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    Property profile & analytics

    707 38Th St Erie, PA 16509

    • Strip malls
    • 7,670 SF
    • 0.70 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-2893370
    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

    • The UPS Store / Office Supply Store / Business Center
    • BuffTutor - University & High School Tutors - Erie / Tutoring Service / Private Tutor
    • Engine Wiring / Manufacturer
    • Shred Nations / Shredding Service / Business To Business Service
    • Goodwill Construction / General Contractor

    Property Details for 707 38Th St

    Year built
    1969
    Construction
    FRAME
    Lot size
    0.70 lot acres
    Property size
    7,670 SF
    Zone code
    C2
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    19-061-011.0-205.00
    APU
    19061011020500

    Description

    Liberty Center II, located at 707 W 38th St, Erie, PA 16509, presents a compelling investment opportunity in a thriving retail corridor. This single-story, 7,670 square foot building, constructed in 1962 and classified as Class B, sits on a 0.7-acre lot (APN 19-061-011.0-205.00) and is zoned C-3. The property features five suites, with three currently available. One immediately available in-line suite offers approximately 1,422 square feet, previously occupied by a mobile phone store. An endcap unit, currently housing The UPS Store, will become available in December 2024, offering approximately 1,517 to 3,076 square feet. Additionally, a 1,559 to 3,076 square foot turn-key restaurant space is available. Rental rates range from $18.00 to $23.09 per square foot per year, net, net, net (NNN), with estimated NNN fees of $4.06 per square foot based on 2023 figures. This property benefits from high visibility along a major retail and service corridor, boasting 21,000 average annual daily traffic (AADT) on Peach Street and 19,000 AADT on W. 38th Street (PennDOT 2022 data). Its convenient location is also served by public transportation. Liberty Center II is part of a larger plaza anchored by established businesses including Tops Friendly Market, Harbor Freight Tools, Dollar Tree, and many others, ensuring high foot traffic and a strong tenant base. Up to 14,761 square feet of space is potentially available. 3D tours and floor plans are available for most units.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0831
    Latitude
    42.0957
    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
    $17,732
    $245,300
    $220,800
    $466,100
    -
    $245,300
    $220,800
    $466,100

    Comparable in this City

    • Value Estimation
      $800,000
      87,794 SF

      3728 Liberty St

      SHOPPING CENTER, STRIP CENTER • 87,794 SF
      3728 Liberty St, Erie, PA 16508-2537
      View Details
    • Value Estimation
      $960,000
      108,160 SF

      Liberty St

      SHOPPING CENTER, STRIP CENTER • 108,160 SF
      Liberty St, Erie, PA 16508
      View Details
    • Value Estimation by Request
      8,162 SF

      3315 Liberty St

      SHOPPING CENTER, STRIP CENTER • 8,162 SF
      3315 Liberty St, Erie, PA 16508-2558
      View Details
    • Value Estimation
      $2,110,000
      38,669 SF

      1507 27th W 38th St

      SHOPPING CENTER, STRIP CENTER • 38,669 SF
      1507 27th W 38th St, Erie, PA 16508
      View Details
    • Value Estimation
      $625,000
      8,162 SF

      3305 Liberty St

      SHOPPING CENTER, STRIP CENTER • 8,162 SF
      3305 Liberty St, Erie, PA 16508-2558
      View Details
    • Value Estimation by Request
      8,524 SF

      825 905th W 38th St

      SHOPPING CENTER, STRIP CENTER • 8,524 SF
      825 905th W 38th St, Erie, PA 16508
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,392 SF

      Erie, PA Retail Portfolio Investment

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      Retail Property for Sale

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      Renovated Medical Office Near Hospital

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      Renovated Two-Unit Income Property

      Two-unit property near AHN/St Vincent Hospital, renovated in 2019.
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    • $65,000
      0.30 Acres

      Vacant Lots Near St. Vincent

      Three side-by-side vacant lots totaling 0.30 acres near St. Vincent.
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      Erie Multi-Family Property For Sale

      Tenant-occupied, three-bedroom property with garage, fenced yard, and updates.
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    Similar Nearby for Lease

    • Contact for pricing
      3,888 SF

      Established Retail Location For Lease

      Retail spaces with long-term tenants, near Bayfront Connector.
      1713-1717 E 38Th St, Erie, PA 16508
      View Details
    • $5 SF/Yr
      229,805 SF

      Liberty Center I Retail Space

      Erie, PA Retail Center: 12 Spaces Available
      3728 Liberty St, Erie, PA 16508
      View Details
    • $6,250 /Mo

      Retail Space For Lease

      Retail and restaurant spaces available in a large shopping center.
      3407 Liberty St, Erie, PA 16508
      View Details
    • $1.70 SF/Yr

      Retail Space Available For Rent

      Retail property available for lease.
      2178 W 38Th St, Erie, PA 16508
      View Details
    • $14 SF/Yr
      1,500 SF

      Erie Retail/Office Space Available

      Mixed-use space near Mercyhurst University, suitable for various businesses.
      2018 E 38Th St, Erie, PA 16508
      View Details
    • Contact for pricing
      3,392 SF

      2178 38Th St

      Restaurants • 3,392 SF
      2178 38Th St, Erie, PA 16508
      View Details
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    Erie, PA 16509
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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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