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    Property profile & analytics

    115 Ludlow St Warren, PA 16365-1919

    • Retail space
    • 5,302 SF
    • 1.58 lot acres
    OFF-MARKET
    Value Estimations
    $315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-3363191
    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.

    Current Use by Public Records

    • Mama Jane's Eatery / Family Restaurant

    Property Details for 115 Ludlow St

    Year built
    1970
    Lot size
    1.58 lot acres
    Property size
    5,302 SF
    Property type
    Retail space
    APN
    WN-499-670000-000
    APU
    WN499670000000

    Description

    This exceptional restaurant opportunity is located at 115 Ludlow Street in Warren, Pennsylvania, a high-traffic area where Routes 6 and 62 converge. The former Perkins restaurant boasts a prime location, easily accessible to travelers exiting the highways and situated on a 1.58-acre lot with 81 parking spaces. Ludlow Street connects directly to Pennsylvania Avenue, Warren's main thoroughfare, ensuring high visibility and convenient access for customers. The property's size and ample parking make it ideal for a variety of restaurant concepts. Warren County, with a population of approximately 38,000, offers a stable local economy supported by manufacturing, retail, and service sectors. Its location near the Pennsylvania-New York border and robust infrastructure, including major highways and a regional airport, further enhance its appeal. This presents a unique chance to establish a thriving business in a community with strong community ties and a charming small-town atmosphere. The property's history as a successful restaurant provides a solid foundation for future success, offering significant potential for a new operator. The asking price is $550,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $385,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $505,000
      Change: +31% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $495,000
      Change: +28% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Warren
    County
    Warren
    State
    Pennsylvania
    Longitude
    -79.1692
    Latitude
    41.8372
    CBSA code
    47620
    CBSA name
    WARREN, PA MICROPOLITAN 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
    $22,943
    $25,782
    $207,409
    $233,191
    -
    $51,563
    $414,817
    $466,380

    Comparable in this City

    • Value Estimation
      $270,000
      0.33 Acres

      1201 Pennsylvania E Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.33 Acres
      1201 Pennsylvania E Ave, Warren, PA 16365-3158
      View Details
    • Value Estimation
      $295,000
      16,816 SF

      1586 Market St

      RETAIL STORES (PERSONAL SERVICES) • 16,816 SF
      1586 Market St, Warren, PA 16365-1224
      View Details
    • Value Estimation
      $280,000
      3,050 SF

      3800 Market St

      RETAIL STORES (PERSONAL SERVICES) • 3,050 SF
      3800 Market St, Warren, PA 16365-5250
      View Details
    • Value Estimation
      $290,000
      2,436 SF

      60 Pennsylvania E Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,436 SF
      60 Pennsylvania E Ave, Warren, PA 16365-2527
      View Details
    • Value Estimation
      $260,000
      4,632 SF

      904 Pennsylvania W Ave

      RETAIL STORES (PERSONAL SERVICES) • 4,632 SF
      904 Pennsylvania W Ave, Warren, PA 16365-1836
      View Details
    • Value Estimation
      $250,000
      5,936 SF

      305 Hickory St, Unit 311

      RETAIL STORES (PERSONAL SERVICES) • 5,936 SF
      305 Hickory St, Warren, PA 16365-2202
      View Details

    Similar Nearby for Sale

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      Downtown Warren Commercial Building

      Two-story building in downtown Warren, PA with renovation potential.
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      5,243 SF

      Former Restaurant with High Visibility

      Former restaurant with ample parking and high traffic location.
      115 Ludlow St, Warren, PA 16365
      View Details
    • $600,000
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      24,000 SF

      Warren, PA Industrial Complex

      Fully Leased Industrial Property, High ROI
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    Similar Nearby for Lease

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      2,784 SF

      Retail Space in Downtown Warren

      Retail space available in a busy shopping center.
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      46,457 SF

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    • $34 SF/Yr
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      Prime Warren, PA Office/Industrial Space

      Versatile 4,869 sq ft building, ample parking.
      316 Pine St, Warren, PA 16365
      View Details
    • $48 SF/Yr
      25,000 SF

      Prime Warren County Warehouse

      25,000 SF Industrial Space, High Traffic Area
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      View Details
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    115 Ludlow St
    Warren, PA 16365-1919
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    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
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