar near Waldameer and Presque Isle.
      3040 W LAKE Road, Erie, PA 16505
      View Details
    • $4/mo

      Erie Flex Space Available

      7,380 SF flex space in gated commercial complex.
      141 E 26TH Street, Erie, PA 16504
      View Details
    • Contact for pricing

      Erie Commercial Property For Rent

      Versatile commercial property with ample parking and modern amenities.
      602 E 26 Street, Erie, PA 16504
      View Details
    • $12/mo

      Downtown Erie Office Suite

      Updated 5,836 SF office space for lease in Erie.
      818 STATE Street, Erie, PA 16501
      View Details
    • $8/mo

      Erie Commercial/Industrial Space Available

      Commercial/industrial space with 24' clear height for lease.
      141 E 26TH Street, Erie, PA 16504
      View Details
    • $19/mo

      Erie Office Suites For Rent

      Office and flex spaces available in a gated commercial complex.
      141 E 26TH Street, Erie, PA 16504
      View Details
    • $12/mo

      Erie Retail Space For Rent

      Commercial space in high-traffic Harbor Creek area.
      4751 BUFFALO Road, Erie, PA 16510
      View Details
    • $11/mo

      Erie Commercial Space For Lease

      960 sqft commercial space suitable for retail or office use.
      3901 W RIDGE Road, Erie, PA 16506
      View Details
    • Contact for pricing

      Move-in Ready Office Space

      Office space featuring private rooms, lobby, and private bathroom.
      2918 PEACH Street, Erie, PA 16508
      View Details
    • $6/mo

      Erie Flex Space Available

      1,700 SF flex space in gated commercial complex.
      141 E 26TH Street, Erie, PA 16504
      View Details
    • $11/mo

      Erie Commercial Space with Overhead

      850 sq ft flex space with overhead doors for rent.
      141 E 26TH Street, Erie, PA 16504
      View Details

    FAQs

    What type of property is this?
    Flex space - Expansive flex space with warehouse, office, and shop areas.
    Where is this flex space located?
    The property is located at 2424 W 23rd St Erie, PA.
    What are key features of this property?
    This property features: Expansive 185,271 total square feet of versatile space.; Includes **122,469 square feet of modern office facilities.**; Substantial warehouse space of 58,814 square feet.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Luke Herder
    Real Estate License ID: WI
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!