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    Property profile & analytics

    502/506 State St Erie, PA 16501

    • Retail space
    • 9,266 SF
    • 0.09 lot acres
    For Lease
    View listing
    $1,899,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2759598
    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

    • Bakery on 5th / Cafe & Coffee Shop

    Property Details for 502/506 State St

    Year built
    1853
    Construction
    WOOD
    Lot size
    0.09 lot acres
    Property size
    9,266 SF
    Zone code
    C3
    Property type
    Retail space
    APN
    17-040-002.0-104.00
    APU
    17040002010400

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,141,000
      Market price range: $346k - $1.14M
      AI Estimate
      $562,000
      Market price range: $192k - $563k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $760,000
      Current use
      OFFICE BUILDING
      $765,000
      Change: +0% Conversion: Easy
      RESTAURANT
      $760,000
      Change: +0% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $755,000
      Change: -1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $645,000
      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
    -80.0862
    Latitude
    42.1302
    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
    $26,660
    $30,900
    $669,900
    $700,800
    -
    $30,900
    $669,900
    $700,800

    Comparable in this City

    • Value Estimation
      $545,000
      36,707 SF

      949 12th St

      RETAIL STORES (PERSONAL SERVICES) • 36,707 SF
      949 12th St, Erie, PA 16501-1514
      View Details
    • Value Estimation by Request
      10,040 SF

      1710 French St

      RETAIL STORES (PERSONAL SERVICES) • 10,040 SF
      1710 French St, Erie, PA 16501-2204
      View Details
    • Value Estimation by Request
      5,914 SF

      153 55th W 18th St

      RETAIL STORES (PERSONAL SERVICES) • 5,914 SF
      153 55th W 18th St, Erie, PA 16501
      View Details
    • Value Estimation by Request
      1,300 SF

      1213 Peach St

      RETAIL STORES (PERSONAL SERVICES) • 1,300 SF
      1213 Peach St, Erie, PA 16501-1807
      View Details
    • Value Estimation by Request
      1,672 SF

      1018 State St

      RETAIL STORES (PERSONAL SERVICES) • 1,672 SF
      1018 State St, Erie, PA 16501-1804
      View Details
    • Value Estimation by Request
      1,672 SF

      1010 State St

      RETAIL STORES (PERSONAL SERVICES) • 1,672 SF
      1010 State St, Erie, PA 16501-1804
      View Details

    Similar Nearby for Sale

    • New
      $1,899,900
      15,948 SF

      Historic Erie Mixed-Use Property

      Revitalized mixed-use property in downtown Erie with income potential.
      502/506 State St, Erie, PA 16501
      View Details
    • New
      $2,750,000
      13,200 SF

      Erie Multifamily Investment Opportunity

      Completely remodeled 18-unit building in downtown Erie.
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      1,141 SF

      Downtown Office Space Available

      Highly visible office space in a multi-tenant building.
      1611 Peach St, Erie, PA 16501
      View Details
    • $640,000
      25,929 SF

      Erie Industrial Flex Space - $640K

      Prime Erie location, 25,929 SF flex space, two buildings.
      1040 12Th St, Erie, PA 16501
      View Details
    • $425,000
      11,356 SF

      Mixed-Use Building For Sale

      11,356± SF mixed-use building available for purchase.
      217 W 11Th St, Erie, PA 16501
      View Details
    • Contact for pricing
      1,179 SF

      Downtown Office with Ample Parking

      Highly visible downtown office building with parking and excellent views.
      1611 Peach St, Erie, PA 16501
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    Similar Nearby for Lease

    • Contact for pricing
      3,267 SF

      Prime Commercial Space in Erie

      Commercial space in the heart of Erie, PA near bayfront.
      716 State St, Erie, PA 16501
      View Details
    • New
      $1,899,900
      15,948 SF

      Revitalized Mixed-Use Historic Building

      Downtown Erie mixed-use property with retail and residential/office potential.
      502/506 State St, Erie, PA 16501
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail space for rent, formerly a fast signs location.
      144 W 12Th St, Erie, PA 16501
      View Details
    • $14 SF/Yr
      8,135 SF

      Mixed-Use Space in Downtown Erie

      8,135 SF mixed-use space in downtown Erie, PA.
      1700 Peach St, Erie, PA 16501
      View Details
    • Contact for pricing
      47,400 SF

      Downtown Erie Office Space Available

      Professional office suites for lease in downtown Erie.
      801 State St, Erie, PA 16501
      View Details
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    Erie, PA 16501
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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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