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Property profile & analytics
OFF-MARKET
Estimated value
$2,880,000
Retail space
1505 Pittsburgh Ave Erie, PA 16505-4823
Entity Owned
20-yr Hold
~
Est. High Equity
Property ID
US73-2373593
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1970
Construction
WOOD
Total area
32,502 SF
Lot
5.77 ac (251,385 SF)
Zoning code
C2
APN
16-031-018.0-108.00
UPID
US73-2373593
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
-
Self-Storage at U-Haul Storage Facility
-
Trailer Hitches at U-Haul Auto Parts Store
-
U-Haul Moving & Storage of Westside Erie Storage Facility
-
Truck Sales at U-Haul Car Dealership
-
Trailer Rental at U-Haul Car Rental Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.78M
Blend (final)
Blend
$2.88M
Owner & transaction history
Arec 12 LLC · 20 yrs held
Arec 12 LLC
since 2005
2 recorded transactions
Zoning & alternative use
C2 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$2.7M
+9.9%
Restaurant
$2.7M
+9.8%
Apartment house (5+ units)
$2.7M
+8.9%
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
RETAIL STORES
$2,435,000
Current use
OFFICE BUILDING
$2,675,000
Change: +10% · Conversion: Easy
RESTAURANT
$2,675,000
Change: +10% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$2,655,000
Change: +9% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,255,000
Change: -7% · Conversion: Difficult
Blend value · Realmo final
$2.88M
Range $2.59M – $3.17M · ±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
$89 / 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
$78,768
Tax year 2023
Assessed value
$2,070,500
Assessed 2024
Previous assessed
$2,070,500
+0.0% YoY
Effective rate
3.80%
On assessed value
Assessed land
$404,000
Assessed improvement
$1,666,500
Land market value
$404,000
Improvement market value
$1,666,500
Total market value
$2,070,500
Applied tax rate
16.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1970
Construction
WOOD
Heating
NONE
Buildings
11
Stories
8
Total area
32,502 SF
Lot
5.77 ac (251,385 SF)
Zoning code
C2
APN
16-031-018.0-108.00
UPID
US73-2373593
Jurisdiction
ERIE
Zoning & alternative use
C2 · Erie, PA
Zoning C2 · permitted uses
C2 · 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
RETAIL STORES Current
Est. value
$2.4M
OFFICE BUILDING
Est. value
$2.7M
RESTAURANT
Est. value
$2.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.3M
RETAIL STORES Current
OFFICE BUILDING
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
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
1970
Construction
WOOD
Heating
NONE
Stories
8
Buildings
11
Lot
5.77 ac
Current owner
From public records · entity-resolved
Arec 12 LLC
Entity
Mailing address
PO BOX 29046, PHOENIX, AZ 85038-9046
Ownership since
2005
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 17, 2005
$2,373,000
Arec 12 LLC
Amerco Real Estate Co
Other
$240,000,000 · Morgan Stanley Mortgage Capital INC
—
—
Arec 12 LLC
—
Deed Of Trust
related
$63,000,000 · Miscellaneous Ins Co
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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