Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4601 Glenwood Park Ave Erie, PA 16509-2345

    • High-rise multifamily apartments
    • 85,876 SF
    • 2.40 lot acres
    OFF-MARKET
    Value Estimations
    $4,505,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0638173
    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

    • Glenwood Towers / Apartment Complex

    Property Details for 4601 Glenwood Park Ave

    Year built
    1966
    Construction
    FRAME
    Lot size
    2.40 lot acres
    Property size
    85,876 SF
    Zone code
    AR
    Property type
    High-rise multifamily apartments
    APN
    33-102-470.0-001.00
    APU
    33102470000100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,043,000
      Market price range: $3.61M - $10.8M
      AI Estimate
      $3,120,000
      Market price range: $2.60M - $5.13M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $7,010,000
      Current use
      OFFICE BUILDING
      $7,070,000
      Change: +1% Conversion: Moderate
      RESTAURANT
      $7,065,000
      Change: +1% Conversion: Difficult
      RETAIL STORES
      $7,045,000
      Change: +1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $5,965,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0688
    Latitude
    42.0929
    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
    $74,128
    $168,000
    $2,698,060
    $2,866,060
    -
    $168,000
    $2,698,060
    $2,866,060

    Comparable in this City

    • Value Estimation
      $8,710,000
      103,896 SF

      5200 Henderson Rd

      HIGH-RISE APARTMENTS • 103,896 SF
      5200 Henderson Rd, Erie, PA 16509-4049
      View Details
    • Value Estimation by Request
      3,552 SF

      4510 Schaper Ave, Unit 4512

      GARDEN APT, COURT APT (5+ UNITS) • 3,552 SF
      4510 Schaper Ave, Erie, PA 16509-1045
      View Details
    • Value Estimation
      $9,690,000
      156,608 SF

      Cherry St

      GARDEN APT, COURT APT (5+ UNITS) • 156,608 SF
      Cherry St, Erie, PA 16509
      View Details
    • Value Estimation
      $925,000
      10,960 SF

      4600 Springview Dr, Unit 22

      GARDEN APT, COURT APT (5+ UNITS) • 10,960 SF
      4600 Springview Dr, Erie, PA 16509-8503
      View Details
    • Value Estimation
      $1,360,000
      15,192 SF

      1261 Townhall W Rd

      GARDEN APT, COURT APT (5+ UNITS) • 15,192 SF
      1261 Townhall W Rd, Erie, PA 16509-5078
      View Details
    • Value Estimation by Request
      10,720 SF

      9739 Wattsburg Rd

      GARDEN APT, COURT APT (5+ UNITS) • 10,720 SF
      9739 Wattsburg Rd, Erie, PA 16509-6115
      View Details

    Similar Nearby for Sale

    • $459,900
      1,685 SF

      Turnkey Luxury Condo in Erie

      Meticulously maintained 3-bedroom, 3-bathroom condo with upscale finishes.
      608 Fieldstone Dr, Erie, PA 16509
      View Details
    • $610,500
      8.14 Acres

      Erie Industrial Land - $610,500

      8.14-acre industrial site, prime location.
      8350 Oliver Rd, Erie, PA 16509
      View Details
    • $390,000
      5.20 Acres

      Erie Industrial Land: $390,000

      5.2-acre industrial site, prime location.
      8340 Oliver Rd, Erie, PA 16509
      View Details
    • $225,000
      2 SF

      2.49 Acre Commercial Land Available

      2.49 acre commercial land next to Wendy's off I-90.
      Wager Rd, Erie, PA 16509
      View Details
    • Contact for pricing
      1.08 Acres

      Land in General McLane District

      Over one acre of land in a convenient Erie location.
      Pagan Rd, Erie, PA 16509
      View Details
    • Contact for pricing
      Pending

      Residential Building Lot in Erie

      Residential building lot in a quiet area of Erie, PA.
      221 Locust St, Erie, PA 16509
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      13,330 SF

      Retail Space on Keystone Drive

      Retail property with high traffic and strong demographics.
      1914-1930 Keystone Dr, Erie, PA 16509
      View Details
    • $225,000

      2.49 Acre Commercial Land Available

      2.49 acre lot next to Wendy's off I-90.
      Wager Rd, Erie, PA 16509
      View Details
    • Contact for pricing
      1,206 SF

      Retail Space on Rotunda Drive

      Retail space available in Erie, PA with high traffic.
      1901-1909 Rotunda Dr, Erie, PA 16509
      View Details
    • $8 SF/Yr
      5,000 SF

      Erie Office Space - 5,000 SF

      Prime Millcreek Mall location, 5,000 sq ft office space for lease.
      1957 Edinboro Rd, Erie, PA 16509
      View Details
    • Contact for pricing
      1,013,321 SF

      Peach Street Marketplace Retail Spaces

      Prime Erie County retail, multiple suites available.
      6601-7501 Peach St, Erie, PA 16509
      View Details
    • $15 SF/Yr
      2,705 SF

      Summit, PA Commercial Space

      Commercial space for lease in modern living community development.
      2890 Copperleaf Pl, Summit, PA 16509
      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.
    4601 Glenwood Park Ave
    Erie, PA 16509-2345
    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

    Google sign-in failed. Please try again or use another login method.