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

    707 38Th St Erie, PA 16509

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Erie, PA retail space: prime location, multiple suites.

    Lot size:
    7,670 SF

    Property Features for 707 38Th St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    7,670 SF
    Class
    B
    Total Rate
    11505

    Building Details

    Year Built
    1962
    Buildings
    1
    Stories
    1

    Spaces For Lease

    at 707 38Th St, Erie, PA 16509 Contact us
    Unit 713 W. 38th Street

    $18 /Mo

    Size
    1,422 SF
    Contact us
    Unit 707 W. 38th Street

    $18 /Mo

    Size
    1,517 SF
    Contact us
    Unit 709 W. 38th Street

    $23 /Mo

    Size
    1,559 SF
    Contact us

    We can help!

    Listing Contact
    Sherry Bauer

    Listing Agency: SBRE - Sherry Bauer Real Estate Listing Agent: Sherry Bauer

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Liberty Center II, located at 707 W 38th St, Erie, PA 16509, presents a compelling investment opportunity in a thriving retail corridor. This single-story, 7,670 square foot building, constructed in 1962 and classified as Class B, sits on a 0.7-acre lot (APN 19-061-011.0-205.00) and is zoned C-3. The property features five suites, with three currently available. One immediately available in-line suite offers approximately 1,422 square feet, previously occupied by a mobile phone store. An endcap unit, currently housing The UPS Store, will become available in December 2024, offering approximately 1,517 to 3,076 square feet. Additionally, a 1,559 to 3,076 square foot turn-key restaurant space is available. Rental rates range from $18.00 to $23.09 per square foot per year, net, net, net (NNN), with estimated NNN fees of $4.06 per square foot based on 2023 figures. This property benefits from high visibility along a major retail and service corridor, boasting 21,000 average annual daily traffic (AADT) on Peach Street and 19,000 AADT on W. 38th Street (PennDOT 2022 data). Its convenient location is also served by public transportation. Liberty Center II is part of a larger plaza anchored by established businesses including Tops Friendly Market, Harbor Freight Tools, Dollar Tree, and many others, ensuring high foot traffic and a strong tenant base. Up to 14,761 square feet of space is potentially available. 3D tours and floor plans are available for most units.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The UPS Store Courier Service BuffTutor - University & High ... Tutoring Service Engine Wiring Industrial Manufacturer Shred Nations Recycling Center Goodwill Construction Construction Company

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.083414578656
    Latitude
    42.095928451454

    Nearby Similar for Lease

    • New
      $2,200 /Mo
      1,870 SF

      Commercial Garage with High Capacity

      Full-service garage with lifts, parking, and versatile layout.
      1115 Lowell Ave, Erie, PA 16505
      View Details
    • $2,200 /Mo
      2,888 SF

      Versatile Commercial Property in Erie

      Commercial property with two bathrooms, heating, air conditioning, and parking.
      602 E 26Th St, Erie, PA 16504
      View Details
    • $4 SF/Yr
      7,380 SF

      Erie Flex Space Available

      7,380 SF flex space in gated commercial complex.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $11 SF/Yr
      960 SF

      Erie Retail/Mixed-Use Space Available

      960 sqft adaptable commercial space for lease in Erie, PA.
      3901 W Ridge Rd, Erie, PA 16506
      View Details
    • $8 SF/Yr
      4,325 SF

      Remodeled Restaurant and Bar Space

      Remodeled restaurant and bar near Waldameer and Presque Isle.
      3040 W Lake Rd, Erie, PA 16505
      View Details
    • $10 SF/Yr
      8,000 SF

      Former Dollar General Store Available

      Erie, PA retail space with open floor plan.
      3742 W 12Th St, Erie, PA 16505
      View Details
    • $19 SF/Yr
      250 SF

      Erie Office Suites For Rent

      One-room office suites available in a gated commercial complex.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $1,500 /Mo
      911 SF

      Erie Office Space For Rent

      Move-in ready office space in a prime Erie location.
      2918 Peach St, Erie, PA 16508
      View Details
    • $11 SF/Yr
      850 SF

      Erie Commercial Space with Overhead Doors

      850 sq ft flex space ideal for storage/manufacturing/distribution.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $8 SF/Yr
      2,520 SF

      Erie Commercial/Industrial Space Available

      2,520 SF commercial/industrial space with 24' clear height.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $12 SF/Yr
      400 SF

      Erie Commercial Space with Docks

      400 SF commercial space with docks for rent.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $6 SF/Yr
      1,700 SF

      Erie Flex Space For Rent

      1,700 SF flex space in a gated commercial complex.
      141 E 26Th St, Erie, PA 16504
      View Details

    FAQs

    What type of property is this?
    Restaurant - Erie, PA retail space: prime location, multiple suites.
    Where is this restaurant located?
    The property is located at 707 38Th St Erie, PA.
    What is the lease rate?
    The lease rate is $18-$23 SF/Yr.
    What are key features of this property?
    This property features: 1,422± SF to 3,076± SF of mixed-use and restaurant space available.; Liberty Center II, a five-unit, 7,670± SF retail center.; High visibility on a high-traffic corridor.
    (814) 453-2000 Call to check price and availability
    Request Owner's contact information
    707 38Th St Erie, PA 16509
    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.
    707 38Th St
    Erie, PA 16509
    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
    707 38Th St Erie, PA 16509
    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

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sherry Bauer
    Real Estate License ID: RM422666
    (814) 453-2000 (814) 460-2000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!