Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    303 Myrtle St Erie, PA 16507-1320
    Back to Search
    Property profile & analytics

    303 Myrtle St, Erie, PA 16507-1320

    View on Map
    • Schools
    • 1,248 SF
    • 0.03 lot acres
    Off-Market
    Last Sale Nov 15, 2023
    $45,000
    Property ID
    US73-5396112
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Schools

    Property Details for 303 Myrtle St

    Year built
    1902
    Lot size
    0.03 lot acres
    Zone code
    R3
    Property type
    Schools
    APN
    17-040-009.0-121.00
    APU
    17040009012100

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 15, 2023 — Gannon University Gannon University Intrafamily Transfer · related —
    Jan 16, 2015 $45,000 Gannon University Hammel Michael C Grant Deed —
    Apr 1, 2008 — Michael C Hammel Hammel,michael C Quit Claim Deed · related —
    Jan 27, 2005 $21,000 Michael C Hammel Lasalle Bank National Ass Grant Deed —
    Jun 30, 2004 $4,410 Structured Asset Inv Loan Sheriff Of Erie County Trustees Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0931
    Latitude
    42.1301
    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
    $243
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1,306 SF

      260 4th St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      260 4th St, Erie, PA 16507-1313
      View Details
    • Value Estimation by Request
      1,347 SF

      317 Myrtle St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      317 Myrtle St, Erie, PA 16507-1320
      View Details
    • Value Estimation by Request
      1,760 SF

      505 Myrtle St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      505 Myrtle St, Erie, PA 16507-1324
      View Details
    • Value Estimation by Request
      1,536 SF

      159 4th St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      159 4th St, Erie, PA 16507-1338
      View Details
    • Value Estimation by Request
      2,824 SF

      252 4th St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      252 4th St, Erie, PA 16507-1313
      View Details
    • Value Estimation by Request
      1,536 SF

      507 Myrtle St

      COLLEGE, UNIVERSITY, VOC SCHOOL
      507 Myrtle St, Erie, PA 16507-1324
      View Details

    Similar Nearby for Sale

    • $6,511,000
      44,834 SF

      Erie Medical Office Investment

      Prime Erie location, strong tenant.
      137 2Nd St, Erie, PA 16507
      View Details
    • $120,000
      1,744 SF

      Erie Investment Property: Two Units

      Two-unit investment property in Erie, PA, with off-street parking.
      730 E 5Th St, Erie, PA 16507
      View Details
    • $155,000
      1,628 SF

      Updated Income Property Near Bayfront

      Well-maintained two-unit property with rental history near Erie's bayfront.
      125 Parade St, Erie, PA 16507
      View Details
    • $214,900
      0.46 Acres

      Erie, PA Development Site

      Development site near UPMC campus with access from two streets.
      213 E 3Rd St, Erie, PA 16507
      View Details
    • $147,000
      1,496 SF

      Erie Income Producing Duplex

      Income-generating duplex, currently operating as an Airbnb.
      520 E 2Nd St, Erie, PA 16507
      View Details
    • $1,250,000
      6,006 SF

      Historic Erie Office Building For Sale

      Prime office building in Erie's historic Millionaires Row.
      317 W 6Th St, Erie, PA 16507
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,630 SF

      Retail Space in Summit Centre

      Retail space available in a high-traffic Erie shopping center.
      158-7200 Peach St, Erie, PA 16507
      View Details
    • Contact for pricing

      Erie CBD Office Space Available

      Centrally located office space in Erie's CBD for rent.
      10 E 4Th St, Erie, PA 16507
      View Details
    • New
      $6,500 /Mo
      4,496 SF

      Remodeled Multi-Level Office Space

      Updated downtown office layout with off-street parking, accessible access, and multiple private offices and meeting rooms.
      246 W 6Th St, Erie, PA 16507
      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.
    303 Myrtle St
    Erie, PA 16507-1320
    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
    303 Myrtle St, Erie, PA, 16507
    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!