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Property profile & analytics
OFF-MARKET
Estimated value
$3,200,000
Manufacturing properties
Sommerheim Dr, Erie, PA 16505
Entity Owned
3-yr Hold
Free & Clear
Property ID
US73-3558838
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1930
Construction
WOOD
Total area
67,588 SF
Lot
22.35 ac (973,566 SF)
Zoning code
LI
APN
33-013-034.0-006.00
UPID
US73-3558838
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
$3.74M
Blend (final)
Blend
$3.20M
Owner & transaction history
Eric City Water Authority · 3 yrs held
Eric City Water Authority
since 2022
2 recorded transactions
Zoning & alternative use
LI · Erie, PA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$5.1M
+120.3%
Auto repair, garage
$4.7M
+104.2%
Warehouse, storage
$3.1M
+33.3%
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
INDUSTRIAL (GENERAL)
$2,300,000
Current use
RETAIL STORES
$5,065,000
Change: +120% · Conversion: Moderate
AUTO REPAIR, GARAGE
$4,695,000
Change: +104% · Conversion: Easy
WAREHOUSE, STORAGE
$3,065,000
Change: +33% · Conversion: Easy
COMMERCIAL (GENERAL)
$2,970,000
Change: +29% · Conversion: Difficult
Blend value · Realmo final
$3.20M
Range $2.88M – $3.52M · ±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
$47 / 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
Assessed value
$4,166,300
Assessed 2024
Previous assessed
$4,166,300
+0.0% YoY
Assessed land
$1,250,000
Assessed improvement
$2,916,300
Land market value
$1,250,000
Improvement market value
$2,916,300
Total market value
$4,166,300
Applied tax rate
33.0000
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1930
Construction
WOOD
Heating
NONE
Buildings
7
Stories
12
Total area
67,588 SF
Lot
22.35 ac (973,566 SF)
Zoning code
LI
APN
33-013-034.0-006.00
UPID
US73-3558838
Jurisdiction
ERIE
Zoning & alternative use
LI · Erie, PA
Zoning LI · permitted uses
LI · 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
INDUSTRIAL (GENERAL) Current
Est. value
$2.3M
RETAIL STORES
Est. value
$5.1M
AUTO REPAIR, GARAGE
Est. value
$4.7M
WAREHOUSE, STORAGE
Est. value
$3.1M
COMMERCIAL (GENERAL)
Est. value
$3.0M
INDUSTRIAL (GENERAL) Current
RETAIL STORES
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
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
1930
Construction
WOOD
Heating
NONE
Stories
12
Buildings
7
Lot
22.35 ac
Current owner
From public records · entity-resolved
Eric City Water Authority
Entity
Free & Clear · 3 yrs held
Mailing address
340 W BAYFRONT PKWY, ERIE, PA 16507-2004
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 27, 2022
—
Eric City Water Authority
Eric City Water Authority
Intrafamily Transfer
related
—
Jun 30, 2022
—
Erie City Water Authority
Shirley A Beers
Quit Claim Deed
related
—
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.
Try Rey
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