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    51 Main St North East, PA 16428

    • Residential income homes
    • 6,316 SF
    • 0.55 lot acres
    For Sale
    View listing
    $900,000
    Last Sale
    Feb 01, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-5835983
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Episcopal Church of Holy Cross / Episcopal Church
    • The Colonial Manor / Event Venue
    • Grape Arbor Bed and Breakfast / Bed & Breakfast / Hotel

    Property Details for 51 Main St

    Year built
    1890
    Construction
    WOOD
    Lot size
    0.55 lot acres
    Property size
    6,316 SF
    Zone code
    C1
    Property type
    Residential income homes
    Property subtype
    Serviced apartments
    APN
    36-005-033.0-008.00
    APU
    36005033000800

    Description

    This exceptional property, the former Grape Arbor Inn, presents a unique investment opportunity in the heart of Pennsylvania's wine country. Located at 51 and 55 E Main St, North East, PA 16428, this meticulously renovated (2024) estate boasts two historic buildings (11,074 sq ft total) constructed in 1832, situated on a 0.55-acre lot. Currently vacant, the property offers immediate occupancy starting August 19, 2024. The two-unit apartment building features 10 bedrooms and 8.5 bathrooms, many as private suites, perfect for a bed and breakfast or Airbnb operation. The spacious kitchen and sunroom are ideal for entertaining. High ceilings, abundant natural light, central AC and forced air heat provide modern comfort, while original features like stained glass windows, staircases, and fireplaces retain the property's historic charm. Zoned C-1, this property offers flexibility for various uses, including its original single-family residence configuration. The asking price is $900,000 ($450,000 per unit, $81.27 per sq ft). This prime location is within walking distance of restaurants and shops, and minutes from Freeport beach and the North East marina. Don't miss this chance to own a piece of Pennsylvania history.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    North East
    County
    Erie
    State
    Pennsylvania
    Longitude
    -79.8317
    Latitude
    42.2165
    CBSA code
    21500
    CBSA name
    ERIE, PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,721
    $60,300
    $157,400
    $217,700
    -
    $60,300
    $157,400
    $217,700

    Comparable in this City

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      75 Clinton St

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      75 Clinton St, North East, PA 16428-1121
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    • Value Estimation
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      12,422 SF

      150 Lakeside Dr

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      150 Lakeside Dr, North East, PA 16428-3183
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    • Value Estimation
      $555,000
      96.88 Acres

      5321 Loomis St

      MOBILE HOME PARK, TRAILER PARK • 96.88 Acres
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      $1,105,000
      7,168 SF

      2497 Ml St

      GARDEN APT, COURT APT (5+ UNITS) • 7,168 SF
      2497 Ml St, North East, PA 16428-2114
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    • Value Estimation by Request
      3,111 SF

      77 Clinton St, Unit 81

      GARDEN APT, COURT APT (5+ UNITS) • 3,111 SF
      77 Clinton St, North East, PA 16428-1141
      View Details

    Similar Nearby for Sale

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    51 Main St
    North East, PA 16428
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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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