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Property profile & analytics
OFF-MARKET
Estimated value
$4,375,000
High-rise multifamily apartments
515 State St Erie, PA 16501-1117
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US73-2060905
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1928
Total area
85,668 SF
Lot
0.47 ac (20,486 SF)
Zoning code
C3
APN
14-010-002.0-103.00
UPID
US73-2060905
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
-
Jimmy John's Take-out & Catering
-
Richford Arms Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$5.46M
Blend (final)
Blend
$4.38M
Owner & transaction history
Kv Richford Arms LLC
Kv Richford Arms LLC
since 2026
2 recorded transactions
Zoning & alternative use
C3 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$7.1M
+0.8%
Restaurant
$7.0M
+0.8%
Retail stores
$7.0M
+0.5%
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
APARTMENT HOUSE (5+ UNITS)
$6,990,000
Current use
OFFICE BUILDING
$7,050,000
Change: +1% · Conversion: Moderate
RESTAURANT
$7,045,000
Change: +1% · Conversion: Difficult
RETAIL STORES
$7,030,000
Change: +1% · Conversion: Difficult
AUTO REPAIR, GARAGE
$5,950,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$4.38M
Range $3.94M – $4.81M · ±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
$51 / 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
$101,331
Tax year 2023
Assessed value
$2,663,600
Assessed 2024
Previous assessed
$2,663,600
+0.0% YoY
Effective rate
3.80%
On assessed value
Assessed land
$163,900
Assessed improvement
$2,499,700
Land market value
$163,900
Improvement market value
$2,499,700
Total market value
$2,663,600
Applied tax rate
14.0000
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
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Status
Off-Market
Year built
1928
Heating
NONE
Stories
1
Total area
85,668 SF
Lot
0.47 ac (20,486 SF)
Zoning code
C3
APN
14-010-002.0-103.00
UPID
US73-2060905
Jurisdiction
ERIE
Zoning & alternative use
C3 · Erie, PA
Zoning C3 · permitted uses
C3 · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$7.0M
OFFICE BUILDING
Est. value
$7.1M
RESTAURANT
Est. value
$7.0M
RETAIL STORES
Est. value
$7.0M
AUTO REPAIR, GARAGE
Est. value
$6.0M
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
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
1928
Heating
NONE
Stories
1
Lot
0.47 ac
Current owner
From public records · entity-resolved
Kv Richford Arms LLC
Entity
Mailing address
2 CTR PLZ STE #700, BOSTON, MA 02108-1906
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 20, 2026
—
Kv Richford Arms LLC
—
Deed
related
$420,000 · Key Bank NA
—
—
Richford Arms Associates
—
Deed Of Trust
related
$3,010,000 · Red Mortgage Capital INC
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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