1600 Peninsula DrErie, PA 16505

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 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.

• 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

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

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