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Property profile & analytics
OFF-MARKET
Estimated value
$530,000
Garden apartment buildings
10862 Law Rd, North East, PA 16428-3801
Individually Owned
19-yr Hold
~
Est. High Equity
Property ID
US73-2276006
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1900
Construction
WOOD
Total area
5,672 SF
Lot
6.16 ac (268,504 SF)
Zoning code
R2
APN
37-022-092.0-039.07
UPID
US73-2276006
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$535k
Comparable Approach
Comparable
$399k
Blend (final)
Blend
$530k
Owner & transaction history
David L Thornton · 19 yrs held
David L Thornton
since 2006
1 recorded transaction
Zoning & alternative use
R2 · North East, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs North East submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs North East submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$580,000
6.5%
$535,000
7%
$500,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$500,000
Current use
OFFICE BUILDING
$430,000
Change: -14% · Conversion: Moderate
RESTAURANT
$415,000
Change: -17% · Conversion: Difficult
RETAIL STORES
$405,000
Change: -19% · Conversion: Difficult
AUTO REPAIR, GARAGE
$400,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$530k
Range $477k – $583k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$93 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$10,713
Tax year 2023
Assessed value
$475,000
Assessed 2024
Previous assessed
$475,000
+0.0% YoY
Effective rate
2.26%
On assessed value
Assessed land
$137,000
Assessed improvement
$338,000
Land market value
$137,000
Improvement market value
$338,000
Total market value
$475,000
Applied tax rate
37.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1900
Construction
WOOD
Heating
NONE
Buildings
3
Stories
3
Total area
5,672 SF
Lot
6.16 ac (268,504 SF)
Zoning code
R2
APN
37-022-092.0-039.07
UPID
US73-2276006
Jurisdiction
ERIE
Zoning & alternative use
R2 · North East, PA
Zoning R2 · permitted uses
R2 · North East, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
North East. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$500,000
OFFICE BUILDING
Est. value
$430,000
RESTAURANT
Est. value
$415,000
RETAIL STORES
Est. value
$405,000
AUTO REPAIR, GARAGE
Est. value
$400,000
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1900
Construction
WOOD
Heating
NONE
Stories
3
Buildings
3
Lot
6.16 ac
Current owner
From public records · entity-resolved
David L Thornton
Individual
Mailing address
PO BOX 569, NORTH EAST, PA 16428-0569
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 1, 2006
—
David L Thornton
David L Thornton
Intrafamily Transfer
related
$415,000 · First National Bank Of Pennsylvania
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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