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    5040 W Ridge Rd Erie, PA 16506
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    Property profile & analytics

    5040 W Ridge Rd Erie, PA 16506

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    • High-rise multifamily apartments
    • 98,338 SF
    • 1.47 lot acres
    For Lease
    $10 SF/Yr
    View Listing →
    Professional Office Space For Rent For Lease
    $10 SF/Yr
    4,000 SF

    Professional Office Space For Rent

    Office space available on West Ridge Road with ample parking.

    5040 W Ridge Rd, Erie, PA 16506
    View Listing
    Property ID
    US73-0641155
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Liberty Street Surgical Associates: Prylinski Gregory V MD / Physician
    • Laparoscopic & General Surgery: Prylinski Gregory V MD / Physician
    • P / Apartment Building
    • Beth Ann's Therapeutic Massage / Alternative Medicine Practice / Spa & Massage Center

    Property Details for 5040 W Ridge Rd

    Year built
    1986
    Construction
    WOOD
    Lot size
    1.47 lot acres
    Property size
    98,338 SF
    Zone code
    DB
    Property type
    High-rise multifamily apartments
    APN
    33-042-230.0-030.02
    APU
    33042230003002

    Description

    This exceptional office space, located at 5040 W Ridge Rd in Erie, Pennsylvania, offers 2,000 square feet of immediately available space within a larger nine-story building totaling 98,338 square feet. The building, constructed in 1986, boasts a convenient C-1 zoning classification and is situated on West Ridge Road, between Wegmans and Walmart, ensuring high visibility and accessibility. The property features ample off-street parking with 20+ spaces available, and includes elevators for easy access to all floors. This traditional office space is perfect for a variety of businesses seeking a well-maintained and strategically located office environment. The property's APN is 33-042-230.0-030.02, and Erie County taxes are $0.37 per square foot. The building is multi-tenant, offering a collaborative and professional atmosphere. While this listing highlights a 2,000 square foot space, the building offers flexible options ranging from 1,000 to 4,000 square feet, allowing for potential expansion or downsizing to meet specific business needs. The property's prime location and abundant parking make it an ideal choice for businesses seeking a thriving and convenient location in Erie, PA. The zip code is 16506.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,054,000
      Market price range: $7.05M - $17.2M
      AI Estimate
      $3,680,000
      Market price range: $3.68M - $6.36M

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.1901
    Latitude
    42.0686
    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
    $38,796
    $256,700
    $1,243,300
    $1,500,000
    -
    $256,700
    $1,243,300
    $1,500,000

    Comparable in this City

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      Idyllbrook Ln

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    • Value Estimation by Request
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      4341 Rdg Rd

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    • Value Estimation
      $1,545,000
      3,558 SF

      3713 Sterrettania Rd

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      View Details
    • Value Estimation
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      44,820 SF

      5121 Zuck Rd

      GARDEN APT, COURT APT (5+ UNITS) • 44,820 SF
      5121 Zuck Rd, Erie, PA 16506-4950
      View Details
    • Value Estimation
      $860,000
      10,080 SF

      4022 40th W 38th St

      GARDEN APT, COURT APT (5+ UNITS) • 10,080 SF
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      View Details

    Similar Nearby for Sale

    • $1,200,000
      Pending

      Erie Mixed-Use Development Opportunity

      4.25-acre mixed-use development site in a prime location.
      4912 W Ridge Rd, Erie, PA 16506
      View Details
    • Contact for pricing
      9,131 SF

      Prime Mixed-Use Development Opportunity

      4.25-acre site with high visibility and redevelopment potential.
      4912 W Ridge Rd, Erie, PA 16506
      View Details
    • $35,900
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      Vacant Land For Professional Office

      Vacant land suitable for development as a professional office.
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    • $102,900
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      Erie, PA Building Site

      Building site in Millcreek neighborhood with utilities at street.
      Hialeah Ct, Erie, PA 16506
      View Details
    • $3,100,000
      36,847 SF

      Prime Commercial Land Opportunity

      14.88 acres with existing buildings near major retailers.
      4500 W Ridge Rd, Erie, PA 16506
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    Similar Nearby for Lease

    • $28,334
      156,816 SF

      Erie, PA Commercial Land - 3.6 Acres

      Prime Erie, PA commercial/industrial land, build-to-suit option.
      2381 Zimmerly Rd, Erie, PA 16506
      View Details
    • Contact for pricing

      Commercial/Industrial Space For Rent

      Commercial/Industrial space available in the former Fortis Institute plaza.
      5757 W Ridge Rd, Erie, PA 16506
      View Details
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      Erie Office Suite For Lease

      2,400 SF office suite available for lease.
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      Versatile Office & Industrial Spaces

      Office and industrial spaces for lease near I-79.
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      Industrial Space with Truck Dock

      12,101± SF industrial space for lease near I-79.
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    • $159,500
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      Prime Land in Niagara Village

      Over one acre of land available for sale or lease.
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    View Listing
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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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