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

    4022 40th W 38th St Erie, PA 16506

    • Garden apartment buildings
    • 10,080 SF
    • 0.62 lot acres
    OFF-MARKET
    Last Sale
    Dec 19, 2023
    $875,000
    Value Estimations
    $860,000
    Show details
    Cap Rate Potential
    7.2%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US73-1241021
    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

    • Garden apartment buildings

    Property Details for 4022 40th W 38th St

    Year built
    1978
    Construction
    WOOD
    Lot size
    0.62 lot acres
    Property size
    10,080 SF
    Zone code
    DR
    Property type
    Garden apartment buildings
    APN
    33-063-356.0-009.00
    APU
    33063356000900

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $860,000
      ML approach
      $835,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,035,000
      6.5%
      $955,000
      7%
      $885,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $575,000
      Market price range: $377k - $652k

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.1586
    Latitude
    42.0687
    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
    $15,412
    $81,000
    $514,900
    $595,900
    -
    $81,000
    $514,900
    $595,900

    Comparable in this City

    • Value Estimation
      $5,365,000
      66,792 SF

      Pacific Ave

      GARDEN APT, COURT APT (5+ UNITS) • 66,792 SF
      Pacific Ave, Erie, PA 16506
      View Details
    • Value Estimation
      $915,000
      9,932 SF

      Zuck Rd

      GARDEN APT, COURT APT (5+ UNITS) • 9,932 SF
      Zuck Rd, Erie, PA 16506
      View Details
    • Value Estimation
      $585,000
      8,008 SF

      4601 Idyllbrook Vlg Ct, Unit 4835

      GARDEN APT, COURT APT (5+ UNITS) • 8,008 SF
      4601 Idyllbrook Vlg Ct, Erie, PA 16506-5245
      View Details
    • Value Estimation
      $4,835,000
      4,928 SF

      3844 Canterbury Dr, Unit 52

      GARDEN APT, COURT APT (5+ UNITS) • 4,928 SF
      3844 Canterbury Dr, Erie, PA 16506-5322
      View Details
    • Value Estimation by Request
      4,224 SF

      3902 Canterbury Dr, Unit 8

      GARDEN APT, COURT APT (5+ UNITS) • 4,224 SF
      3902 Canterbury Dr, Erie, PA 16506-5325
      View Details
    • Value Estimation
      $620,000
      5,760 SF

      3725 Amherst Rd, Unit 29

      GARDEN APT, COURT APT (5+ UNITS) • 5,760 SF
      3725 Amherst Rd, Erie, PA 16506-2811
      View Details

    Similar Nearby for Sale

    • $400,000
      4,874 SF

      Restaurant and Apartment in Erie

      Restaurant with apartment and game room near Kahkwa Club.
      6116 Swanville Rd, Erie, PA 16506
      View Details
    • $400,000
      4,874 SF

      Restaurant and Apartment in Erie

      Restaurant with apartment, fully equipped, remodeled, near Kahkwa Club.
      6116 Swanville Rd, Erie, PA 16506
      View Details
    • $1,579,500
      35.10 Acres

      Erie, PA Multifamily Development Land

      35.1 acre parcel zoned for multifamily development in Erie, PA.
      3111 Zimmerly Rd, Erie, PA 16506
      View Details
    • $585,000
      3.17 Acres

      West Ridge Road Commercial Land

      Erie, PA commercial lot, 3.17 acres, $585,000
      6301 Ridge Rd, Erie, PA 16506
      View Details
    • $330,000
      0.42 Acres

      Erie Commercial Property on West 26th

      Spacious 3-story commercial building on West 26th Street for sale.
      3703 W Ridge Rd, Erie, PA 16506
      View Details
    • $99,900
      0.45 Acres

      Erie, PA Building Site

      Building site in Millcreek neighborhood, Erie, PA.
      Equestrian Dr, Erie, PA 16506
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      31,836 SF

      Erie Office Suites for Lease

      Flexible Office Space, All-Inclusive Rates
      2700 21St St, Erie, PA 16506
      View Details
    • $10 SF/Yr
      98,338 SF

      Erie, PA Office Space Available

      Prime West Ridge Rd Office, 2,000 SF Available
      5040 Ridge Rd, Erie, PA 16506
      View Details
    • $16,000 /Mo
      44,074 SF

      Millcreek Development Land For Lease

      Prime commercial land available for lease in Millcreek, Pennsylvania.
      Village Common Dr, Erie, PA 16506
      View Details
    • $13 SF/Yr

      Medical Office Space Available

      Professional office space suitable for medical or general office use.
      5473 Village Common Dr, Erie, PA 16506
      View Details
    • Contact for pricing

      Erie, PA Commercial Land Parcel

      Prime Development Land in Niagara Village
      0 Village Common Dr, Erie, PA 16506
      View Details
    • $485 /Mo
      657 SF

      Single Room Office Suite

      337 SF office suite available for lease.
      2820 W 23Rd St, Erie, PA 16506
      View Details
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    Erie, PA 16506
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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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