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Property profile & analytics
OFF-MARKET
Estimated value
$575,000
Garden apartment buildings
725 Chestnut St, Erie, PA 16502-1303
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US73-0800523
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1998
Construction
WOOD
Total area
7,000 SF
Lot
0.23 ac (9,858 SF)
Zoning code
RLB
APN
17-040-010.0-124.00
UPID
US73-0800523
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$660k
Comparable Approach
Comparable
$460k
Blend (final)
Blend
$575k
Owner & transaction history
Hoffman West Group LLC · 7 yrs held
Hoffman West Group LLC
since 2018
6 recorded transactions
Zoning & alternative use
RLB · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$575,000
+0.8%
Restaurant
$575,000
+0.8%
Retail stores
$575,000
+0.5%
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%
$715,000
6.5%
$660,000
7%
$615,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$570,000
Current use
OFFICE BUILDING
$575,000
Change: +1% · Conversion: Moderate
RESTAURANT
$575,000
Change: +1% · Conversion: Difficult
RETAIL STORES
$575,000
Change: +1% · Conversion: Difficult
AUTO REPAIR, GARAGE
$485,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$575k
Range $518k – $633k · ±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
$82 / 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
$13,267
Tax year 2023
Assessed value
$348,750
Assessed 2024
Previous assessed
$348,750
+0.0% YoY
Effective rate
3.80%
On assessed value
Assessed land
$39,400
Assessed improvement
$309,350
Land market value
$39,400
Improvement market value
$309,350
Total market value
$348,750
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
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1998
Construction
WOOD
Heating
NONE
Stories
2
Total area
7,000 SF
Lot
0.23 ac (9,858 SF)
Zoning code
RLB
APN
17-040-010.0-124.00
UPID
US73-0800523
Jurisdiction
ERIE
Zoning & alternative use
RLB · Erie, PA
Zoning RLB · permitted uses
RLB · 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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$570,000
OFFICE BUILDING
Est. value
$575,000
RESTAURANT
Est. value
$575,000
RETAIL STORES
Est. value
$575,000
AUTO REPAIR, GARAGE
Est. value
$485,000
APARTMENT HOUSE (5+ UNITS) Current
OFFICE BUILDING
RESTAURANT
RETAIL STORES
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
1998
Construction
WOOD
Heating
NONE
Stories
2
Lot
0.23 ac
Current owner
From public records · entity-resolved
Hoffman West Group LLC
Entity
Mailing address
4671 HARBORVIEW DR, ERIE, PA 16508-3043
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 21, 2024
—
Hoffman West Group LLC
—
Deed
related
$58,050 · City Of Erie
Jan 11, 2022
—
Hoffman West Group LLC
—
Deed
related
$7,000 · Our West Bayfront
Jul 16, 2018
$375,000
Hoffman West Group LLC
Dupry Erie No 3 LP
Grant Deed
$1,000,000 · Other Institutional Lenders
May 5, 2014
$475,000
Dupry Erie No 3 LP
Joseph D Palermo JR
Special Warranty Deed
$380,000 · S & T Bank
Aug 27, 1997
$28,000
Palermo Joseph Dr.
Peterson,michael A & Tracey M
Grant Deed
—
—
—
Joseph D Palermo JR.
—
Deed Of Trust
related
$4,136,000 · S & T Bank
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.
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