Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    248 Seneca St Oil City, PA 16301-1371
    Property profile & analytics

    248 Seneca St, Oil City, PA 16301-1371

    View on Map
    • Banks
    • 0.48 lot acres
    Off-Market
    Last Sale Dec 23, 2024
    $515,000
    Property ID
    US73-3477304
    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
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Banks

    Property Details for 248 Seneca St

    Lot size
    0.48 lot acres
    Property type
    Banks
    APN
    16,034.-010..-000
    APU
    16034010000

    Description

    This exceptional three-story, 24,156 square foot commercial building in Oil City, Pennsylvania, presents a compelling investment opportunity. Located at 248 Seneca St, this property boasts a prime location and is zoned C-2. The building, constructed in 1955, features a total of four units across its three floors and includes an elevator. Currently, the building is 66.66% occupied, with PNC Bank retaining the second floor and ATM drive-thru. The entire first floor (approximate square footage) is available for owner-occupancy, offering significant potential. The asking price is $515,000, translating to $21.32 per square foot. This multi-tenant property sits on a 0.48-acre lot (APN: 16-034-010.0-000.00) and is being offered for sale by owner. The building is well-maintained and features first-class finishes. This is a rare opportunity to acquire a substantial commercial property in a desirable location with existing tenancy and significant upside potential. The property is owned by PNC Bank and is not subject to a ground lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $515,000
      ML approach
      $515,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Oil City
    County
    Venango
    State
    Pennsylvania
    Longitude
    -79.7092
    Latitude
    41.4354
    CBSA code
    36340
    CBSA name
    OIL CITY, PA MICROPOLITAN 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
    2024
    $10,370
    $63,730
    $236,600
    $300,330
    -
    $63,730
    $236,600
    $300,330

    Comparable in this City

    • Value Estimation by Request
      0.24 Acres

      105 Petroleum St

      FINANCIAL BUILDING
      105 Petroleum St, Oil City, PA 16301-2746
      View Details
    • Value Estimation
      $655,000
      0.19 Acres

      24 State St

      FINANCIAL BUILDING
      24 State St, Oil City, PA 16301-2342
      View Details
    • Value Estimation by Request
      0.26 Acres

      25 1st St

      FINANCIAL BUILDING
      25 1st St, Oil City, PA 16301-2337
      View Details
    • Value Estimation by Request
      0.11 Acres

      1 Central Ave

      FINANCIAL BUILDING
      1 Central Ave, Oil City, PA 16301-2733
      View Details
    • Value Estimation by Request
      0.15 Acres

      33 Seneca St

      FINANCIAL BUILDING
      33 Seneca St, Oil City, PA 16301-1313
      View Details
    • Value Estimation by Request

      2506 State Rte 157

      RETAIL STORES (PERSONAL SERVICES)
      2506 State Rte 157, Oil City, PA 16301-4640
      View Details

    Similar Nearby for Sale

    • $100,000
      4.97 Acres

      Industrial Site on State Route

      Industrial site with storage tanks and railcar unloading.
      587 State Route 8, Oil City, PA 16301
      View Details
    • $699,000
      10,102 SF

      Oil City Commercial Opportunity

      Commercial building with kitchen, banquet facilities, and parking.
      601 E 2Nd St, Oil City, PA 16301
      View Details
    • $124,900
      2,850 SF

      Versatile Downtown Office Space

      Updated office space with new roof, HVAC, and modern facade.
      235 Seneca St, Oil City, PA 16301
      View Details
    • Contact for pricing
      7,700 SF

      Special Purpose Property For Sale

      7,700 SqFt special purpose commercial property available.
      21 State St, Oil City, PA 16301
      View Details
    • $225,000
      24,500 SF

      Oil City Commercial Property

      Large building with open bays, office space, and fenced area.
      2004 W 1St St, Oil City, PA 16301
      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.
    248 Seneca St
    Oil City, PA 16301-1371
    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
    248 Seneca St, Oil City, PA, 16301
    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!