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

    502 7th St Erie, PA 16502-1333

    • Investment properties
    • 5,950 SF
    • 0.31 lot acres
    OFF-MARKET
    Last Sale
    Jul 06, 2023
    $300,000
    Value Estimations
    $305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0473567
    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

    • Top Nation Entertainment llc / Record Company
    • MP2 Placidi & Parini / Family Law Attorney / Immigration Attorney
    • Business Group 888 / Marketing Consultant
    • Legendary Luxe Enterprises LLC / Property Management Company
    • Jumpto1 - Search Engine Optimization SEO AGENCY / Marketing Consultant / Marketing Agency

    Property Details for 502 7th St

    Year built
    1918
    Construction
    WOOD
    Lot size
    0.31 lot acres
    Property size
    5,950 SF
    Zone code
    R2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    17-040-016.0-200.00
    APU
    17040016020000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $295,000
      ML approach
      $320,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $330,000
      Market price range: $144k - $331k
      AI Estimate
      $435,000
      Market price range: $219k - $435k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $245,000
      Current use
      OFFICE BUILDING
      $490,000
      Change: +101% Conversion: Easy
      RESTAURANT
      $490,000
      Change: +101% Conversion: Difficult
      RETAIL STORES
      $490,000
      Change: +101% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $485,000
      Change: +100% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $415,000
      Change: +70% Conversion: Difficult
      WAREHOUSE, STORAGE
      $220,000
      Change: -10% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $200,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0959
    Latitude
    42.1246
    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
    $6,536
    $20,400
    $151,400
    $171,800
    -
    $20,400
    $151,400
    $171,800

    Comparable in this City

    • Value Estimation
      $245,000
      1,604 SF

      638 19th St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,604 SF
      638 19th St, Erie, PA 16502-1611
      View Details
    • Value Estimation
      $75,000
      3,712 SF

      2326 Liberty St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,712 SF
      2326 Liberty St, Erie, PA 16502-2541
      View Details
    • Value Estimation
      $115,000
      5,191 SF

      709 Walnut St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,191 SF
      709 Walnut St, Erie, PA 16502-1300
      View Details
    • Value Estimation
      $205,000
      4,590 SF

      355 7th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,590 SF
      355 7th St, Erie, PA 16502-1461
      View Details
    • Value Estimation
      $300,000
      5,684 SF

      1258 60th W 8th St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,684 SF
      1258 60th W 8th St, Erie, PA 16502
      View Details
    • Value Estimation
      $435,000
      7,538 SF

      461 63rd W 8th St

      OFFICE/RESIDENTIAL (MIXED USE) • 7,538 SF
      461 63rd W 8th St, Erie, PA 16502
      View Details

    Similar Nearby for Sale

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      Pending

      Erie Multifamily Investment Opportunity

      Solid brick quadplex with parking, income, and growth potential.
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    • New
      $109,900
      Pending

      Erie Multifamily Investment Opportunity

      Fully occupied duplex in Erie, PA with tenant-paid utilities.
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    • $275,000
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      Erie Commercial Building - Huge Potential

      Versatile 4,320 sq ft building, prime location.
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    • $130,000
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      Erie Multifamily Property For Sale

      Multifamily property in Erie, PA. Tenant responsible for maintenance.
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    • $360,000
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      Erie Auto Shop For Sale

      Turnkey mechanic shop with business and tools included, ample parking.
      2223 State St, Erie, PA 16502
      View Details
    • New
      $98,500
      1,356 SF

      Erie Two-Unit Investment Property

      Fully occupied two-unit property with off-street parking in Erie, PA.
      1923 Liberty St, Erie, PA 16502
      View Details
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    502 7th St
    Erie, PA 16502-1333
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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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