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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5618 Rdg Rd Erie, PA 16506-1038

    • Investment properties
    • 11,042 SF
    • 1.73 lot acres
    OFF-MARKET
    Value Estimations
    $710,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2472625
    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

    • Tracy's Ridge / Apartment Building

    Property Details for 5618 Rdg Rd

    Year built
    1955
    Construction
    WOOD
    Lot size
    1.73 lot acres
    Property size
    11,042 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    21-056-081.0-021.00
    APU
    21056081002100

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $763,000
      Market price range: $764k - $1.46M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $485,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,175,000
      Change: +142% Conversion: Moderate
      OFFICE BUILDING
      $910,000
      Change: +87% Conversion: Easy
      RESTAURANT
      $910,000
      Change: +87% Conversion: Difficult
      RETAIL STORES
      $905,000
      Change: +87% Conversion: Easy
      AUTO REPAIR, GARAGE
      $765,000
      Change: +58% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.2016
    Latitude
    42.0633
    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
    $8,405
    $106,200
    $208,400
    $314,600
    -
    $106,200
    $208,400
    $314,600

    Comparable in this City

    • Value Estimation by Request
      1,045 SF

      3319 26th St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,045 SF
      3319 26th St, Erie, PA 16506-2401
      View Details
    • Value Estimation by Request
      2,705 SF

      3751 26th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,705 SF
      3751 26th St, Erie, PA 16506-2043
      View Details
    • Value Estimation by Request
      2,510 SF

      5037 Love Rd

      OFFICE/RESIDENTIAL (MIXED USE) • 2,510 SF
      5037 Love Rd, Erie, PA 16506-4142
      View Details
    • Value Estimation by Request
      2,580 SF

      2634 30th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,580 SF
      2634 30th St, Erie, PA 16506-3109
      View Details
    • Value Estimation by Request
      910 SF

      2744 23rd St

      OFFICE/RESIDENTIAL (MIXED USE) • 910 SF
      2744 23rd St, Erie, PA 16506-2927
      View Details
    • Value Estimation by Request
      2,742 SF

      3271 26th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,742 SF
      3271 26th St, Erie, PA 16506-2537
      View Details

    Similar Nearby for Sale

    • $1,200,000
      9,131 SF

      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
    • $360,000
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      Erie Office Building - Prime Location

      Mixed-use office building, 3,664 sq ft
      3703 Ridge Rd, Erie, PA 16506
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    • $330,000

      Spacious Three-Story Commercial Building

      Three-story commercial building on West 26th St available for sale.
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    • Contact for pricing
      1.60 Acres

      Erie Industrial Land - Lowe's Outparcel

      Prime Erie location, 1.63+ acres, light industrial.
      2305 Asbury Rd, Erie, PA 16506
      View Details
    • $99,900
      0.41 Acres

      Erie, PA Building Site

      Building site in Millcreek neighborhood with utilities at street line.
      Equestrian Dr, Erie, PA 16506
      View Details
    • $159,500

      Development Land in Niagara Village

      Prime commercial land in a campus setting, ideal for development.
      Village Common Dr, Erie, PA 16506
      View Details

    Similar Nearby for Lease

    • New
      $11 SF/Yr
      960 SF

      Erie Retail/Mixed-Use Space Available

      960 sqft adaptable commercial space for lease in Erie, PA.
      3901 W Ridge Rd, Erie, PA 16506
      View Details
    • $15 SF/Yr
      31,836 SF

      Erie Office Suites for Lease

      Flexible Office Space, All-Inclusive Rates
      2700 21St St, Erie, PA 16506
      View Details
    • $10 SF/Yr
      98,338 SF

      Erie, PA Office Space Available

      Prime West Ridge Rd Office, 2,000 SF Available
      5040 Ridge Rd, Erie, PA 16506
      View Details
    • $16,000 /Mo
      44,074 SF

      Millcreek Development Land For Lease

      Prime commercial land available for lease in Millcreek, Pennsylvania.
      Village Common Dr, Erie, PA 16506
      View Details
    • $13 SF/Yr

      Medical Office Space Available

      Professional office space suitable for medical or general office use.
      5473 Village Common Dr, Erie, PA 16506
      View Details
    • Contact for pricing

      Erie, PA Commercial Land Parcel

      Prime Development Land in Niagara Village
      0 Village Common Dr, Erie, PA 16506
      View Details
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    5618 Rdg Rd
    Erie, PA 16506-1038
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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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