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Property profile & analytics
OFF-MARKET
Estimated value
$6,780,000
Garden apartment buildings
227 22nd St, Erie, PA 16502-2614
Individually Owned
10-yr Hold
Free & Clear
Property ID
US73-2877718
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1969
Construction
FRAME
Total area
70,972 SF
Lot
4.1 ac (178,596 SF)
Zoning code
RLB
APN
19-060-007.0-200.00
UPID
US73-2877718
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
-
Linda M. Voelker, PTA Physician
-
Gabrielle I. Hall, PTA Physician
-
Sarah Reed Senior Living Community Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$6.71M
Comparable Approach
Comparable
$8.96M
Blend (final)
Blend
$6.78M
Owner & transaction history
Sarah A Reed Retirement Center · 10 yrs held
Sarah A Reed Retirement Center
since 2015
3 recorded transactions
Zoning & alternative use
RLB · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$5.8M
+0.8%
Restaurant
$5.8M
+0.8%
Retail stores
$5.8M
+0.5%
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%
$7,270,000
6.5%
$6,710,000
7%
$6,230,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$5,795,000
Current use
OFFICE BUILDING
$5,840,000
Change: +1% · Conversion: Moderate
RESTAURANT
$5,840,000
Change: +1% · Conversion: Difficult
RETAIL STORES
$5,825,000
Change: +1% · Conversion: Difficult
AUTO REPAIR, GARAGE
$4,930,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$6.78M
Range $6.10M – $7.46M · ±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
$96 / 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
$8,954,650
Assessed 2024
Previous assessed
$8,954,650
+0.0% YoY
Assessed land
$96,000
Assessed improvement
$8,858,650
Land market value
$96,000
Improvement market value
$9,939,700
Total market value
$10,035,700
Applied tax rate
19.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1969
Construction
FRAME
Heating
NONE
Buildings
4
Stories
8
Total area
70,972 SF
Lot
4.1 ac (178,596 SF)
Zoning code
RLB
APN
19-060-007.0-200.00
UPID
US73-2877718
Jurisdiction
ERIE
Zoning & alternative use
RLB · Erie, PA
Zoning RLB · permitted uses
RLB · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$5.8M
OFFICE BUILDING
Est. value
$5.8M
RESTAURANT
Est. value
$5.8M
RETAIL STORES
Est. value
$5.8M
AUTO REPAIR, GARAGE
Est. value
$4.9M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RESTAURANT
RETAIL STORES
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
1969
Construction
FRAME
Heating
NONE
Stories
8
Buildings
4
Lot
4.1 ac
Current owner
From public records · entity-resolved
Sarah A Reed Retirement Center
Individual
Free & Clear · 10 yrs held
Mailing address
227 W 22ND ST, ERIE, PA 16502-2614
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2015
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
Nov 6, 2015
—
Sarah A Reed Retirement Center
Sarah A Reed Retirement Center
Quit Claim Deed
related
—
Sep 12, 2014
—
Sarah A Reed Retirement Center
Sarah A Reed Retirement Center
Quit Claim Deed
related
—
—
—
Sarah A Reed Retirement Center
—
Deed Of Trust
related
$26,000,000 · First Niagara Bk
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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