1921 8Th StErie, PA 16505

Property Details for 1921 8Th St

Year built

1980

Construction

FRAME

Lot size

0.15 AC

Property size (Sq ft)

2,732 SF

Zone code

RLB

Property type

Office buildings

APN

16-031-013.0-309.00

APU

16031013030900

Description

This 2,732 square foot freestanding building, located at 1921 W 8th St in Erie, PA, presents a unique investment opportunity. Built in 1980 and renovated in 2019, this Class C mixed-use property sits on a 0.15-acre lot and boasts a prime location in the Presque Isle Gateway District. The property features seven office rooms (two suitable as conference rooms), a storage room, kitchenette, and a reception area with a large storefront window. Its versatile design allows for division into multiple units, thanks to additional exterior doors. The building is currently vacant and offers excellent visibility, off-street parking, and new sidewalks. Zoned RLB, this single-story structure offers ample space for a variety of businesses, making it ideal for owner-users seeking a high-traffic location. Its proximity to I-79, the Bayfront Connector, and the revitalized West Erie Plaza further enhances its appeal. The asking price is $190,000, translating to $69.55 per square foot. This represents a compelling opportunity to establish or expand a business in a thriving Erie neighborhood. The property's APN is 16-031-013.0-309.00.

• CAP approach

  CAP return

  Valuation

  6%

  $491,487

  6.5%

  $453,680

  7%

  $421,274

• Comparable approach

  Method

  Valuation

  Relative Method

  $255,551

  Geo Method

  $255,551

• Alternative Use

  Use

  Valuation

  Residential

  $562,563

  Hospitality

  $515,305

  Educational

  $428,728

  Medical

  $443,472

  Retail

  $666,910

Location Insight

City

Erie

County

Erie

State

Pennsylvania

Latitude

42.1114

Longitude

-80.1267

CBSA code

21500

CBSA name

ERIE, PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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