Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1119 Powell Ave Erie, PA 16505-3442
    Back to Search
    Property profile & analytics

    1119 Powell Ave, Erie, PA 16505-3442

    View on Map
    • Warehouses
    • 3,000 SF
    • 0.22 lot acres
    Off-Market
    Last Sale Mar 20, 2024
    $89,000
    Property ID
    US73-5658078
    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

    • Westside Market on Powell / Grocery & Convenience Store / Food Market

    Property Details for 1119 Powell Ave

    Year built
    1972
    Construction
    FRAME
    Lot size
    0.22 lot acres
    Zone code
    BB
    Property type
    Warehouses
    APN
    33-027-086.0-030.00
    APU
    33027086003000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Mar 20, 2024 — Matthew D Hines Matthew D Hines Intrafamily Transfer · related —
    Nov 13, 2007 $89,000 David L Hines Bagga,avtar S & Govinder Warranty Deed $67k · Marquette 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
    -80.1674
    Latitude
    42.0924
    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
    $2,136
    $28,600
    $45,000
    $73,600
    -
    $28,600
    $45,000
    $73,600

    Comparable in this City

    • Value Estimation by Request
      7,746 SF

      2725 29th W 17th St

      WAREHOUSE, STORAGE
      2725 29th W 17th St, Erie, PA 16505
      View Details
    • Value Estimation by Request
      11,847 SF

      3952 12th St

      WAREHOUSE, STORAGE
      3952 12th St, Erie, PA 16505-3344
      View Details
    • Value Estimation
      $1,140,000
      1,600 SF

      2740 12th St

      WAREHOUSE, STORAGE
      2740 12th St, Erie, PA 16505-4202
      View Details
    • Value Estimation by Request
      4,500 SF

      1521 Lowell Ave

      WAREHOUSE, STORAGE
      1521 Lowell Ave, Erie, PA 16505-4337
      View Details
    • Value Estimation by Request
      1,200 SF

      Ww 16th Et Kahkwa

      WAREHOUSE, STORAGE
      Ww 16th Et Kahkwa, Erie, PA 16505
      View Details
    • Value Estimation by Request
      5,484 SF

      1710 Hilborn Ave

      WAREHOUSE, STORAGE
      1710 Hilborn Ave, Erie, PA 16505
      View Details

    Similar Nearby for Sale

    • $315,000
      3,656 SF

      West 12th Street Commercial Property

      Commercial property on West 12th Street suitable for multiple uses.
      3603 W 12Th St, Erie, PA 16505
      View Details
    • Contact for pricing
      6,335 SF

      Freestanding Mixed-Use Building For Sale

      6,335 SF mixed-use building with retail, storage, and office space.
      3412 W Lake Rd, Erie, PA 16505
      View Details
    • Contact for pricing

      Prime Land in Millcreek Township

      Level, cleared site with utilities in Presque Isle Gateway.
      2725 W 8Th St, Erie, PA 16505
      View Details
    • $1,200,000
      6,486 SF

      Mixed-Use Property Near Presque Isle

      Mixed-use property with commercial units, apartments, and single-family home.
      3214 W 8Th St, Erie, PA 16505
      View Details
    • $219,000
      Pending

      Erie Auto Service Station

      Auto service station for sale with existing tenant.
      3401 W Lake Rd, Erie, PA 16505
      View Details

    Similar Nearby for Lease

    • $1.00 SF/Yr
      138,085 SF

      Commercial Land Build-to-Suit Opportunity

      Commercial land for lease in high-traffic Fairview location.
      6301 W Ridge Rd, Fairview, PA 16505
      View Details
    • $850 /Mo
      700 SF

      Millcreek Office Space For Rent

      700 SF Millcreek office space, utilities included, near Presque Isle.
      2741 W Lake Rd, Mill Creek, PA 16505
      View Details
    • Contact for pricing
      450 SF

      Modern Retail/Office Space Available

      Modern 450 SF space for lease in Erie, PA.
      2230 West 8Th St, Erie, PA 16505
      View Details
    • New
      $12 SF/Yr
      1,805 SF

      Retail Storefront with Two Entrances

      Retail space with two entrances and two restrooms, plus basement storage for flexible daily operations.
      3628 W 12Th St, Erie, PA 16505
      View Details
    • Contact for pricing
      1,950 SF

      Restaurant Space in Peninsula Plaza

      1,950 SF restaurant space for lease in Erie, PA.
      1109 Peninsula Dr, Erie, PA 16505
      View Details
    • Contact for pricing

      Edgewood Place Office Space Available

      1,452± SF office space for lease in Erie, PA.
      3123 W 12Th St, Erie, PA 16505
      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.
    1119 Powell Ave
    Erie, PA 16505-3442
    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
    1119 Powell Ave, Erie, PA, 16505
    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!