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    Property profile & analytics

    7 Columbus Ave Corry, PA 16407-1235

    • Turn key restaurants
    • 2,224 SF
    • 0.59 lot acres
    OFF-MARKET
    Last Sale
    Jun 21, 2022
    $200,000
    Value Estimations
    $135,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-0923575
    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

    • Tim Hortons / Coffee Shop / Bakery

    Property Details for 7 Columbus Ave

    Year built
    2013
    Construction
    FRAME
    Lot size
    0.59 lot acres
    Property size
    2,224 SF
    Zone code
    C2
    Property type
    Turn key restaurants
    APN
    06-003-005.0-017.00
    APU
    6003005001700

    Description

    This exceptional 3,970-square-foot free-standing retail building is located at 7 W Columbus Ave in Corry, Pennsylvania, Erie County. Built in 2007, the property sits on a 0.41-acre lot at the northwest corner of W Columbus Ave and N Center St, offering excellent visibility and accessibility within the Corry business district. The building is currently vacant and presents a unique opportunity for a single tenant to establish a prominent presence in a well-established area. The property boasts 25 on-site parking spaces, ensuring ample convenience for customers and employees. Its location within the heart of Corry provides landmark recognition and excellent signage opportunities, contributing to strong brand visibility. This single-tenant building offers a substantial space ideal for a variety of retail uses, benefiting from its established location and readily available parking. The property's size and prominent location make it an attractive option for businesses seeking to expand or establish themselves in the Corry market. The building's 2007 construction suggests modern amenities and efficient design. This is a rare opportunity to secure a well-positioned, high-visibility retail space in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $135,000
      ML approach
      $190,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Corry
    County
    Erie
    State
    Pennsylvania
    Longitude
    -79.641
    Latitude
    41.9368
    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
    $12,056
    $103,300
    $270,700
    $374,000
    -
    $103,300
    $270,700
    $374,000

    Comparable in this City

    • Value Estimation
      $255,000
      2,720 SF

      344 Columbus Ave

      RESTAURANT • 2,720 SF
      344 Columbus Ave, Corry, PA 16407-8544
      View Details
    • Value Estimation
      $250,000
      3,773 SF

      802 Ctr St

      RESTAURANT • 3,773 SF
      802 Ctr St, Corry, PA 16407-1227
      View Details
    • Value Estimation
      $265,000
      6,882 SF

      14 Elk St

      RESTAURANT • 6,882 SF
      14 Elk St, Corry, PA 16407-1138
      View Details
    • Value Estimation
      $240,000
      4,400 SF

      13283 Rte 6th 6

      RESTAURANT • 4,400 SF
      13283 Rte 6th 6, Corry, PA 16407-8989
      View Details
    • Value Estimation
      $50,000
      22.08 Acres

      18954 Rte 89

      RESTAURANT • 22.08 Acres
      18954 Rte 89, Corry, PA 16407
      View Details
    • Value Estimation
      $275,000
      4,076 SF

      6 Rte Rte

      RESTAURANT • 4,076 SF
      6 Rte Rte, Corry, PA 16407
      View Details

    Similar Nearby for Sale

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      Updated Commercial Building in Corry, PA

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      Retail Opportunity in Corry, PA

      Retail property available immediately in Corry, Pennsylvania.
      361 Worth St, Corry, PA 16407
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    • $410,000

      Corry, PA Business Land for Sale

      Prime 41,752 SF Business Lot
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    • Contact for pricing

      Commercial Land on Columbus Avenue

      Commercial land with frontage on Columbus Avenue, Corry, PA.
      961 East Columbus Ave, Corry, PA 16407
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    Similar Nearby for Lease

    • Contact for pricing
      108,367 SF

      Corry Plaza Retail Space For Lease

      Prime Erie County retail space available.
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      Dollar General Investment Opportunity

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      View Details
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    7 Columbus Ave
    Corry, PA 16407-1235
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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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