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Property profile & analytics
OFF-MARKET
Estimated value
$925,000
Garden apartment buildings
3151 38th St, Erie, PA 16506-5355
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US73-1931130
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1989
Construction
WOOD
Total area
12,240 SF
Lot
0.94 ac (40,798 SF)
Zoning code
AR
APN
33-082-414.1-001.28
UPID
US73-1931130
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$875k
CAP Approach
CAP
$1.16M
Comparable Approach
Comparable
$757k
Blend (final)
Blend
$925k
Owner & transaction history
Watkins Property Management LLC · 5 yrs held
Watkins Property Management LLC
since 2020
Last sale
$962,500
6 recorded transactions
Zoning & alternative use
AR · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$905,000
ML approach
$875,000
CAP Approach
CAP Return
Estimation
6%
$1,255,000
6.5%
$1,155,000
7%
$1,075,000
Blend value · Realmo final
$925k
Range $833k – $1.02M · ±10% · vs last sale $963k (Sep 3 2020)
Last sale anchor
$963k
Sep 3 2020
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
$76 / 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
Tax billed
$20,264
Tax year 2023
Assessed value
$783,475
Assessed 2024
Previous assessed
$783,475
+0.0% YoY
Effective rate
2.59%
On assessed value
Assessed land
$163,200
Assessed improvement
$620,275
Land market value
$163,200
Improvement market value
$620,275
Total market value
$783,475
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1989
Construction
WOOD
Heating
NONE
Stories
2
Total area
12,240 SF
Lot
0.94 ac (40,798 SF)
Zoning code
AR
APN
33-082-414.1-001.28
UPID
US73-1931130
Jurisdiction
ERIE
Zoning & alternative use
AR · Erie, PA
Zoning AR · permitted uses
AR · Erie, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Erie. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1989
Construction
WOOD
Heating
NONE
Stories
2
Lot
0.94 ac
Current owner
From public records · entity-resolved
Watkins Property Management LLC
Entity
Mailing address
10160 OLD RTE 99, MCKEAN, PA 16426-1730
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 30, 2025
—
Watkins Property Management LLC
—
Deed
related
$303,000 · Cnb Bank
May 29, 2025
—
Watkins Property Management LLC
—
Deed
related
$615,000 · Eriebank
Sep 3, 2020
$962,500
Watkins Property Management LLC
Allen F Hawthorne
Special Warranty Deed
$721,875 · Northwest Bank
Jun 1, 2017
$1,053,800
Allen F Hawthorne
Redinger Realty INC
Trustees Deed
$1,042,500 · Eriebank
Jan 22, 2002
$56,000
Judy A Buckeye
Morton,dorothy E
Grant Deed
—
—
—
Judy A Buckeye
—
Deed Of Trust
related
$54,000 · Dorothy E Morton
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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