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Property profile & analytics
FOR LEASE
High-rise multifamily apartments
716 State St Erie, PA 16501
Entity Owned
7-yr Hold
Free & Clear
Property ID
US73-0344730
For Lease
1 / 3
$10 SF/Yr
716 State St, Erie, PA 16501
View Listing →
Property profile
Verified
Property type
High-rise multifamily apartments
Use group
HIGH-RISE APARTMENTS
Year built
1931
Construction
WOOD
Total area
247,148 SF
Lot
1.24 ac (54,014 SF)
Zoning code
C3
APN
17-040-001.0-102.00
UPID
US73-0344730
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
-
HANDS Boston Store Apartments Apartment Building
-
Senior Wyze Senior Care & Assisted Living Erie PA Nursing Home Retirement Community
-
iHeartMedia Marketing & Advertising Advertising Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.40M
Blend (final)
Blend
$10.49M
Owner & transaction history
Hands Boston Store Owner LLC · 7 yrs held
Hands Boston Store Owner LLC
since 2019
7 recorded transactions
Zoning & alternative use
C3 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
AUTO REPAIR, GARAGE
$17,165,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$10.49M
Range $9.44M – $11.53M · ±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
$42 / 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
$120,203
Tax year 2023
Assessed value
$3,159,676
Assessed 2024
Previous assessed
$3,159,676
+0.0% YoY
Effective rate
3.80%
On assessed value
Assessed land
$556,800
Assessed improvement
$2,602,876
Land market value
$556,800
Improvement market value
$2,602,876
Total market value
$3,159,676
Applied tax rate
17.0000
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
For Lease
Year built
1931
Construction
WOOD
Heating
NONE
Stories
1
Total area
247,148 SF
Lot
1.24 ac (54,014 SF)
Zoning code
C3
APN
17-040-001.0-102.00
UPID
US73-0344730
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
AUTO REPAIR, GARAGE
Est. value
$17.2M
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
1931
Construction
WOOD
Heating
NONE
Stories
1
Lot
1.24 ac
Current owner
From public records · entity-resolved
Hands Boston Store Owner LLC
Entity
Free & Clear · 7 yrs held
Mailing address
7 E 7TH ST, ERIE, PA 16501-1105
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 2020
—
Hands Boston Store Owner LLC
—
Deed
related
$500,000 · Erie Community Foundation
Aug 9, 2019
—
Hands Boston Store Owner LLC
—
Deed
related
$500,000 · Miscellaneous Govt Agcy
Jul 1, 2019
—
Hands Boston Store Owner LLC
—
Deed
related
$4,618,800 · Pnc Bk
May 31, 2019
—
Hands Boston Store Owner LLC
Hands Boston Store Owner LLC
Correction Deed
related
—
May 30, 2019
—
Ceai-boston Store LLC
—
Grant Deed
related
$4,618,800 · Pnc Bk
Jul 30, 2012
$4,667,412
Ceai Boston Store LLC
Echelon Equity Partners
Special Warranty Deed
$3,725 · Centerline Mortgage Capital INC
Jul 30, 2012
$3,979,912
Echelon Equity Partners LLC
Boston Store LP
Grant Deed
related
—
—
—
Hands Boston Store Owner LLC
—
Deed Of Trust
related
$500,000 · Miscellaneous Govt Agcy
—
—
Hands Boston Store Owner LLC
—
Loan Modification
related
$4,618,800 · Pnc Bk
—
—
Hands Boston Store Owner LLC
—
Deed Of Trust
related
$500,000 · Erie Community Foundation
—
—
Hands Boston Store Owner LLC
—
Deed Of Trust
related
$1,000,000 · Housing Fin Agcy
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
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