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Property profile & analytics
OFF-MARKET
Estimated value
$2,735,000
Medical Office Space
2374 Vlg Cmn Dr, Erie, PA 16506-7201
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US73-5729887
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2004
Construction
STEEL FRAME
Total area
31,781 SF
Lot
2.03 ac (88,427 SF)
Zoning code
AB
APN
33-123-418.0-034.00
UPID
US73-5729887
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
-
Bansidhar Brian J DO Physician Medical Clinic
-
Greater Erie Surgery Center Medical Clinic Hospital
-
dr. ma Physician
-
Jackson Thomas R MD Physician
-
Liam Cunningham Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.85M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.89M
Blend (final)
Blend
$2.74M
Owner & transaction history
Emma Enterprises Of Erie LLC · 3 yrs held
Emma Enterprises Of Erie LLC
since 2022
Last sale
$2.6M
7 recorded transactions
Zoning & alternative use
AB · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.1M
+55.3%
Restaurant
$2.7M
+37.4%
Auto repair, garage
$2.6M
+27.6%
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
$2,890,000
ML approach
$2,850,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,000,000
Current use
COMMERCIAL (GENERAL)
$3,105,000
Change: +55% · Conversion: Easy
RESTAURANT
$2,745,000
Change: +37% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,550,000
Change: +28% · Conversion: Difficult
RETAIL STORES
$2,475,000
Change: +24% · Conversion: Difficult
OFFICE BUILDING
$1,770,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$2.74M
Range $2.46M – $3.01M · ±10% · vs last sale $2.60M (Sep 27 2022)
Last sale anchor
$2.60M
Sep 27 2022
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
$86 / 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
$104,214
Tax year 2023
Assessed value
$1,893,000
Assessed 2024
Previous assessed
$4,029,300
-53.0% YoY
Effective rate
5.51%
On assessed value
Assessed land
$243,600
Assessed improvement
$1,649,400
Land market value
$243,600
Improvement market value
$1,649,400
Total market value
$1,893,000
Applied tax rate
33.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2004
Construction
STEEL FRAME
Heating
NONE
Stories
5
Total area
31,781 SF
Lot
2.03 ac (88,427 SF)
Zoning code
AB
APN
33-123-418.0-034.00
UPID
US73-5729887
Jurisdiction
ERIE
Zoning & alternative use
AB · Erie, PA
Zoning AB · permitted uses
AB · 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
MEDICAL BUILDING Current
Est. value
$2.0M
COMMERCIAL (GENERAL)
Est. value
$3.1M
RESTAURANT
Est. value
$2.7M
AUTO REPAIR, GARAGE
Est. value
$2.6M
RETAIL STORES
Est. value
$2.5M
OFFICE BUILDING
Est. value
$1.8M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE BUILDING
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
2004
Construction
STEEL FRAME
Heating
NONE
Stories
5
Lot
2.03 ac
Current owner
From public records · entity-resolved
Emma Enterprises Of Erie LLC
Entity
Mailing address
300 STATE ST STE #300, ERIE, PA 16507-1430
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 27, 2022
$2,600,000
Emma Enterprises Of Erie LLC
Redus Properties INC
Special Warranty Deed
$2,507,500 · Eriebank
Jan 12, 2017
—
2374 Village Common Drive LLC
—
Deed
related
$2,788,000 · Empire St Certified Dev
Jan 3, 2017
$7,650,000
2374 Village Common Drive LLC
Core Erie Mob LP
Trustees Deed
$7,790,000 · Wells Fargo Bk
Dec 8, 2011
$6,649,328
Erie Mob LP Core
Greater Erie Medical Center LP
Deed Of Trust
related
$4,700,000 · Ameriserv Financial Bank
Oct 2, 2007
$4,639,550
Greater Erie Medical Center
Thomas Medical Realty
Grant Deed
$5,000,000 · Fifth Third Bank
Jul 18, 2003
$284,000
Joseph M Thomas
Metro Health Center
Grant Deed
—
—
—
Thomas Medical Realty
—
Deed Of Trust
related
$750,000 · Pnc Bank
—
—
2374 Village Common Drive LLC
—
Deed Of Trust
related
$2,788,000 · Empire St Certified Dev
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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