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Property profile & analytics
OFF-MARKET
Estimated value
$9,690,000
Garden apartment buildings
Cherry St, Erie, PA 16509
Individually Owned
17-yr Hold
Free & Clear
Property ID
US73-4105816
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2010
Construction
WOOD
Total area
156,608 SF
Lot
61.94 ac (2,697,932 SF)
Zoning code
R2
APN
40-005-019.0-039.02
UPID
US73-4105816
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
by Request
Comparable Approach
Comparable
$12.78M
Blend (final)
Blend
$9.69M
Owner & transaction history
Ude Of Cherry Street Ltd · 17 yrs held
Ude Of Cherry Street Ltd
since 2008
1 recorded transaction
Zoning & alternative use
R2 · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$12.9M
+0.8%
Restaurant
$12.9M
+0.8%
Retail stores
$12.9M
+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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$12,780,000
Current use
OFFICE BUILDING
$12,890,000
Change: +1% · Conversion: Moderate
RESTAURANT
$12,885,000
Change: +1% · Conversion: Difficult
RETAIL STORES
$12,850,000
Change: +1% · Conversion: Difficult
AUTO REPAIR, GARAGE
$10,875,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$9.69M
Range $8.72M – $10.66M · ±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
$62 / 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
Applied tax rate
40.0000
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
2010
Construction
WOOD
Heating
NONE
Stories
2
Total area
156,608 SF
Lot
61.94 ac (2,697,932 SF)
Zoning code
R2
APN
40-005-019.0-039.02
UPID
US73-4105816
Jurisdiction
ERIE
Zoning & alternative use
R2 · Erie, PA
Zoning R2 · permitted uses
R2 · 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
$12.8M
OFFICE BUILDING
Est. value
$12.9M
RESTAURANT
Est. value
$12.9M
RETAIL STORES
Est. value
$12.9M
AUTO REPAIR, GARAGE
Est. value
$10.9M
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
2010
Construction
WOOD
Heating
NONE
Stories
2
Lot
61.94 ac
Current owner
From public records · entity-resolved
Ude Of Cherry Street Ltd
Individual
Free & Clear · 17 yrs held
Mailing address
1607 MOTOR INN DR, GIRARD, OH 44420-2486
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2008
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 17, 2008
$68,000
Ude Of Cherry Street Ltd
Dodge,raymond L & Joyce M
Grant Deed
—
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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