Add Listing
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

    5031 38th St Erie, PA 16506

    • Specialty properties
    • 2,394 SF
    • 11.32 lot acres
    OFF-MARKET
    Last Sale
    Nov 09, 2022
    $290,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2670221
    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

    • Specialty properties

    Property Details for 5031 38th St

    Year built
    1813
    Construction
    FRAME
    Lot size
    11.32 lot acres
    Property size
    2,394 SF
    Zone code
    AR
    Property type
    Specialty properties
    APN
    33-087-374.0-006.00
    APU
    33087374000600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.1836
    Latitude
    42.0589
    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
    $0.00
    $3,500
    $0.00
    $3,500
    -
    $257,400
    $0.00
    $257,400

    Comparable in this City

    • Value Estimation by Request
      6,748 SF

      4216 Sterrettania Rd

      FUNERAL HOME • 6,748 SF
      4216 Sterrettania Rd, Erie, PA 16506-4128
      View Details
    • Value Estimation by Request
      3,472 SF

      3044 26th St

      CHARITABLE ORGANIZATION • 3,472 SF
      3044 26th St, Erie, PA 16506-2534
      View Details
    • Value Estimation
      $1,875,000
      39,785 SF

      2539 38th St

      CHARITABLE ORGANIZATION • 39,785 SF
      2539 38th St, Erie, PA 16506
      View Details
    • Value Estimation by Request
      15,294 SF

      2407 Interchange Rd

      VETERINARY, ANIMAL HOSPITAL • 15,294 SF
      2407 Interchange Rd, Erie, PA 16506
      View Details
    • Value Estimation by Request
      1,952 SF

      Sterrettania Rd

      CHARITABLE ORGANIZATION • 1,952 SF
      Sterrettania Rd, Erie, PA 16506
      View Details
    • Value Estimation by Request
      4,032 SF

      6570 Rdg Rd

      CHARITABLE ORGANIZATION • 4,032 SF
      6570 Rdg Rd, Erie, PA 16506
      View Details

    Similar Nearby for Sale

    • $1,500,000
      14.66 Acres

      Erie Commercial Land For Sale

      Commercial land in high-traffic area near the airport.
      4202 W Ridge Rd, Erie, PA 16506
      View Details
    • $330,000

      Spacious Three-Story Commercial Building

      Three-story commercial building on West 26th St available for sale.
      3703 W 26Th St, 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
    • $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
    • $99,900
      0.45 Acres

      Erie, PA Building Site

      Building site in Millcreek neighborhood, Erie, PA.
      Equestrian Dr, Erie, PA 16506
      View Details
    • Contact for pricing

      Commercial and Industrial Land Available

      8.49 acres commercial, 6 acres industrial land in Erie.
      4202 W Ridge Rd, Erie, PA 16506
      View Details

    Similar Nearby for Lease

    • $5 SF/Yr

      Former Bliley Electric Building Available

      Excellent location, new roof, HVAC, paving; available August 2025.
      2545 W Grandview Blvd, Erie, PA 16506
      View Details
    • $15 SF/Yr

      Erie Office Suite for Lease

      2,400 SF office suite with high visibility and ample parking.
      2437 26Th St, Erie, PA 16506
      View Details
    • New
      $16,000 /Mo
      43,996 SF

      Prime Land in Niagara Village

      Over one acre available for lease or purchase in Erie.
      Village Common Dr, Erie, PA 16506
      View Details
    • $975 /Mo
      Pending

      Erie Commercial Space For Rent

      Commercial garage with office area available for rent in Erie.
      4336 W Ridge Rd, Erie, PA 16506
      View Details
    • $12 SF/Yr
      3,000 SF

      Erie, PA Office/Retail Space

      Office or retail space available for lease in Erie, PA.
      2340 W Grandview Blvd, Erie, PA 16506
      View Details
    • Contact for pricing

      Commercial Land Ready For Development

      Commercial land available for development, build to suit opportunity.
      5475 Village Common Dr, Erie, PA 16506
      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.
    5031 38th St
    Erie, PA 16506
    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.
    Sign Up Successful!
    You now have access to more from Realmo!