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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2962 Mechanic St Lake City, PA 16423-2038

    • Warehouses
    • 48,300 SF
    • 20.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,425,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-3882450
    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

    • Equipment Reuse International, LLC / Corporate Office

    Property Details for 2962 Mechanic St

    Year built
    1975
    Lot size
    20.06 lot acres
    Property size
    48,300 SF
    Zone code
    F1
    Property type
    Warehouses
    APN
    24-005-017.0-001.03
    APU
    24005017000103

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,870,000
      Market price range: $1.07M - $2.75M
      AI Estimate
      $1,700,000
      Market price range: $744k - $2.93M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $1,785,000
      Current use
      COMMERCIAL (GENERAL)
      $2,280,000
      Change: +28% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $1,485,000
      Change: -17% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.325
    Latitude
    42.0141
    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
    $25,469
    $171,000
    $767,100
    $938,100
    -
    $171,000
    $767,100
    $938,100

    Comparable in this City

    • Value Estimation by Request
      15,600 SF

      10003 Railroad St

      WAREHOUSE, STORAGE • 15,600 SF
      10003 Railroad St, Lake City, PA 16423-1414
      View Details
    • Value Estimation
      $1,050,000
      69,821 SF

      10015 Railroad St

      WAREHOUSE, STORAGE • 69,821 SF
      10015 Railroad St, Lake City, PA 16423-1414
      View Details
    • Value Estimation by Request
      1,647 SF

      Prospect Dr

      WAREHOUSE, STORAGE • 1,647 SF
      Prospect Dr, Lake City, PA 16423
      View Details
    • Value Estimation
      $530,000
      8,416 SF

      10490 Lk Rd

      WAREHOUSE, STORAGE • 8,416 SF
      10490 Lk Rd, Lake City, PA 16423-1834
      View Details
    • Value Estimation
      $520,000
      24,706 SF

      4740 Elk Park Rd

      WAREHOUSE, STORAGE • 24,706 SF
      4740 Elk Park Rd, Lake City, PA 16423-1606
      View Details
    • Value Estimation by Request
      4,300 SF

      10067 Keystone Dr

      WAREHOUSE, STORAGE • 4,300 SF
      10067 Keystone Dr, Lake City, PA 16423-1061
      View Details

    Similar Nearby for Sale

    • $999,000
      Pending

      Spacious Facility Near Interstate

      30,000+ sq ft facility near interstate, suitable for various uses.
      10042 Keystone Dr, Lake City, PA 16423
      View Details
    • $105,000
      0.37 Acres

      Lake City Commercial Property

      Prime Office/Land Investment, 1920 sq ft
      1580 Lake St, Lake City, PA 16423
      View Details
    • $400,000

      Established Lake City Pizza Restaurant

      Turn-key restaurant opportunity with real estate, equipment, and recipes included.
      1304 Lake St, Lake City, PA 16423
      View Details
    • New
      $249,900
      2,480 SF

      Turn-Key Bar and Grill

      Operating bar and grill with liquor license and equipment.
      2206-2208 Rice Ave, Lake City, PA 16423
      View Details
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    2962 Mechanic St
    Lake City, PA 16423-2038
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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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