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    Buffalo Rd Erie, PA 16421

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    Buffalo Rd Erie, PA 16421

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    • Land
    For Lease
    $36,000
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    Erie, PA Commercial Land Lease For Lease
    $36,000

    Erie, PA Commercial Land Lease

    High-traffic corner lot, ideal for various businesses.

    0 Buffalo Rd, Erie, PA 16421
    View Listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Buffalo Rd

    Property type
    Land

    Description

    This exceptional commercial land lease opportunity presents three contiguous lots, each spanning 0.84 acres, situated at the highly visible intersection of Buffalo Road (Route 20) and Gifford Drive in Erie, Pennsylvania, zip code 16421. The property is located directly across from a Walmart Supercenter, offering unparalleled exposure to a substantial customer base. This prime location benefits from its adjacency to the newly constructed Harbor Village, a 200+ unit residential apartment complex, ensuring a consistent flow of potential customers. Each lot is available for a $36,000 annual NNN land lease. The possibility exists to lease a larger parcel, contingent upon the intended use. All necessary utilities are readily available on-site, simplifying the development process. The property's strategic location and high visibility make it exceptionally well-suited for a diverse range of commercial ventures, including restaurants, bars, cafes, retail establishments, offices, studios, or fitness centers. Nearby established businesses include Erie Bank and Bob Evans, further enhancing the area's commercial appeal. This is a rare opportunity to secure a prominent location in a thriving commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -79.9412
    Latitude
    42.1748

    Comparable in this City

    • Value Estimation by Request

      Buffalo Rd

      Land
      0 Buffalo Rd, Erie, PA 16421
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    • Value Estimation by Request
      1.82 Acres

      1968 Depot St

      COMMERCIAL (GENERAL) • 1.82 Acres
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      1.29 Acres

      909 Troupe Rd

      COMMERCIAL (GENERAL) • 1.29 Acres
      909 Troupe Rd, Harborcreek, PA 16421-1018
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      0.53 Acres

      Normandale Normandale

      COMMERCIAL (GENERAL) • 0.53 Acres
      Normandale Normandale, Harborcreek, PA 16421
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    • Value Estimation by Request
      0.19 Acres

      6855 Buffalo Rd

      COMMERCIAL (GENERAL) • 0.19 Acres
      6855 Buffalo Rd, Harborcreek, PA 16421-1143
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    • Value Estimation by Request
      0.13 Acres

      6855 Buffalo Rd

      COMMERCIAL (GENERAL) • 0.13 Acres
      6855 Buffalo Rd, Harborcreek, PA 16421-1143
      View Details

    Similar Nearby for Sale

    • $149,900
      8.84 Acres

      Harborcreek Vacant Land Opportunity

      Nearly 9 acres in Harborcreek with utilities available.
      Depot Rd, Harborcreek, PA 16421
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    • $36,000
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      Commercial Land Lease Opportunity

      Land lease opportunity at signalized corner near Walmart Super-center.
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    • $36,000
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      Commercial Land Lease Opportunity

      Land lease opportunity at signalized corner near Walmart Super-center.
      Buffalo Rd, Erie, PA 16421
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    • $36,000
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      Commercial Land Lease Opportunity

      Land lease opportunity at signalized corner near Walmart Super-center.
      Buffalo Rd, Erie, PA 16421
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    Similar Nearby for Lease

    • $36,000

      Erie, PA Commercial Land Lease

      High-traffic corner lot, ideal for various businesses.
      0 Buffalo Rd, Erie, PA 16421
      View Details
    • $450 /Mo
      35,911 SF

      Harborcreek Commercial Corner Lot

      Highly visible commercial lot in a densely populated area.
      6121 Buffalo Rd, Harborcreek, PA 16421
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    Erie, PA 16421
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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.

    More about this property
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