14-Unit Apartment
For Sale
$1,299,900
3082 W 12TH Street, Erie, PA 16505
ResidentialIncome, Erie, PA
Property Size6,343 SF
Lot Size1.14 Acres
Price / SF$204.93
Days on Market39
Property Features for 3082 W 12TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
MU
Bedrooms
12
Bathrooms
14
Full bathrooms
14
Rooms
Bathroom 6, Bathroom 11, Bedroom 7, Bedroom 8, Bathroom 13, Bathroom 14, Bathroom 7, Bedroom 1, Bathroom 2, Bathroom 8, Bedroom 11, Bedroom 12, Bathroom 12, Bedroom 2, Bathroom 5, Bedroom 6, Bathroom 3, Bedroom 9, Bedroom 4, Bathroom 9, Bathroom 4, Bathroom 10, Bedroom 5, Bedroom 3, Bathroom 1, Bedroom 10
Parking
14
Lot features
Level
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
W. 12th St. on the North side, between Harper Dr. and Michigan Blvd.
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-034-059.0-045.01
Size
6,343 SF
Lot size
1.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8989
Expense value
25000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1960
Floors in Building
2
Number of units
2
Building materials
AluminumSiding, VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Jul 27
Changed: Sep 3
Last Checked: Sep 3 at 5:06PM
MLS# 192156
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily property includes two buildings totaling 6,343 square feet on 1.14 acres. The single-story building contains 6 units, while the two-story building contains 8 units. The unit mix includes 12 one-bedroom apartments and 2 efficiencies. Built in 1960, the property has aluminum and vinyl siding, mostly newer windows and exterior doors, and a composition roof installed approximately 12 years ago with 35+ year shingles. Two functional natural-gas boilers operate together as one hot-water heating system.
Public water and public sewer serve the property. MU-2 Corridor Mixed Use zoning supports a range of potential future development or redevelopment options, subject to approvals. The site is located near the Peninsula corridor and within minutes of Presque Isle State Park, Lake Erie beaches, Waldameer, Erie International Airport, shopping, and dining.
Public water and public sewer serve the property. MU-2 Corridor Mixed Use zoning supports a range of potential future development or redevelopment options, subject to approvals. The site is located near the Peninsula corridor and within minutes of Presque Isle State Park, Lake Erie beaches, Waldameer, Erie International Airport, shopping, and dining.
Key Highlights
- 14 units across 2 buildings: 6‑unit single‑story building and 8‑unit two‑story building
- Unit mix includes 12 one‑bedroom apartments and 2 efficiencies
- 6,343 square feet on 1.14 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,984
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$779,680
$779.7K
Cap Rate 7%
$556,914
$556.9K
Cap Rate 9%
$433,156
$433.2K
Market Conditions
NOI Build-Up for 6,343 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$73.8K $11.64/SF
− Vacancy
−$3.0K −$0.47/SF
EGI
$70.9K $11.17/SF
− OpEx
−$31.9K −$5.03/SF
NOI
$39.0K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$779,680
Cap Rate 7%
$556,914
Cap Rate 9%
$433,156
Alternative Uses
Best Use
Apartment 5plus
$556.9K
$487.3K – $649.7K
NOI $38,984 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.38M – $1.84M
NOI $110,155 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with one-bedroom apartments, efficiencies, public utilities, and MU-2 Corridor Mixed Use zoning.
Where is this apartment building located?
The property is located at 3082 W 12TH Street Erie, PA.
What is the asking price?
The asking price for this property is $1,299,900.
What are key features of this property?
This property features: 14 units across 2 buildings: 6‑unit single‑story building and 8‑unit two‑story building; Unit mix includes 12 one‑bedroom apartments and 2 efficiencies; 6,343 square feet on 1.14 acres
