Erie, Pennsylvania, offers a diverse range of Commercial Real Estate for Sale, with 29 listings available. As a prime investment opportunity, Commercial Real Estate in Erie provides a unique blend of stability and growth potential. These properties can represent a variety of investments, including office spaces, retail stores, and warehouses, each offering a distinct advantage in the local market. Erie's strategic location on the southern shore of Lake Erie, along with its access to the Great Lakes and beyond, makes it an attractive hub for businesses and travelers alike. The city's amenities, such as Presque Isle State Park, Erie Insurance Arena, and UPMC Park, contribute to its appeal, while its infrastructure, including Erie Water Works, Penelec, and National Fuel Gas Company, supports the needs of its residents and businesses. With a strong presence of institutions like Gannon University, Mercyhurst University, and Penn State Erie, The Behrend College, Erie is an ideal location for businesses seeking a skilled workforce.
Erie's Commercial Real Estate market is characterized by its diversity, with properties available in various sizes, ranging from 13,849 square feet to 97,204 square feet. The average price per square foot is $164 USD, and the average cap rate is 7.76%. In addition to Commercial Real Estate, Erie also offers a range of other property types, including Industrial Properties, which are ideal for manufacturing and logistics; Apartment Buildings, which provide a steady income stream; Office Properties, which cater to the city's growing professional sector; and Hotels, which serve the city's tourism industry. With its unique blend of history, culture, and natural beauty, Erie is an attractive location for businesses and investors seeking a stable and growing market.
What financing options are available for purchasing commercial real estate?
When it comes to financing options for purchasing commercial real estate in Erie, Pennsylvania, there are several alternatives to consider, including:
- Traditional bank loans, which typically offer fixed interest rates and repayment terms ranging from 5 to 20 years;
- Commercial mortgage-backed securities (CMBS) loans, which provide financing for larger commercial properties and often feature fixed interest rates and longer repayment terms;
- Private money lenders, which offer short-term, high-interest loans for investors seeking to renovate or redevelop properties.
It's essential to carefully evaluate each financing option, considering factors such as interest rates, repayment terms, and fees, to determine the best fit for your commercial real estate investment in Erie.
How do cap rates factor into commercial real estate purchases?
When considering commercial real estate purchases in Erie, Pennsylvania, cap rates play a crucial role in determining the viability of an investment. With an average cap rate of 7.76%, investors can gauge the potential return on investment and make informed decisions about their commercial property purchases, which is essential in a city like Erie where the economy is driven by industries such as manufacturing, healthcare, and education.
For those new to commercial real estate investing, understanding cap rates is key. To learn more about what is a cap rate and how it affects commercial property investments, check out our comprehensive guide at what is a cap rate. In Erie, with 29 available listings of commercial real estate, investors have a range of options to choose from, and a solid grasp of cap rates can help them make the most of their investment.
What is considered a commercial property?
In Erie, Pennsylvania, a commercial property is generally considered to be a building or land used for business or commercial purposes, such as office spaces, retail stores, restaurants, warehouses, and manufacturing facilities, among others. These properties can range in size from 13,849 square feet to 97,204 square feet, and are often valued based on their potential for generating income, with an average cap rate of 7.76% and an average price per square foot of $164 USD.
