1600 Peninsula DrErie, PA 16505

  • Office properties
  • 36,200 SF
For Lease
$12/SF/YR View listing

Property Details for 1600 Peninsula Dr

Year built
1974
Construction
WOOD
Lot size
3.28 AC
Property size (Sq ft)
36,200 SF
Zone code
LI
Property type
Office properties
Property subtype
Office buildings
APN
33-047-173.0-002.00
APU
33047173000200

Description

This exceptional 3,050 square foot office space is available for lease in a highly desirable Erie, PA location at 1600 Peninsula Drive. Situated in a single-story, 36,200 square foot building constructed in 1974, this Class C property offers a well-designed layout including a reception area, three private offices, two workspaces, a conference room, break room, IT room, and two restrooms. The space features modern LED lighting and fresh paint throughout. A floor plan and 3D tour are available upon request. The landlord is offering tenant incentives, including a flooring allowance. The property boasts ample parking with over 200 spaces in an adjacent lot, ensuring convenient access for employees and clients. Its strategic location at the signalized intersection of W. 15th Street and Peninsula Drive provides excellent visibility and easy access to major thoroughfares, including proximity to I-79 (1.2 miles) and I-90 (6.5 miles). Public transportation is also readily available via a nearby bus route. The property is zoned I-2 and sits on 3.282 acres of land (APN: 33-047-173.0-002.00). The building comprises ten suites in total, with a minimum divisible space of 3,050 square feet and a maximum contiguous space of 3,050 square feet. The asking rent is $12.00 per square foot per year, plus CAM and utilities. Based on 2023 estimates, CAM is approximately $2.50 per square foot per year, resulting in an estimated monthly cost of $3,685 (rent + CAM) plus utilities. This property is ideally suited for a variety of businesses and is surrounded by established businesses, including healthcare providers, professional services, and political organizations.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $6,512,377
    6.5%
    $6,011,425
    7%
    $5,582,038
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,386,148
    Geo Method
    $3,386,148
  • Alternative Use

    Use
    Valuation
    Residential
    $7,454,167
    Hospitality
    $6,827,977
    Educational
    $5,680,796
    Medical
    $5,876,168
    Retail
    $8,836,795
1600 Peninsula Dr, Erie, Pennsylvania

Location Insight

City
Erie
County
Erie
State
Pennsylvania
Latitude
42.0963
Longitude
-80.1441
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
$48,524
$246,200
$1,629,900
$1,876,100
-
$246,200
$1,629,900
$1,876,100

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