Medical Office with Exam
New
For Sale
$270,000
939 38th St, Erie, PA 16504
Reception, waiting space, and four on-site parking spaces support a compact professional-office layout.
Property Size1,177 SF
Price / SF$229.40
Days on Market6
Property Features for 939 38th St
General Information
Standard status
Active
Size
1,177 SF
Total Parking Spaces
4
Taxes and HOA fees
Annual Taxes
$3,400
Amenities
exam rooms
reception area
waiting room
restroom
rear exit
storage shed
Listing Agency:
Howard Hanna Erie Airport
(814) 833-1000
Listed By:
Deanna Liszka
(814) 232-6629
Source:
Exprealty
Added: Oct 8
Changed: Oct 13
Last Checked: Oct 13 at 2:22AM
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 Airport
Investment Insights
Based on property information with market context.
This 1,177-square-foot medical office at 939 38th St includes three exam rooms, a reception area, a waiting room, and a restroom. A rear exit and storage shed are also part of the property. Its prior use was as a family physician’s office.
The property is near Peach Street, and a side wall faces an intersection. Business signage on that wall may be possible, subject to local zoning and permitting requirements. Four parking spaces are provided on site.
The property is near Peach Street, and a side wall faces an intersection. Business signage on that wall may be possible, subject to local zoning and permitting requirements. Four parking spaces are provided on site.
Key Highlights
- 1,177 square feet of medical office space
- Three exam rooms, reception area, waiting room, and restroom
- Four on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,414
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$308,280
$308.3K
Cap Rate 7%
$220,200
$220.2K
Cap Rate 9%
$171,267
$171.3K
Market Conditions
NOI Build-Up for 1,177 SF
Gross rent
$26.6K $22.56/SF
− Vacancy
−$6.0K −$5.10/SF
EGI
$20.6K $17.46/SF
− OpEx
−$5.1K −$4.37/SF
NOI
$15.4K $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 Rate 5%
$308,280
Cap Rate 7%
$220,200
Cap Rate 9%
$171,267
Alternative Uses
Best Use
Office B
$220.2K
$192.7K – $256.9K
NOI $15,414 @ 7.0% cap · market cap 5.71%
Second Best
Healthcare Medical
$207.1K
$181.3K – $241.7K
NOI $14,500 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$292.0K
$255.5K – $340.7K
NOI $20,440 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16504, PA
16,135
Population
7,038
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
91%
High-School Grad
2.8 sq mi
ZIP Area
5,763
Density / Sq Mi
$51,988
Median Household Income
$34,362
Median Earnings
$966
Median Rent
$109,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Similar Off Market Nearby
- Northwest PA Pet Emergency Center — 429 W 38th St, Erie, PA 16508
Frequently Asked Questions
What type of property is this?
Medical Office Space - Reception, waiting space, and four on-site parking spaces support a compact professional-office layout.
Where is this medical office space located?
The property is located at 939 38th St Erie, PA.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 1,177 square feet of medical office space; Three exam rooms, reception area, waiting room, and restroom; Four on‑site parking spaces
