Property profile

1600 Peninsula Dr Erie, PA 16505

OFF-MARKET
Office buildings
Property ID
US73-2968247
36,200 SF 3.28 ac lot Built 1974
Individually Owned 15-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

This exceptional 3,050 square foot office space is available for lease in a highly desirable Erie, PA location at 1600 Peninsula Drive. Situated in a single-story, 36,200 square foot building constructed in 1974, this Class C property offers a well-designed layout including a reception area, three private offices, two workspaces, a conference room, break room, IT room, and two restrooms. The space features modern LED lighting and fresh paint throughout. A floor plan and 3D tour are available upon request. The landlord is offering tenant incentives, including a flooring allowance. The property boasts ample parking with over 200 spaces in an adjacent lot, ensuring convenient access for employees and clients. Its strategic location at the signalized intersection of W. 15th Street and Peninsula Drive provides excellent visibility and easy access to major thoroughfares, including proximity to I-79 (1.2 miles) and I-90 (6.5 miles). Public transportation is also readily available via a nearby bus route. The property is zoned I-2 and sits on 3.282 acres of land (APN: 33-047-173.0-002.00). The building comprises ten suites in total, with a minimum divisible space of 3,050 square feet and a maximum contiguous space of 3,050 square feet. The asking rent is $12.00 per square foot per year, plus CAM and utilities. Based on 2023 estimates, CAM is approximately $2.50 per square foot per year, resulting in an estimated monthly cost of $3,685 (rent + CAM) plus utilities. This property is ideally suited for a variety of businesses and is surrounded by established businesses, including healthcare providers, professional services, and political organizations.

Property profile

Verified
Property type Office buildings
Use group OFFICE BUILDING (MULTI-STORY)
Year built 1974
Construction WOOD
Total area 36,200 SF
Lot 3.28 ac (143,007 SF)
Zoning code LI
APN 33-047-173.0-002.00
UPID US73-2968247

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Physician
  • Pediatrician Physician
  • Pediatrician Physician
  • Insurance Agency
  • Social Service Agency Charitable Organization

Location

1600 Peninsula Dr Erie, PA 16505-4261
Erie metro Census 10500 ERIE, PA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$2.50M
Blend (final) Blend
$1.90M

Owner & transaction history

since 2010
7 recorded transactions
2026
Price N/A
2024
Price N/A
2020
Price N/A
2010
Price N/A
2010
Price N/A
2003
Price N/A
1969
Price N/A

Zoning & alternative use

LI · Erie, PA

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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