Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1051 28th St Erie, PA 16504-1346
    Back to Search
    Property profile & analytics

    1051 28th St, Erie, PA 16504-1346

    View on Map
    • Investment properties
    • 2,648 SF
    • 0.10 lot acres
    Off-Market
    Last Sale Aug 16, 2023
    $65,000
    Property ID
    US73-1434267
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 1051 28th St

    Year built
    1920
    Construction
    WOOD
    Lot size
    0.10 lot acres
    Zone code
    R1
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    18-050-050.0-202.00
    APU
    18050050020200

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 16, 2023 $65,000 Sharon Barnes Darlene Piotrowski Warranty Deed —
    Feb 7, 2019 $65,000 Darlene Piotrowski Marzka,michael A & Lori J Warranty Deed —
    — — Michael Marzka — Deed Of Trust · related $45k · Northwest Savings Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.048
    Latitude
    42.119
    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
    $1,971
    $13,500
    $38,300
    $51,800
    -
    $13,500
    $38,300
    $51,800

    Comparable in this City

    • Value Estimation by Request
      840 SF

      3112 Ee Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      3112 Ee Ave, Erie, PA 16504-1326
      View Details
    • Value Estimation by Request
      2,244 SF

      202 26th St

      OFFICE/RESIDENTIAL (MIXED USE)
      202 26th St, Erie, PA 16504-1002
      View Details
    • Value Estimation by Request
      3,900 SF

      1110 26th St

      OFFICE/RESIDENTIAL (MIXED USE)
      1110 26th St, Erie, PA 16504-2912
      View Details
    • Value Estimation
      $1,105,000
      13,037 SF

      138 26th St

      OFFICE/RESIDENTIAL (MIXED USE)
      138 26th St, Erie, PA 16504-1049
      View Details
    • Value Estimation by Request
      1,980 SF

      1205 38th St

      OFFICE/RESIDENTIAL (MIXED USE)
      1205 38th St, Erie, PA 16504
      View Details
    • Value Estimation
      $840,000
      9,532 SF

      2926 Pne Ave

      OFFICE/RESIDENTIAL (MIXED USE)
      2926 Pne Ave, Erie, PA 16504-1174
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2,888 SF

      Versatile Commercial Property For Sale

      Commercial property with two bathrooms, heating, air conditioning, and parking.
      602 East 26Th St, Erie, PA 16504
      View Details
    • $134,900
      4,585 SF

      Erie Four-Unit Income Property

      Well-maintained four-unit property with off-street parking and garage.
      2624 Parade St, Erie, PA 16504
      View Details
    • Contact for pricing

      Versatile Commercial Property with High Visibility

      High-visibility commercial space suitable for office, medical, or retail use.
      1909 E 38Th St, Erie, PA 16504
      View Details
    • $39,900
      0.17 Acres

      Residential Lot in Erie, PA

      Residential lot available in Erie, PA, Belle Valley school district.
      E Arlington 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
    • 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
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,478 SF

      Erie Retail Space Available

      Retail or office space with strong visibility and ample parking.
      1523 E 38Th St, Erie, PA 16504
      View Details
    • $11 SF/Yr
      850 SF

      Erie Commercial Space with Overhead

      850 sqft flex space with two overhead doors.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $12 SF/Yr
      575 SF

      Erie Commercial Garage Space Available

      575 SF garage space ideal for storage, manufacturing, distribution.
      141 E 26Th St, Erie, PA 16504
      View Details
    • $19 SF/Yr
      250 SF

      Erie Office Suites For Rent

      Office and flex spaces available in a gated commercial complex.
      141 E 26Th 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
    • $6 SF/Yr
      1,700 SF

      Erie Flex Space Available

      1,700 SF flex space in gated commercial complex.
      141 E 26Th St, Erie, PA 16504
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1051 28th St
    Erie, PA 16504-1346
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1051 28th St, Erie, PA, 16504
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!