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    Property profile & analytics

    3515 Mcclelland Ave Erie, PA 16510-2650

    • Skating rinks
    • 25,915 SF
    • 1.67 lot acres
    OFF-MARKET
    Value Estimations
    $515,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1486373
    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

    • Flying Monkey Inflata-Park / Arcade & Gaming Center / Family Recreation Center
    • Presque Isle Pickleball / Gym & Fitness Center / Sports Field & Court
    • FITKIDS CHILDCARE / Daycare Center
    • Crazy Monkey / Hotel & Motel / Resort

    Property Details for 3515 Mcclelland Ave

    Year built
    1972
    Construction
    FRAME
    Lot size
    1.67 lot acres
    Property size
    25,915 SF
    Zone code
    M1
    Property type
    Skating rinks
    APN
    18-051-073.0-101.00
    APU
    18051073010100

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $545,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $483,000
      Market price range: $427k - $1.38M

    • Alternative Use

      Use
      Estimation
      RECREATIONAL/ENTERTAINMENT (GENERAL)
      $850,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0178
    Latitude
    42.1235
    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
    $28,532
    $218,400
    $531,600
    $750,000
    -
    $218,400
    $531,600
    $750,000

    Comparable in this City

    • Value Estimation by Request
      18,000 SF

      4646 Buffalo Rd

      SKATING RINK, ICE SKATING, ROLLER SKATING • 18,000 SF
      4646 Buffalo Rd, Erie, PA 16510-2207
      View Details
    • Value Estimation
      $1,425,000
      43,420 SF

      4646 Buffalo Rd

      SKATING RINK, ICE SKATING, ROLLER SKATING • 43,420 SF
      4646 Buffalo Rd, Erie, PA 16510-2207
      View Details
    • Value Estimation by Request
      3,232 SF

      Depot Rd

      COUNTRY CLUB • 3,232 SF
      Depot Rd, Erie, PA 16510
      View Details
    • Value Estimation
      $630,000
      42,138 SF

      4110 Buffalo Rd

      BOWLING ALLEY • 42,138 SF
      4110 Buffalo Rd, Erie, PA 16510-2110
      View Details
    • Value Estimation by Request
      17,200 SF

      3729 Mcclelland Ave

      BOWLING ALLEY • 17,200 SF
      3729 Mcclelland Ave, Erie, PA 16510-2654
      View Details
    • Value Estimation by Request

      4401 Buffalo Rd

      FINANCIAL BUILDING
      4401 Buffalo Rd, Erie, PA 16510-2202
      View Details

    Similar Nearby for Sale

    • $899,900

      Turnkey Bowling Alley Investment Opportunity

      Fully operational bowling alley with bar, restaurant, and parking.
      3729 Mcclelland Ave, Erie, PA 16510
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    • $899,900
      17,200 SF

      Turnkey Erie Entertainment Destination

      Fully operational bowling alley, bar, and restaurant in Erie, PA.
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    • $899,900
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      Turnkey Erie Entertainment Destination

      Fully operational bowling alley, bar, and restaurant for sale.
      3729 Mcclelland Ave, Erie, PA 16510
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    • $1,599,900
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      Turnkey Golf Course and Restaurant

      182+ acre golf course and restaurant with lake views.
      3730 Harbor Ridge Trl, Erie, PA 16510
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    • $1,173,000

      Development Site Near I-90 Exit

      18.046 acre development site with highway visibility and public water.
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    • $95,000
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      Erie Land with Wooded Backyard

      Land with septic, well, propane, and electric available.
      6637 Filley Rd, Erie, PA 16510
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    Similar Nearby for Lease

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      4,250 SF

      Warehouse Space for Lease in Buffalo

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    • Contact for pricing
      5,478 SF

      Erie Retail Space Available

      Retail or office space with strong visibility and ample parking.
      1523 E 38Th St, Erie, PA 16510
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    • $6 SF/Yr
      4,250 SF

      Erie Warehouse/Distribution Space Available

      Warehouse/distribution space with truck dock and overhead door in Erie, PA.
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    • $50 SF/Yr

      Co-Working Units in Knowledge Park

      Private co-working units available for rent in Knowledge Park.
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    • Contact for pricing

      Prime Erie County Commercial Land

      High-traffic location, build-to-suit available.
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      View Details
    • Contact for pricing
      8,556 SF

      Erie Retail Strip Center Opportunity

      High-Visibility Retail Space Available in Erie, PA
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      View Details
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    Erie, PA 16510-2650
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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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