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

    8033 Oliver Rd Erie, PA 16509-4619

    • Hotels
    • 41,552 SF
    • 1.29 lot acres
    OFF-MARKET
    Value Estimations
    $740,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-4111544
    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

    • Spark by Hilton Erie / Hotel

    Property Details for 8033 Oliver Rd

    Year built
    2016
    Construction
    FRAME
    Lot size
    1.29 lot acres
    Property size
    41,552 SF
    Property type
    Hotels
    Property subtype
    Motels
    APN
    40-016-072.0-004.01
    APU
    40016072000401

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $740,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $744,000
      Market price range: $627k - $978k

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $780,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.0803
    Latitude
    42.0461
    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
    $51,821
    $537,000
    $2,068,395
    $2,605,395
    -
    $537,000
    $2,068,395
    $2,605,395

    Comparable in this City

    • Value Estimation
      $1,215,000
      51,580 SF

      8051 Peach St

      HOTEL/MOTEL • 51,580 SF
      8051 Peach St, Erie, PA 16509-4732
      View Details
    • Value Estimation
      $2,025,000
      89,004 SF

      2260 Downs Dr

      HOTEL/MOTEL • 89,004 SF
      2260 Downs Dr, Erie, PA 16509-4792
      View Details
    • Value Estimation
      $1,635,000
      69,560 SF

      2087 Interchange Rd

      HOTEL/MOTEL • 69,560 SF
      2087 Interchange Rd, Erie, PA 16509-8315
      View Details
    • Value Estimation
      $1,190,000
      66,112 SF

      8040 Perry Hwy

      HOTEL/MOTEL • 66,112 SF
      8040 Perry Hwy, Erie, PA 16509-6621
      View Details
    • Value Estimation
      $1,085,000
      46,843 SF

      8050 Peach St

      HOTEL/MOTEL • 46,843 SF
      8050 Peach St, Erie, PA 16509-4733
      View Details
    • Value Estimation by Request
      8,688 SF

      7455 Schultz Rd

      HOTEL/MOTEL • 8,688 SF
      7455 Schultz Rd, Erie, PA 16509-6671
      View Details

    Similar Nearby for Sale

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      3,380 SF

      Versatile Commercial Space on Peach

      Commercial property on 2 acres with high traffic visibility.
      8465 Peach St, Erie, PA 16509
      View Details
    • $459,900
      1,685 SF

      Turnkey Luxury Condo in Erie

      Meticulously maintained 3-bedroom, 3-bathroom condo with upscale finishes.
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    • Contact for pricing
      Pending

      Residential Building Lot in Erie

      Residential building lot in a quiet Erie neighborhood.
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    • $700,000

      Former Nursing Home Opportunity

      26,348 SF building near Millcreek Mall, suitable for various uses.
      1267 S Hill Rd, Erie, PA 16509
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    • $96,000

      Erie County Liquor License

      Liquor license in Erie County, formerly Dan's Boardwalk.
      Plcb Liquor License, Erie, PA 16509
      View Details
    • $610,500
      8.14 Acres

      Erie Industrial Land - $610,500

      8.14-acre industrial site, prime location.
      8350 Oliver Rd, Erie, PA 16509
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,909 SF

      Erie Retail Space - Peach Street

      Prime Erie retail space, 6,909 sq ft available.
      7851 Peach St, Erie, PA 16509
      View Details
    • $15 SF/Yr
      1,730 SF

      Commercial Space in Summit, PA

      Commercial space for lease in modern living community development.
      2890 Copperleaf Pl, Summit, PA 16509
      View Details
    • Contact for pricing
      13,330 SF

      Retail Space on Keystone Drive

      Retail property with high traffic and strong demographics.
      1914-1930 Keystone Dr, Erie, PA 16509
      View Details
    • $225,000

      2.49 Acre Commercial Land Available

      2.49 acre lot next to Wendy's off I-90.
      Wager Rd, Erie, PA 16509
      View Details
    • Contact for pricing
      1,206 SF

      Retail Space on Rotunda Drive

      Retail space available in Erie, PA with high traffic.
      1901-1909 Rotunda Dr, Erie, PA 16509
      View Details
    • $8 SF/Yr
      5,000 SF

      Erie Office Space - 5,000 SF

      Prime Millcreek Mall location, 5,000 sq ft office space for lease.
      1957 Edinboro Rd, Erie, PA 16509
      View Details

    Property Visit Statistics

    • Visits by month
      6.7k
    • Visitors by month
      1.5k
    • Avg Time on site
      481 min
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    8033 Oliver Rd
    Erie, PA 16509-4619
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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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