Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2202 Wallace St Erie, PA 16503-2044
    Back to Search
    Property profile & analytics

    2202 Wallace St, Erie, PA 16503-2044

    View on Map
    • Investment properties
    • 2,112 SF
    • 0.06 lot acres
    Off-Market
    Last Sale May 6, 2025
    $30,000
    Property ID
    US73-1797922
    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

    • Investment properties

    Property Details for 2202 Wallace St

    Year built
    1917
    Construction
    WOOD
    Lot size
    0.06 lot acres
    Zone code
    R2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    18-050-018.0-206.00
    APU
    18050018020600

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 6, 2025 $30,000 S 1 Records LLC Debias Capital LLC Special Warranty Deed —
    Aug 5, 2024 $15,000 Debias Capital LLC Clemence Krakowski Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.065
    Latitude
    42.1191
    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
    $794
    $7,900
    $19,900
    $27,800
    -
    $7,900
    $19,900
    $27,800

    Comparable in this City

    • Value Estimation by Request
      2,980 SF

      263 22nd St

      OFFICE/RESIDENTIAL (MIXED USE)
      263 22nd St, Erie, PA 16503-1926
      View Details
    • Value Estimation by Request
      2,036 SF

      244 23rd St

      OFFICE/RESIDENTIAL (MIXED USE)
      244 23rd St, Erie, PA 16503-1929
      View Details
    • Value Estimation by Request
      7,896 SF

      415 18th St

      OFFICE/RESIDENTIAL (MIXED USE)
      415 18th St, Erie, PA 16503-2037
      View Details
    • Value Estimation by Request
      2,272 SF

      2006 Parade St

      OFFICE/RESIDENTIAL (MIXED USE)
      2006 Parade St, Erie, PA 16503-2024
      View Details
    • Value Estimation by Request
      3,934 SF

      255 8th St

      OFFICE/RESIDENTIAL (MIXED USE)
      255 8th St, Erie, PA 16503-1039
      View Details
    • Value Estimation by Request
      3,180 SF

      609 13th St

      OFFICE/RESIDENTIAL (MIXED USE)
      609 13th St, Erie, PA 16503-1345
      View Details

    Similar Nearby for Sale

    • New
      $349,900
      7,667 SF

      Corner Mixed-Use Income Property

      Leased corner property with storefront and apartment units, plus a warehouse space for flexible additional income.
      1029 East Ave, Erie, PA 16503
      View Details
    • New
      $349,900
      7,667 SF

      Mixed-Use Income Property with Warehouse

      Corner property combines leased storefronts, apartments, and a warehouse for diversified, steady income potential.
      1029 East Ave, Erie, PA 16503
      View Details
    • Contact for pricing
      20,160 SF

      Industrial Facility with Climate Control

      Well-maintained industrial facility with climate control, production, and warehouse space.
      1432 E 12Th St, Erie, PA 16503
      View Details
    • $119,000
      1,496 SF

      Well-Maintained Duplex For Sale

      Duplex with two units, new roof, and income potential.
      914 Hess Ave, Erie, PA 16503
      View Details
    • Contact for pricing

      Well-Maintained Four-Unit Investment Property

      Four-unit building with recent upgrades and strong income potential.
      1143 E 8Th St, Erie, PA 16503
      View Details
    • $50,000
      0.09 Acres

      Commercial Lot in Erie, PA

      Corner lot suitable for small businesses or professional offices.
      1302 Parade St, Erie, PA 16503
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Warehouse Space Available For Lease

      Warehouse space for lease featuring new upgrades and amenities.
      1821 German St, Erie, PA 16503
      View Details
    • Contact for pricing
      3,284 SF

      Retail Space Available For Rent

      7,000 square feet of retail space for rent.
      2202-2264 Broad St, Erie, PA 16503
      View Details
    • $6 SF/Yr
      3,600 SF

      Erie Commercial Flex/Industrial Space

      3,600 SF flex/industrial space for lease in Erie, PA.
      1821 German St, Erie, PA 16503
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2202 Wallace St
    Erie, PA 16503-2044
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2202 Wallace St, Erie, PA, 16503
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!