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    Property profile & analytics

    2424 23Rd St Erie, PA 16506

    • Warehouses
    • 2,400 SF
    • 26.71 lot acres
    For Lease
    View listing
    Last Sale
    Dec 19, 2023
    $7,000,000
    Value Estimations
    $6,885,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2705983
    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.

    Current Use by Public Records

    • Team Hardinger / Warehouse
    • Ainsworth nutrition warehouse / Lodging
    • Amazon WWE1 / Warehouse
    • General Partitions / Warehouse
    • Old Lyme Gourmet Co / Corporate Office

    Property Details for 2424 23Rd St

    Year built
    1973
    Construction
    WOOD
    Lot size
    26.71 lot acres
    Property size
    2,400 SF
    Zone code
    HI
    Property type
    Warehouses
    APN
    33-049-194.0-033.00
    APU
    33049194003300

    Description

    This exceptional industrial property, located at 2424 West 23rd Street in Erie, Pennsylvania, offers a significant opportunity for businesses seeking expansive warehouse, manufacturing, or distribution space. The property encompasses a substantial 510,910 square feet on a 27.38-acre lot, with a remarkable 371,790 square feet currently available for lease. The building, constructed in 1954 and extensively renovated in 2021, features a single story with ceiling heights ranging from 16 to 30 feet, providing ample vertical space for various operational needs. The property boasts 12 loading docks and 2 drive-in doors, ensuring efficient loading and unloading of goods. Ample parking is available with 500+ spaces. The property is zoned I-2: Heavy Industrial District, allowing for a wide range of industrial uses. The minimum leasable space is 50,000 square feet, with a maximum contiguous space of 371,790 square feet, offering flexibility to accommodate businesses of varying sizes. The property benefits from heavy power capabilities, essential for energy-intensive operations. The APN numbers are 33049194003200 and 33049194003300. This prime location in Erie, PA (zip code 16506) offers excellent access to transportation networks, making it an ideal choice for businesses seeking efficient logistics and distribution capabilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,885,000
      ML approach
      $6,085,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.1303
    Latitude
    42.0957
    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
    $100,024
    $681,300
    $3,186,000
    $3,867,300
    -
    $681,300
    $3,186,000
    $3,867,300

    Comparable in this City

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    • Value Estimation
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      3300 Kahkwa Clb Rd

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      $1,830,000
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      2800 21st St

      WAREHOUSE, STORAGE • 77,800 SF
      2800 21st St, Erie, PA 16506-2980
      View Details
    • Value Estimation
      $295,000
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      2741 21st St

      WAREHOUSE, STORAGE • 5,900 SF
      2741 21st St, Erie, PA 16506-2962
      View Details
    • Value Estimation
      $610,000
      15,934 SF

      5613 Rdg Rd

      WAREHOUSE, STORAGE • 15,934 SF
      5613 Rdg Rd, Erie, PA 16506-1011
      View Details
    • Value Estimation
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      11,500 SF

      5604 Rdg Rd

      WAREHOUSE, STORAGE • 11,500 SF
      5604 Rdg Rd, Erie, PA 16506-1012
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1.60 Acres

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      Prime Erie location, 1.63+ acres, light industrial.
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    • $849,000
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      Erie, PA Commercial Land - $849K

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    • $3,600,000
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      Self-Storage Facility with 305 Units

      Stabilized self-storage asset with 305 units and 95% occupancy.
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    • $99,900
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      Erie, PA Building Site

      Building site in Millcreek neighborhood with utilities at street line.
      Equestrian Dr, Erie, PA 16506
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    • $360,000
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      Erie Office Building - Prime Location

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    • Contact for pricing

      Industrial Land Parcel For Sale

      1.63 acre industrial land near major retailers.
      2305 Asbury Rd, Erie, PA 16506
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    Similar Nearby for Lease

    • $10 SF/Yr
      77,800 SF

      Erie Industrial Office Suites

      Flexible office & warehouse space.
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      View Details
    • $4 SF/Yr
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    • $5 SF/Yr
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      Industrial Space For Lease

      Industrial spaces available for lease, ranging up to 12,101± SF.
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      View Details
    • Contact for pricing
      510,910 SF

      Erie, PA Industrial Space Available

      Massive industrial space, flexible lease options.
      2424 23Rd St, Erie, PA 16506
      View Details
    • $975 /Mo
      Pending

      Erie Commercial Space For Rent

      Commercial garage with office area available for rent in Erie.
      4336 W Ridge Rd, Erie, PA 16506
      View Details
    • $28,334
      156,816 SF

      Erie, PA Commercial Land - 3.6 Acres

      Prime Erie, PA commercial/industrial land, build-to-suit option.
      2381 Zimmerly Rd, Erie, PA 16506
      View Details
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    Erie, PA 16506
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    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
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