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Property profile & analytics
OFF-MARKET
Estimated value
$17,560,000
Hospitals
118 2nd St Erie, PA 16507-1502
Individually Owned
15-yr Hold
Free & Clear
Property ID
US73-1436815
Property profile
Verified
Property type
Hospitals
Use group
HOSPITAL - PRIVATE
Year built
1972
Construction
FRAME
Total area
172,806 SF
Lot
1.88 ac (81,719 SF)
Zoning code
WC2
APN
14-010-050.0-112.00
UPID
US73-1436815
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
Current use
Occupant on record · Public records
-
Timothy J. Weibel, MD Physician
-
UPMC Magee-Womens Medical Clinic
-
Dr. Luis Fernandez Physician Medical Clinic
-
Dr. Jenna Gaesser Pediatrician Medical Clinic
-
Dr. Thomas Seery Pediatrician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$19.04M
Blend (final)
Blend
$17.56M
Owner & transaction history
Upmc Hamot · 15 yrs held
Upmc Hamot
since 2011
3 recorded transactions
Zoning & alternative use
WC2 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$17.8M
+63.6%
Office building
$15.5M
+42.5%
Restaurant
$14.9M
+37.4%
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 Erie submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Erie 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$10,870,000
Current use
RETAIL STORES
$17,775,000
Change: +64% · Conversion: Difficult
OFFICE BUILDING
$15,495,000
Change: +43% · Conversion: Easy
RESTAURANT
$14,935,000
Change: +37% · Conversion: Difficult
AUTO REPAIR, GARAGE
$13,870,000
Change: +28% · Conversion: Difficult
Blend value · Realmo final
$17.56M
Range $15.80M – $19.32M · ±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
$102 / 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
Assessed value
$40,699,500
Assessed 2024
Previous assessed
$42,468,030
-4.2% YoY
Assessed land
$1,225,900
Assessed improvement
$39,473,600
Land market value
$1,225,900
Improvement market value
$39,473,600
Total market value
$40,699,500
Applied tax rate
14.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Hospitals
Use group
HOSPITAL - PRIVATE
Status
Off-Market
Year built
1972
Construction
FRAME
Heating
NONE
Stories
8
Total area
172,806 SF
Lot
1.88 ac (81,719 SF)
Zoning code
WC2
APN
14-010-050.0-112.00
UPID
US73-1436815
Jurisdiction
ERIE
Zoning & alternative use
WC2 · Erie, PA
Zoning WC2 · permitted uses
WC2 · Erie, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Erie. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$10.9M
RETAIL STORES
Est. value
$17.8M
OFFICE BUILDING
Est. value
$15.5M
RESTAURANT
Est. value
$14.9M
AUTO REPAIR, GARAGE
Est. value
$13.9M
MEDICAL BUILDING Current
RETAIL STORES
OFFICE BUILDING
RESTAURANT
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
1972
Construction
FRAME
Heating
NONE
Stories
8
Lot
1.88 ac
Current owner
From public records · entity-resolved
Upmc Hamot
Individual
Free & Clear · 15 yrs held
Mailing address
201 STATE ST, ERIE, PA 16550-0002
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 1, 2011
—
Upmc Hamot
Hamot,upmc
Quit Claim Deed
related
—
Aug 4, 2004
$1,331,560
Flagship Medical Realty
Hamot Medical Center Of City/erie
Grant Deed
$1,275,000 · Pnc Bank
—
—
Flagship Medical Realty
—
Deed Of Trust
related
$1,000,000 · Pnc Bank
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.
Try Rey
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