2323 38Th StErie, PA 16506

Property Details for 2323 38Th St

Year built

1980

Construction

FRAME

Lot size

9.38 AC

Property size (Sq ft)

94,916 SF

Zone code

BB

Property type

Community centers

APN

33-080-417.0-003.03

APU

33080417000303

Description

Lake Erie Plaza, located at 2323 W 38th St, Erie, PA 16506, offers exceptional office and mixed-use space. This Class A, single-story building, built in 1980, boasts 94,916 total square feet, with 6,173 square feet currently vacant, divisible to a minimum of 6,173 square feet and up to a maximum contiguous 44,630 square feet. The property sits on a 9.38-acre lot and features a 15-foot ceiling height. Seven suites are available within the building. The property enjoys high visibility and traffic, with an average daily traffic count of 14,000 vehicles on W. 38th Street (PennDOT 2022 data). Excellent signage opportunities are available. Ample free parking is provided, and the plaza is conveniently located on a public bus route. Zoned MU-1, Neighborhood Mixed-Use, in Millcreek Township, this property offers a strategic location. The annual rent is $12.00 per square foot, plus a CAM estimated at $3.45 per square foot based on 2023 figures. Property taxes are $0.78 per square foot. The property's APN is 33-080-417.0-003.70 & 33-080-417.0-003.71. Current tenants include Countryside Agility K9 Sports Center, Disabled Veteran Solutions, JPT Foundation Event Center, Salvation Ministries, Passalinqua's Pizzeria, and Subway. This is an excellent opportunity for businesses seeking high-profile space in a thriving location.

• CAP approach

  CAP return

  Valuation

  6%

  $25,100,810

  6.5%

  $23,169,978

  7%

  $21,514,980

• Comparable approach

  Method

  Valuation

  Relative Method

  $22,373,676

  Geo Method

  $22,373,676

• Alternative Use

  Use

  Valuation

  Residential

  $19,544,744

  Hospitality

  $17,902,880

  Educational

  $14,894,986

  Medical

  $15,407,247

  Retail

  $23,169,978

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.0811

Longitude

-80.1177

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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