Peninsula Plaza in Erie, Pennsylvania offers 2,157 square feet of mixed-use space available for lease. This single-story, Class B building, constructed in 2001, is part of a larger plaza with a total of 54,733 square feet and ten suites. The space is currently configured as a salon, featuring a lobby, a large open area with a gas fireplace and ventilation system, two treatment rooms (one with a sink), a break room with laundry facilities, and two restrooms. Floor plans are available upon request. The property boasts abundant free parking with 191 paved spaces and excellent visibility along a high-traffic corridor, with over 33,000 vehicles daily passing by on W. 12th Street and Peninsula Drive (based on 2022 PennDOT counts). Peninsula Plaza enjoys a prime location at 1101 Peninsula Dr, Erie, PA 16505, and is situated on a 3.73-acre lot. The property is zoned R-C, Resort Commercial, allowing for various uses including office and retail. The asking rent is $14.50 per square foot per year, with estimated NNN charges of $3.30 per square foot per year (based on 2023 estimates). The total monthly expense for rent and NNN is approximately $3,200, plus utilities. A minimum five-year lease is required. Additionally, a turnkey salon setup, including the business name, assets, equipment, inventory, websites, and phone number, is available for an additional $15,000. The property's address is 1101 Peninsula Dr, Erie, PA 16505, and its APN is 33-034-058.0-009.00. The plaza is home to a variety of established businesses, including CVS, Domino's, and several other local businesses.
Property Features for 1101 Peninsula Dr
General Information
Property type
Neighborhood centers
Lease Type
Gross Lease
RSF (Rentable sq. ft)
54,733 SF
Class
B
Total Rate
66135.71
Building Details
Year Built
2001
Buildings
1
Stories
1
Unit(s) available at that property
Space
Suite 210
Size
2,157 SF
Rate per SF
$14
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Listing Contact
Sherry Bauer
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HighLights
2,157± SF mixed‑use space available at Peninsula Plaza.
Salon layout includes lobby/showroom, open floor plan, two treatment rooms, break room with laundry, and two restrooms. Floor plan available.
Features a heat recovery/energy ventilator system.
Ample off‑street parking (191 paved spaces).
Excellent signage and visibility on a high‑traffic corridor.
High traffic counts: 22,000 vehicles daily on W. 12th Street and 11,000 on Peninsula Drive (PennDOT 2022).
Neighborhood center - Erie, PA: 2,157 SF Mixed-Use
Where is this neighborhood center located?
The property is located at 1101 Peninsula Dr Erie, PA.
What is the lease rate?
The lease rate is $14 SF/Yr.
What are key features of this property?
This property features: 2,157± SF mixed-use space available at Peninsula Plaza.; Salon layout includes lobby/showroom, open floor plan, two treatment rooms, break room with laundry, and two restrooms. Floor plan available.; Features a heat recovery/energy ventilator system.
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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.
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1101 Peninsula Dr Erie, PA 16505
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1101 Peninsula Dr, Erie, PA
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Real Estate License ID: PA RM422666
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