363 8Th StErie, PA 16502

Property Details for 363 8Th St

Year built

1878

Construction

WOOD

Lot size

0.06 AC

Property size (Sq ft)

2,088 SF

Zone code

C1

Property type

Retail properties

Property subtype

Bars

APN

16-030-020.0-220.00

APU

16030020022000

Description

This exceptional 1,392 square foot free-standing building presents a unique investment opportunity in Erie, Pennsylvania's vibrant West Bayfront District. Situated at the highly visible corner of West 8th and Chestnut Streets, this two-story property offers 696 square feet per floor. Built in 1878, the building is conveniently located just half a block from Gannon University and within easy walking distance of Erie's thriving business and arts districts. Currently vacant, this space will be delivered as an ADA-compliant "white box," allowing for tenant improvements to lighting and flooring. The property sits on a 0.061-acre lot and is zoned C-1, Local Commercial, providing flexibility for a variety of uses including office, retail, or restaurant space. However, skilled gaming and smoke shops are not permitted. The annual lease rate is $12.50 per square foot, NNN. Property taxes are $1.61 per square foot. The building has no elevators. The APN is 16-030-020.0-220.00, and the Erie County location offers excellent access to major transportation routes. This is an ideal opportunity for a business seeking a prominent location with high visibility and significant potential.

• CAP approach

  CAP return

  Valuation

  6%

  $552,178

  6.5%

  $509,702

  7%

  $473,295

• Comparable approach

  Method

  Valuation

  Relative Method

  $492,185

  Geo Method

  $492,185

• Alternative Use

  Use

  Valuation

  Residential

  $429,953

  Hospitality

  $393,835

  Educational

  $327,666

  Medical

  $338,935

  Retail

  $509,702

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.1242

Longitude

-80.0922

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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