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    1267 S Hill Rd Erie, PA 16509

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    1267 S Hill Rd Erie, PA 16509

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    • Assisted living facilities
    • 26,348 SF
    • 5.52 lot acres
    For Sale
    $700,000
    View Listing →
    Former Nursing Home Opportunity For Sale
    $700,000
    26,348 SF

    Former Nursing Home Opportunity

    26,348 SF building near Millcreek Mall, suitable for various uses.

    1267 S Hill Rd, Erie, PA 16509
    View Listing
    Property ID
    US73-0632982
    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

    • Assisted living facilities

    Property Details for 1267 S Hill Rd

    Year built
    1969
    Construction
    FRAME
    Lot size
    5.52 lot acres
    Property size
    26,348 SF
    Zone code
    R2
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    40-006-023.0-001.00
    APU
    40006023000100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,160,000
      ML approach
      $2,380,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,290,000
      RESTAURANT
      $2,340,000
      AUTO REPAIR, GARAGE
      $1,925,000
      RETAIL STORES
      $1,900,000
      OFFICE BUILDING
      $1,670,000
      MEDICAL BUILDING
      $1,655,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0739
    Latitude
    42.0654
    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
    $43,519
    $194,700
    $1,993,300
    $2,188,000
    -
    $194,700
    $1,993,300
    $2,188,000

    Comparable in this City

    • Value Estimation
      $1,225,000
      47,063 SF

      2301 Edinboro Rd

      HOMES (RETIRED, NURSING) • 47,063 SF
      2301 Edinboro Rd, Erie, PA 16509-3409
      View Details
    • Value Estimation
      $1,000,000
      151,500 SF

      5535 Peach St

      HOMES (RETIRED, NURSING) • 151,500 SF
      5535 Peach St, Erie, PA 16509-2603
      View Details
    • Value Estimation
      $7,240,000
      65,075 SF

      41 Gore Rd

      HOMES (RETIRED, NURSING) • 65,075 SF
      41 Gore Rd, Erie, PA 16509-3621
      View Details
    • Value Estimation
      $3,780,000
      46,360 SF

      1521 54th St

      HOMES (RETIRED, NURSING) • 46,360 SF
      1521 54th St, Erie, PA 16509-2620
      View Details
    • Value Estimation
      $11,215,000
      108,080 SF

      5401 Peach St

      MEDICAL BUILDING • 108,080 SF
      5401 Peach St, Erie, PA 16509-2601
      View Details
    • Value Estimation by Request
      960 SF

      8800 Perry Hwy

      MEDICAL BUILDING • 960 SF
      8800 Perry Hwy, Erie, PA 16509-5519
      View Details

    Similar Nearby for Sale

    • $700,000
      26,348 SF

      Former Nursing Home Opportunity

      26,348 SF building near Millcreek Mall, suitable for various uses.
      1267 S Hill Rd, Erie, PA 16509
      View Details
    • $700,000
      26,348 SF

      Erie Commercial Building For Sale

      26,348 SF building near Millcreek Mall, I-79, and I-90.
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      Office Unit For Sale

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      Industrial Development Site on Oliver

      13.34 acre industrial development site near I-90.
      8340 Oliver Rd, Erie, PA 16509
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      Prime Acreage on Peach Street

      Development site on major retail corridor with high visibility.
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    • $300,000
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      Industrial Land with Road Frontage

      40+ acres of industrial-zoned land with frontage on two roads.
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    Similar Nearby for Lease

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      Commercial Space in Copperleaf Community

      Adaptable commercial spaces available for lease in modern living community.
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      Adaptable commercial space within a modern living community development.
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      Retail Space on Keystone Drive

      Retail property with high traffic and strong demographics.
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      Retail Space on Rotunda Drive

      Retail space available in Erie, PA with high traffic.
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      New Retail Space on Peach

      Prime retail space for lease in Erie, available fall 2026.
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    • $15 SF/Yr
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      Erie Commercial Space For Lease

      Commercial space for lease in modern living community.
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    View Listing
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    Erie, PA 16509
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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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