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Property profile & analytics
OFF-MARKET
Estimated value
$1,270,000
Office Spaces
2540 Vlg Cmn Dr Erie, PA 16506-7202
Entity Owned
19-yr Hold
Free & Clear
Property ID
US73-3016858
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
2007
Construction
WOOD
Total area
18,420 SF
Lot
2 ac (87,120 SF)
Zoning code
AB
APN
33-123-418.0-024.03
UPID
US73-3016858
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
-
Baldwin Brothers, Inc. Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.52M
Blend (final)
Blend
$1.27M
Owner & transaction history
Mgd Associates LLC · 19 yrs held
Mgd Associates LLC
since 2007
5 recorded transactions
Zoning & alternative use
AB · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$2.0M
+29.5%
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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,515,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,965,000
Change: +30% · Conversion: Easy
RESTAURANT
$1,515,000
Change: 0% · Conversion: Moderate
RETAIL STORES
$1,510,000
Change: 0% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,280,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$1.27M
Range $1.14M – $1.40M · ±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
$69 / 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
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
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
2007
Construction
WOOD
Heating
NONE
Stories
1
Total area
18,420 SF
Lot
2 ac (87,120 SF)
Zoning code
AB
APN
33-123-418.0-024.03
UPID
US73-3016858
Jurisdiction
ERIE
Zoning & alternative use
AB · Erie, PAZoning AB · permitted uses
AB · Erie, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.0M
RESTAURANT
Est. value
$1.5M
RETAIL STORES
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$1.3M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
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
2007
Construction
WOOD
Heating
NONE
Stories
1
Lot
2 ac
Current owner
From public records · entity-resolved
Mgd Associates LLC
Entity
Free & Clear · 19 yrs held
Mailing address
2540 VLG CMN DR, ERIE, PA 16506-7202
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 3, 2018
—
Mgd Associates LLC
—
Deed
related
$1,900,000 · Citizens Bk/pa
Jan 17, 2007
$550,000
Mgd Associates LLC
Evanston Place Ptshp
Warranty Deed
—
Jul 29, 2005
$250,000
Evanston Place Partnership
Westminster Place Partnership
Special Warranty Deed
$350,000 · National City Bank Of Pennsylvania
Sep 16, 2004
$850,000
Westminster Place Ptshp
Metro Health Center INC
Grant Deed
$765,000 · First National Bank Pa
—
—
Mgd Associates LLC
—
Deed Of Trust
related
$1,900,000 · Citizens Bk/pa
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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