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    8946 Main St Mc Kean, PA 16426-1461

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    8946 Main St Mc Kean, PA 16426-1461

    View on Map
    • Garden apartment buildings
    • 23,104 SF
    • 2.28 lot acres
    Off-Market
    Property ID
    US73-4243154
    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.
    Value Estimations
    $2,015,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Middleboro Commons / Apartment Complex

    Property Details for 8946 Main St

    Year built
    2016
    Construction
    FRAME
    Lot size
    2.28 lot acres
    Property size
    23,104 SF
    Zone code
    B
    Property type
    Garden apartment buildings
    APN
    32-004-004.0-010.00
    APU
    32004004001000

    Description

    This exceptional 72-unit apartment building, known as Middleboro Commons, presents a compelling investment opportunity. Located in McKean, Pennsylvania, within Erie County, this property boasts 15,000 square feet situated on a 2.5-acre lot. The building comprises 34 units, each featuring two bedrooms and 1.5 bathrooms, with an average size of 1,150 square feet. Constructed in 2014, Middleboro Commons is exceptionally well-maintained and currently operating at full capacity, eliminating the need for immediate capital expenditures. The property's prime location in the Erie suburbs ensures strong rental demand and consistent cash flow. This is a turnkey investment ready to generate immediate returns. The asking price for this exceptional multifamily asset is $5,400,000. Additional properties are available for purchase individually or as a portfolio. The portfolio includes two other properties, totaling 72 units, offering a significant scale of investment. This presents a rare opportunity to acquire a substantial, high-performing multifamily portfolio in a desirable location. Detailed financial information and property specifics are available upon request.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,365,000
      6.5%
      $2,185,000
      7%
      $2,030,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,626,000
      Market price range: $639k - $1.63M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $2,035,000
      Current use
      OFFICE BUILDING
      $1,755,000
      Change: -14% Conversion: Moderate
      RESTAURANT
      $1,695,000
      Change: -17% Conversion: Difficult
      RETAIL STORES
      $1,655,000
      Change: -19% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,635,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Mc Kean
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.1441
    Latitude
    41.9982
    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
    $33,420
    $155,100
    $1,407,300
    $1,562,400
    -
    $155,100
    $1,407,300
    $1,562,400

    Comparable in this City

    • Value Estimation
      $1,950,000
      20,288 SF

      8918 Main St

      GARDEN APT, COURT APT (5+ UNITS) • 20,288 SF
      8918 Main St, Mc Kean, PA 16426-1448
      View Details
    • Value Estimation by Request
      4,998 SF

      9135 Main St

      GARDEN APT, COURT APT (5+ UNITS) • 4,998 SF
      9135 Main St, Mc Kean, PA 16426-1433
      View Details
    • Value Estimation
      $660,000
      1,464 SF

      8158 Bargain Rd

      MOBILE HOME PARK, TRAILER PARK • 1,464 SF
      8158 Bargain Rd, Mckean, PA 16426-1322
      View Details
    • Value Estimation by Request
      2.91 Acres

      8754 Grubb Rd

      CHARITABLE ORGANIZATION • 2.91 Acres
      8754 Grubb Rd, Mckean, PA 16426-1239
      View Details
    • Value Estimation by Request
      2.48 Acres

      8050 Millfair Rd

      COMMERCIAL (GENERAL) • 2.48 Acres
      8050 Millfair Rd, Mckean, PA 16426-1013
      View Details
    • Value Estimation by Request
      0.74 Acres

      Ee Ave

      SHOW ROOM, WAREHOUSE • 0.74 Acres
      Ee Ave, Mc Kean, PA 16426
      View Details

    Similar Nearby for Sale

    • $175,000
      1,296 SF

      9088 Main St, Mckean, PA 16426

      Commercial real estate • 1,296 SF
      9088 Main St, Mckean, PA 16426
      View Details
    • $3,000,000
      59,004 SF

      Climate-Controlled Industrial Building For Sale

      59,004 SF climate-controlled industrial building with office space in McKean.
      5620 West Rd, Mckean, PA 16426
      View Details
    • Contact for pricing
      0.12 Acres

      Residential Lot in Peaceful Setting

      Vacant lot ready for new home construction with utilities available.
      4854 N Main St, Mckean, PA 16426
      View Details
    • $119,900
      2.93 Acres

      Land Parcel with Sunset Views

      2.93 acre lot with sunset views in Mckean, PA.
      Edinboro Rd, Mckean, PA 16426
      View Details
    • New
      $349,900
      51.92 Acres

      Farmland with Highway Visibility

      51.92 acres of farmland with utilities and highway access.
      West Rd, Mckean, PA 16426
      View Details
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    8946 Main St
    Mc Kean, PA 16426-1461
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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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