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6-Unit, Mixed-Use Investment Property 2930 Cherry St 6 Unit Apartment Building $645,000 ($107,500/Unit) 8.99% Cap Rate Erie, PA 16508
Investment Highlights
- 6-Unit, 3 Property Mixed-Use Investment Package Totaling 6,560± SF
- 1 Commercial Unit & 5 Residential Units - 83% Occupancy With Excellent Rental History
- Upside Potential With Below Market Rental Rates
- Comprised Of 3 Contiguous Parcels Totaling 0.19± Acres With Parking For ±14
- $54,615 Annual Income & $42,040 Net Operating Income (2025 Actual)
- $70,053 Pro Forma Annual Income - $57,959 Pro Forma NOI - 9% Pro Forma Cap Rate
Executive Summary
6-Unit, mixed-use investment package for sale. Comprised of 3 contiguous parcels totaling 0.19± acres with 1 commercial unit & 5 residential rentals. 83% occupancy with excellent income history. $54,615 annual income & $42,040 net operating income (actual - 2025). Upside potential with below market rents. Unit mix includes 911± SF office/storefront, one 1 bedroom/1 bathroom apartment, one 2 bedroom/1 bathroom apartment, one 3 bedroom/1 bathroom single family home & two 3 bedroom/1 bathroom apartments. Off-street parking for ±14 with paved parking lot for ±9 and two private driveways plus on-street parking. All units are separately metered for gas &/or electric (one unit all electric). Centrally located just 0.4 miles (3 blocks) from Erie High School, the City’s only high school, and near Peach Street’s retail/service corridor and multiple public bus routes. Zoned Traditional Single Family Development (R-1A) in the City of Erie’s west side. $70,053 pro forma annual income - $57,959 pro forma NOI. Offered at $645,000 – 9.0% pro forma cap rate. Contact broker for additional details.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$73,740
|
$14.83
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,687
|
$0.74
|
| Effective Gross Income |
$70,053
|
$14.08
|
| Taxes |
$7,445
|
$1.50
|
| Operating Expenses |
$4,649
|
$0.93
|
| Total Expenses |
$12,094
|
$2.43
|
| Net Operating Income |
$57,959
|
$11.65
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $73,740 |
| Annual Per SF | $14.83 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,687 |
| Annual Per SF | $0.74 |
| Effective Gross Income | |
|---|---|
| Annual | $70,053 |
| Annual Per SF | $14.08 |
| Taxes | |
|---|---|
| Annual | $7,445 |
| Annual Per SF | $1.50 |
| Operating Expenses | |
|---|---|
| Annual | $4,649 |
| Annual Per SF | $0.93 |
| Total Expenses | |
|---|---|
| Annual | $12,094 |
| Annual Per SF | $2.43 |
| Net Operating Income | |
|---|---|
| Annual | $57,959 |
| Annual Per SF | $11.65 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | - |
| 2+1 | 1 | - | - |
| 3+1 | 3 | - | 855 - 1,202 |
1 1
Moderately walkable
70/100
Moderately drivable
60/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 19-060-044.0-120.00 | Total Assessment | $65,600 |
| Land Assessment | $12,000 | Annual Taxes | $7,445 ($1.13/SF) |
| Improvements Assessment | $53,600 | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
19-060-044.0-120.00
Land Assessment
$12,000
Improvements Assessment
$53,600
Total Assessment
$65,600
Annual Taxes
$7,445 ($1.13/SF)
Tax Year
2026 Payable 2026
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6-Unit, Mixed-Use Investment Property | 2930 Cherry St
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