818 State StErie, PA 16501

Property Details for 818 State St

Year built

1900

Construction

FRAME

Lot size

0.18 AC

Property size (Sq ft)

12,650 SF

Zone code

C3

Property type

Office buildings

APN

16-030-005.0-204.00

APU

16030005020400

Description

This exceptional mixed-use property in Erie, Pennsylvania presents a compelling value-add investment opportunity. The 30,785 square foot, two-story building boasts a prime downtown location at 818 State St, 16501, and features a diverse tenant mix. A significant portion of the building is leased to Dollar General, occupying 12,805 square feet of first-floor space. The remaining space offers substantial upside potential. The upper floor includes 5,836 square feet of finished office space, complemented by a 270 square foot first-floor lobby. Additionally, there are 3,297 square feet of unfinished first-floor space and 2,120 square feet of unfinished second-floor space, ready for development and lease-up. The property includes a convenient 32+ space private parking garage and is ADA compliant with elevator service. Other key features include a wet sprinkler system and is situated on two parcels totaling 0.44 acres, zoned C-3 (Central Commercial District). The property's current occupancy is 52.6%, with a projected net operating income (NOI) of $256,359, representing a pro-forma cap rate of 12.85%. The asking price is $1,995,000, and the 2024 property taxes are $29,207. Floor plans and 3D tours are available upon request. This is a rare opportunity to acquire a well-located, multi-tenant property with significant value-add potential in a thriving downtown market. The property consists of four units, is built on a 0.44-acre lot, and has a net rentable area of 24,328 square feet.

• CAP approach

  CAP return

  Valuation

  6%

  $2,275,734

  6.5%

  $2,100,678

  7%

  $1,950,629

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,183,281

  Geo Method

  $1,183,281

• Alternative Use

  Use

  Valuation

  Residential

  $2,604,840

  Hospitality

  $2,386,020

  Educational

  $1,985,140

  Medical

  $2,053,412

  Retail

  $3,087,996

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.1268

Longitude

-80.084

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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