4934 Ridge RdErie, PA 16506

Property Details for 4934 Ridge Rd

Year built

1971

Construction

WOOD

Lot size

0.94 AC

Property size (Sq ft)

2,240 SF

Zone code

BB

Property type

Retail properties

Property subtype

Retail space

APN

33-042-230.1-018.00

APU

33042230101800

Description

This exceptional 2,240 square foot commercial building, situated on a 1.66-acre lot in Erie, Pennsylvania, presents a unique investment opportunity. Boasting 177 feet of frontage along West Ridge Road, this property enjoys high visibility with an average daily traffic count of 17,554 (MPSI 2022). Its strategic location places it near major retailers including Wegmans, Lowe's, Walmart, Sheetz, Marco's Pizza, ErieBank, and a soon-to-open Starbucks. The building, constructed in 1971 and completely renovated in 2020, features two levels, each approximately 1,120 square feet. The main floor offers a reception area, open workspace, private office, break room with a full kitchen, a workroom, and an ADA-compliant restroom. The lower level includes a drive-in overhead door, two large storage rooms, a smaller storage room, a utility room, and a restroom with a shower. Ample parking is available in front and rear lots. The property's MU-2 zoning, designating it as a Corridor Mixed-Use District, allows for a variety of uses, including retail, professional services, light industrial, manufacturing, convenience store, bar/restaurant, and mixed-use (residential/commercial) developments. Private utilities are in place. A 3D tour and floor plans are available upon request. The asking price is $575,000, translating to $256.70 per square foot. This single-unit, Class C building presents a compelling opportunity for owner-users seeking a versatile and well-located commercial space. The APN is 33-042-230.1-018.00 & -017.00.

• CAP approach

  CAP return

  Valuation

  6%

  $592,374

  6.5%

  $546,807

  7%

  $507,750

• Comparable approach

  Method

  Valuation

  Relative Method

  $528,015

  Geo Method

  $528,015

• Alternative Use

  Use

  Valuation

  Residential

  $461,252

  Hospitality

  $422,505

  Educational

  $351,519

  Medical

  $363,608

  Retail

  $546,807

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.0696

Longitude

-80.1875

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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