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Property profile & analytics
OFF-MARKET
Estimated value
$2,070,000
Assisted living facilities
2628 Elmwood Ave Erie, PA 16508-1421
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US73-2239682
Property profile
Verified
Property type
Assisted living facilities
Use group
HOMES (RETIRED, NURSING)
Year built
1967
Total area
42,840 SF
Lot
2.88 ac (125,453 SF)
Zoning code
R1
APN
19-062-022.0-205.00
UPID
US73-2239682
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
-
Mary E. Hanes, MPT Physician
-
Virginia K. Monroe, COTA Physician
-
Erie Presbyterian Lodge Nursing Home
-
LECOM at Elmwood Gardens Retirement Community Nursing Home
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.12M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.44M
Blend (final)
Blend
$2.07M
Owner & transaction history
Lecom At Elmwood Gardens LLC · 2 yrs held
Lecom At Elmwood Gardens LLC
since 2023
Last sale
$2.1M
2 recorded transactions
Zoning & alternative use
R1 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.1M
+130.6%
Commercial (general)
$2.9M
+112.2%
Medical building
$2.7M
+99.2%
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
$2,030,000
ML approach
$2,115,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
$1,350,000
Current use
RETAIL STORES
$3,120,000
Change: +131% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,870,000
Change: +112% · Conversion: Difficult
MEDICAL BUILDING
$2,695,000
Change: +99% · Conversion: Difficult
OFFICE BUILDING
$2,480,000
Change: +83% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,910,000
Change: +41% · Conversion: Difficult
Blend value · Realmo final
$2.07M
Range $1.86M – $2.28M · ±10% · vs last sale $2.07M (Oct 2 2023)
Last sale anchor
$2.07M
Oct 2 2023
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
$48 / 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
$3,235,900
Assessed 2024
Previous assessed
$3,235,900
+0.0% YoY
Assessed land
$913,500
Assessed improvement
$2,322,400
Land market value
$913,500
Improvement market value
$2,322,400
Total market value
$3,235,900
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
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
Assisted living facilities
Use group
HOMES (RETIRED, NURSING)
Status
Off-Market
Year built
1967
Heating
NONE
Stories
5
Total area
42,840 SF
Lot
2.88 ac (125,453 SF)
Zoning code
R1
APN
19-062-022.0-205.00
UPID
US73-2239682
Jurisdiction
ERIE
Zoning & alternative use
R1 · Erie, PAZoning R1 · permitted uses
R1 · 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
HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING) Current
Est. value
$1.4M
RETAIL STORES
Est. value
$3.1M
COMMERCIAL (GENERAL)
Est. value
$2.9M
MEDICAL BUILDING
Est. value
$2.7M
OFFICE BUILDING
Est. value
$2.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.9M
HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING) Current
RETAIL STORES
COMMERCIAL (GENERAL)
MEDICAL BUILDING
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
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
1967
Heating
NONE
Stories
5
Lot
2.88 ac
Current owner
From public records · entity-resolved
Lecom At Elmwood Gardens LLC
Entity
Mailing address
1 LECOM PL, ERIE, PA 16505-2571
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 2, 2023
$2,065,000
Lecom At Elmwood Gardens LLC
Presbyterian Homes In Presbytery Of
Special Warranty Deed
—
Jul 26, 1999
—
Presbyterian Homes Presbytery
Venango Industrial Development
Grant Deed
related
—
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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