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Property profile & analytics
OFF-MARKET
Estimated value
$1,025,000
Medical Office Space
5050 Rdg Rd, Erie, PA 16506-1216
Entity Owned
11-yr Hold
~
Est. High Equity
Property ID
US73-0473574
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1977
Construction
WOOD
Total area
24,337 SF
Lot
1.69 ac (73,791 SF)
Zoning code
DB
APN
33-042-230.0-030.01
UPID
US73-0473574
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dr. Stephanie Smith-Sham Physician
-
Anand Noticewala, MD Physician
-
Dr. Christopher Harvey Physician
-
Tawsufe Majid, MD Physician
-
Timothy J. Weibel, MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.03M
Owner & transaction history
Passport Millcreek LLC · 11 yrs held
Passport Millcreek LLC
since 2014
4 recorded transactions
Zoning & alternative use
DB · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Erie submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Erie submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,530,000
Current use
OFFICE BUILDING
$1,355,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$1.03M
Range $923k – $1.13M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$42 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$39,815
Tax year 2023
Assessed value
$1,539,400
Assessed 2024
Previous assessed
$1,539,400
+0.0% YoY
Effective rate
2.59%
On assessed value
Assessed land
$221,400
Assessed improvement
$1,318,000
Land market value
$221,400
Improvement market value
$1,318,000
Total market value
$1,539,400
Applied tax rate
33.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1977
Construction
WOOD
Heating
NONE
Stories
5
Total area
24,337 SF
Lot
1.69 ac (73,791 SF)
Zoning code
DB
APN
33-042-230.0-030.01
UPID
US73-0473574
Jurisdiction
ERIE
Zoning & alternative use
DB · Erie, PA
Zoning DB · permitted uses
DB · Erie, PA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Erie. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.4M
MEDICAL BUILDING Current
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1977
Construction
WOOD
Heating
NONE
Stories
5
Lot
1.69 ac
Current owner
From public records · entity-resolved
Passport Millcreek LLC
Entity
Mailing address
5050 W RDG RD STE #201, ERIE, PA 16506-1200
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 19, 2022
—
Passport Millcreek LLC
—
Deed
related
—
Feb 14, 2017
—
Passport Millcreek LLC
—
Grant Deed
related
$1,762,500 · Marquette Svgs Bk
Sep 16, 2014
$195,000
Passport Millcreek LLC
Lake Erie College Of Osteopathic Me
Special Warranty Deed
$146,250 · Marquette Savings Bank
May 1, 2000
$1,170,000
Lake Erie College Of Osteopati
Esper,kathleen K & Ronald A
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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