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    Property profile & analytics

    818 State St Erie, PA 16501

    • Office buildings
    • 12,650 SF
    • 0.18 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US73-1169310
    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

    • Solymosi Law Group, LLC. / Legal Services / Personal Injury Attorney
    • Segel Law, LLC / Personal Injury Attorney / Attorney
    • PRP Injection InnerBalance / Medical Center

    Property Details for 818 State St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.18 lot acres
    Property size
    12,650 SF
    Zone code
    C3
    Property type
    Office buildings
    APN
    16-030-005.0-204.00
    APU
    16030005020400

    Description

    This exceptional mixed-use property in Erie, Pennsylvania presents a compelling value-add investment opportunity. The 30,785 square foot, two-story building boasts a prime downtown location at 818 State St, 16501, and features a diverse tenant mix. A significant portion of the building is leased to Dollar General, occupying 12,805 square feet of first-floor space. The remaining space offers substantial upside potential. The upper floor includes 5,836 square feet of finished office space, complemented by a 270 square foot first-floor lobby. Additionally, there are 3,297 square feet of unfinished first-floor space and 2,120 square feet of unfinished second-floor space, ready for development and lease-up. The property includes a convenient 32+ space private parking garage and is ADA compliant with elevator service. Other key features include a wet sprinkler system and is situated on two parcels totaling 0.44 acres, zoned C-3 (Central Commercial District). The property's current occupancy is 52.6%, with a projected net operating income (NOI) of $256,359, representing a pro-forma cap rate of 12.85%. The asking price is $1,995,000, and the 2024 property taxes are $29,207. Floor plans and 3D tours are available upon request. This is a rare opportunity to acquire a well-located, multi-tenant property with significant value-add potential in a thriving downtown market. The property consists of four units, is built on a 0.44-acre lot, and has a net rentable area of 24,328 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,945,000
      6.5%
      $2,720,000
      7%
      $2,525,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,494,000
      Market price range: $497k - $1.83M
      AI Estimate
      $2,680,000
      Market price range: $255k - $3.30M

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

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.084
    Latitude
    42.1268
    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
    $16,199
    $61,400
    $364,400
    $425,800
    -
    $61,400
    $364,400
    $425,800

    Comparable in this City

    • Value Estimation by Request
      26,048 SF

      915 State St

      OFFICE BUILDING (MULTI-STORY) • 26,048 SF
      915 State St, Erie, PA 16501-1405
      View Details
    • Value Estimation by Request
      81,450 SF

      27 8th St

      OFFICE BUILDING (MULTI-STORY) • 81,450 SF
      27 8th St, Erie, PA 16501-1347
      View Details
    • Value Estimation
      $3,180,000
      76,096 SF

      8th At Peach St

      OFFICE BUILDING (MULTI-STORY) • 76,096 SF
      8th At Peach St, Erie, PA 16501
      View Details
    • Value Estimation
      $1,060,000
      28,208 SF

      121 10th St

      OFFICE BUILDING (MULTI-STORY) • 28,208 SF
      121 10th St, Erie, PA 16501-1415
      View Details
    • Value Estimation by Request
      2,659 SF

      128 12th St

      OFFICE BUILDING (MULTI-STORY) • 2,659 SF
      128 12th St, Erie, PA 16501-1750
      View Details
    • Value Estimation
      $810,000
      5,734 SF

      9 St St

      OFFICE BUILDING (MULTI-STORY) • 5,734 SF
      9 St St, Erie, PA 16501
      View Details

    Similar Nearby for Sale

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      Commercial land available in the heart of Erie, Pennsylvania.
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      Erie Industrial Flex Space - $640K

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    Similar Nearby for Lease

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      Mixed-Use Space in Downtown Erie

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      Downtown Erie Office Suite

      Updated office suite in downtown Erie with parking garage.
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      Downtown Erie Office Space Available

      Professional office suites for lease in downtown Erie.
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    • $3,000 /Mo
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      Erie Restaurant Ready for Lease

      Turn-key restaurant space available for lease in Erie, Pennsylvania.
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    • $4,500 /Mo

      Retail Space Available For Rent

      Retail space for rent, formerly a fast signs location.
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    • $1.43 SF/Yr
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      Erie County Commercial Land Lease

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    818 State St
    Erie, PA 16501
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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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