1921 8Th StErie, PA 16505

  • Office properties
  • 2,732 SF
For Sale
$190,000 View listing

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 properties
Property subtype
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
1921 8Th St, Erie, Pennsylvania

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$5,520
$32,000
$113,100
$145,100
-
$32,000
$113,100
$145,100

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