2005 8Th StErie, PA 16505

Property Details for 2005 8Th St

Year built

1968

Construction

WOOD

Lot size

0.02 AC

Property size (Sq ft)

727 SF

Zone code

R2

Property type

Office properties

Property subtype

Other office properties

APN

16-031-013.1-100.00

APU

16031013110000

Description

This exceptional commercial condominium, located on Erie's heavily traveled 8th Street corridor, presents a unique investment opportunity. The property encompasses 16,945 square feet and includes ten commercial units, allowing for both owner-occupancy and rental income generation. The building, constructed in 1968, features modern finishes, is well-maintained, and is move-in ready. Amenities include elevator access, key FOB security, and ample parking. Its convenient location near major highways and public transportation ensures high foot traffic and easy accessibility. The property is zoned C-1 and boasts two gas wells. The asking price is $1,400,000. Taxes and assessed value reflect the combined total of all parcels. This is a rare chance to acquire a premium commercial property in a highly desirable Erie area. A detailed list of included spaces is available.

• CAP approach

  CAP return

  Valuation

  6%

  $130,787

  6.5%

  $120,727

  7%

  $112,103

• Comparable approach

  Method

  Valuation

  Relative Method

  $68,004

  Geo Method

  $68,004

• Alternative Use

  Use

  Valuation

  Residential

  $149,701

  Hospitality

  $137,125

  Educational

  $114,087

  Medical

  $118,010

  Retail

  $177,468

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.1105

Longitude

-80.1277

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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