3123 12Th St Erie, PA 16505
- Retail space
- 7,304 SF
- 0.90 lot acres
Current Use by Public Records
- Pearson Professional Center / Educational Testing Service
- Edward E. Janus, D.O. / Cardiologist / Family Practice Physician
- Burns & Burns - Paul Siegel / Insurance Agency
- Edgewood Place / Shopping Mall
- Key Note Guitar LLC / Musical Instrument Store / Music Store
Property Details for 3123 12Th St
- Year built
- 2002
- Construction
- FRAME
- Lot size
- 0.90 lot acres
- Property size
- 7,304 SF
- Zone code
- LI
- Property type
- Retail space
- APN
- 33-035-171.0-044.00
- APU
- 33035171004400
Description
Edgewood Place offers a 1,452 square foot office suite available for lease in Erie, Pennsylvania. This single-story, 2002-built building boasts a 15-foot ceiling height and is situated on a 0.89-acre lot. Previously used as a medical office, the space features a waiting area, reception area, three exam rooms, a large office with a private restroom, an ADA-compliant restroom, and a storage closet. Landlord incentives are available for paint and flooring upgrades. The property enjoys excellent visibility and signage, benefiting from an average daily traffic count of 18,000 vehicles (PennDOT 2022 data). Ample parking is provided with 42 spaces. The MU-2 (Corridor Mixed-Use) zoning in Millcreek Township allows for diverse uses, including retail and office spaces. The asking rent is $15.00 per square foot annually, plus common area maintenance (CAM) and utilities. Based on 2023 estimates, CAM is approximately $3.80 per square foot, resulting in a monthly cost of roughly $2,275 (base rent and CAM) plus utilities. The building is a Class B property with a total of 7,304 square feet, divided into four suites, and features a minimum divisible space of 1,978 square feet. The property's APN is 33-035-171.0-044.00, and Erie County taxes are $1.76 per square foot. Join established tenants in a thriving location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $500,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $570,000
- 6.5%
- $630,000
- 7%
- $645,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $545,000
- Geo Method
- $560,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $705,000
- Retail
- $530,000
- Mixed-Use
- $705,000
- Hospitality
- $555,000
- Educational
- $660,000
- Residential Income
- $530,000
- Energy
- $690,000
- Income-Based Land
- $635,000
- Food Service
- $675,000
Location Insight
- Map
- Local Demand
- City
- Erie
- County
- Erie
- State
- Pennsylvania
- Longitude
- -80.1522
- Latitude
- 42.0967
- CBSA code
- 21500
- CBSA name
- ERIE, PA METROPOLITAN STATISTICAL AREA
