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    1324 Grandview Blvd Erie, PA 16504

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    1324 Grandview Blvd Erie, PA 16504

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    • Lifestyle centers
    • 68,288 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Associated Clinical Laboratories ACL East Grandview PSC / Medical Laboratory
    • Quest Diagnostics / Medical Clinic

    Property Details for 1324 Grandview Blvd

    Property size
    68,288 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    Grandview Shopping Plaza, located at 1324 E Grandview Blvd, Erie, PA 16504, presents a compelling investment opportunity. This multi-tenant retail shopping center boasts a substantial 68,288 square feet of net rentable space, situated on approximately 8 acres of land. The property features 352 parking spaces, ensuring ample convenience for shoppers and tenants. Built in 1972 and renovated in 1996, the center is well-maintained and benefits from C-2 zoning. Currently, the property comprises seven units operating under a modified lease structure. The asking price is $3,950,000, representing a price per square foot of $57.84 and a strong projected cap rate of 11.52%. The current Net Operating Income (NOI) stands at $455,136. Master leases are available from the seller, who is highly motivated to facilitate a swift transaction. This property offers a rare chance to acquire a well-established, income-producing retail center in a desirable Erie location.

    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
    -80.0325
    Latitude
    42.1078

    Comparable in this City

    • Value Estimation
      $940,000
      6,800 SF

      1206 16th E 38th Blvd

      SHOPPING CENTER, STRIP CENTER • 6,800 SF
      1206 16th E 38th Blvd, Erie, PA 16504
      View Details
    • Value Estimation
      $870,000
      67,863 SF

      1338 Grandview Blvd

      SHOPPING CENTER, STRIP CENTER • 67,863 SF
      1338 Grandview Blvd, Erie, PA 16504-2736
      View Details
    • Value Estimation
      $3,560,000
      147,060 SF

      2711 Elm St

      WHOLESALE OUTLET, DISCOUNT STORE • 147,060 SF
      2711 Elm St, Erie, PA 16504-2935
      View Details
    • Value Estimation
      $2,600,000
      105,097 SF

      1320 Grandview Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 105,097 SF
      1320 Grandview Blvd, Erie, PA 16504-2736
      View Details
    • Value Estimation by Request
      1,302 SF

      4603 Wattsburg Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,302 SF
      4603 Wattsburg Rd, Erie, PA 16504-2739
      View Details
    • Value Estimation by Request
      5,332 SF

      915 26th St

      AUTO REPAIR, GARAGE • 5,332 SF
      915 26th St, Erie, PA 16504-2901
      View Details

    Similar Nearby for Sale

    • $139,900
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      Erie Retail Space For Sale

      Commercial space in East Millcreek with high visibility.
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      Erie Commercial Land For Sale

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    • $59,900
      0.37 Acres

      Erie, PA Shovel-Ready Building Lot

      Shovel-ready lot in Belle Valley, Millcreek Township.
      4813 Grouse Hollow Dr, Erie, PA 16504
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    • Contact for pricing
      0.11 Acres

      Vacant Lot in Erie, PA

      Vacant commercial land with utilities available in Erie, PA.
      Conrad Hghts St, Erie, PA 16504
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    • $200,000
      4.66 Acres

      Erie, PA Land Opportunity

      4.66 acre land parcel suitable for multi-family housing.
      4638 Lake Pleasant Rd, Erie, PA 16504
      View Details
    • Contact for pricing
      0.15 Acres

      Erie, PA Vacant Land

      Vacant lot ready for development with utilities available.
      Burton Ave, Erie, PA 16504
      View Details

    Similar Nearby for Lease

    • $4,500 /Mo

      Retail Pad Site For Lease

      Outparcel pad site available for lease at Liberty Center I.
      712 W 38Th St, Erie, PA 16504
      View Details
    • $14 SF/Yr
      Pending

      Erie Retail/Restaurant Space Available

      High-traffic location suitable for retail or restaurant uses.
      861 E 38Th St, Erie, PA 16504
      View Details
    • $2,200 /Mo
      2,888 SF

      Erie Commercial Property For Rent

      Versatile commercial property with ample parking and modern amenities.
      602 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 lease.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $8 SF/Yr
      2,520 SF

      Erie Commercial/Industrial Space Available

      Commercial/industrial space with 24' clear height for lease.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $11 SF/Yr
      850 SF

      Erie Commercial Space with Overhead

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