New search
Property profile & analytics
FOR LEASE
Warehouses
5451 Merwin Ln, Erie, PA 16510
Entity Owned
14-yr Hold
Free & Clear
Property ID
US73-2973608
For Lease
$50 SF/Yr
5451 Merwin Ln, Erie, PA 16510
View Listing →
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2001
Total area
41,172 SF
Lot
15.99 ac (696,524 SF)
Zoning code
B1
APN
27-070-212.1-004.00
UPID
US73-2973608
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
-
Novus Applications, LLC (Bike/Boat/Book/etc) Store Corporate Office
-
Process & Data Automation Department Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.27M
Blend (final)
Blend
$2.55M
Owner & transaction history
Greater Erie Indl Dev Corp · 14 yrs held
Greater Erie Indl Dev Corp
since 2011
1 recorded transaction
Zoning & alternative use
B1 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$3.4M
+122.8%
Restaurant
$3.4M
+122.7%
Retail stores
$3.4M
+122.1%
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
OFFICE BUILDING
$3,390,000
Change: +123% · Conversion: Difficult
RESTAURANT
$3,385,000
Change: +123% · Conversion: Difficult
RETAIL STORES
$3,380,000
Change: +122% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$3,360,000
Change: +121% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,860,000
Change: +88% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,810,000
Change: +19% · Conversion: Difficult
Blend value · Realmo final
$2.55M
Range $2.30M – $2.81M · ±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
$62 / 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
Assessed value
$2,760,480
Assessed 2024
Previous assessed
$2,760,480
+0.0% YoY
Assessed land
$419,300
Assessed improvement
$2,341,180
Land market value
$419,300
Improvement market value
$2,341,180
Total market value
$2,760,480
Applied tax rate
27.0000
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Lease
Year built
2001
Heating
NONE
Stories
3
Total area
41,172 SF
Lot
15.99 ac (696,524 SF)
Zoning code
B1
APN
27-070-212.1-004.00
UPID
US73-2973608
Jurisdiction
ERIE
Zoning & alternative use
B1 · Erie, PA
Zoning B1 · permitted uses
B1 · 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
OFFICE BUILDING
Est. value
$3.4M
RESTAURANT
Est. value
$3.4M
RETAIL STORES
Est. value
$3.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
AUTO REPAIR, GARAGE
Est. value
$2.9M
COMMERCIAL (GENERAL)
Est. value
$1.8M
OFFICE BUILDING
RESTAURANT
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
2001
Heating
NONE
Stories
3
Lot
15.99 ac
Current owner
From public records · entity-resolved
Greater Erie Indl Dev Corp
Entity
Free & Clear · 14 yrs held
Mailing address
4701 COLLEGE DR, ERIE, PA 16563-4117
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 12, 2011
—
Greater Erie Indl Dev Corp
Greater Erie Indl Dev Corp
Quit Claim Deed
related
—
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
