Lakefront Residential Income
For Sale
$425,000
Pending
3302 BAER BEACH Road, Erie, PA 16505
MULTI_FAMILY - Other - Erie, PA
Property Size2,300 SF
Days on Market58
Property Features for 3302 BAER BEACH Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
A-RES
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1
Parking
6
Subdivision
Crystal Point
Lot features
Lake Front
View
Lake
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
West Lake Rd. to North on Baer Beach Rd. to Crystal Pointe.
Standard status
Pending
APN
33-007-019.0-277.50
Size
2,300 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6717
Expense value
15000
Expense
SecurityDeposit
Expense freq.
One Time
HOA Fee
$605 Monthly
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Water front features
Lake Front
Water front
1
Amenities
saltwater pool
clubhouse
Building Details
Year built
1989
Floors in Building
1
Number of units
2
Building materials
VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Select - Peach · Coldwell Banker Real Estate
(814) 453-4578
Listed By:
Jennifer Nelson · License #AB067796
(814) 572-6489
Added: Jul 8
Changed: Aug 19
Last Checked: Sep 3 at 10:06PM
MLS# 191921
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 2,300-square-foot residential income property is a first-floor, end-unit condominium created by combining two separate residences. The layout includes two living areas, a large sunroom, an open deck, an updated kitchen, two full bathrooms, one half bathroom, and two gas fireplaces. A two-car attached garage adds everyday convenience. The residence was built in 1989 and features vinyl siding, forced-air natural-gas heat, central air, public water, and public sewer.
The property is located at 3302 Baer Beach Road in Erie, Pennsylvania, with a Lake Erie waterfront setting. Crystal Point provides access to a saltwater pool and clubhouse. The combined configuration may be separated back into two units, supporting use as an in-law arrangement, guest area, or rental component, as described in the property information.
The property is located at 3302 Baer Beach Road in Erie, Pennsylvania, with a Lake Erie waterfront setting. Crystal Point provides access to a saltwater pool and clubhouse. The combined configuration may be separated back into two units, supporting use as an in-law arrangement, guest area, or rental component, as described in the property information.
Key Highlights
- 2,300‑square‑foot combined first‑floor end‑unit condominium
- Lake Erie waterfront setting at 3302 Baer Beach Road, Erie, PA 16505
- Layout may be separated back into two independent units
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
$14,136
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
3.33%
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%
$282,720
$282.7K
Cap Rate 7%
$201,943
$201.9K
Cap Rate 9%
$157,067
$157.1K
Market Conditions
NOI Build-Up for 2,300 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
$26.8K $11.64/SF
− Vacancy
−$1.1K −$0.47/SF
EGI
$25.7K $11.17/SF
− OpEx
−$11.6K −$5.03/SF
NOI
$14.1K $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%
$282,720
Cap Rate 7%
$201,943
Cap Rate 9%
$157,067
Alternative Uses
Best Use
Apartment 5plus
$201.9K
$176.7K – $235.6K
NOI $14,136 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$570.6K
$499.3K – $665.7K
NOI $39,943 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
182
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Combined end-unit condominium with flexible separation potential, multiple living areas, and direct lakefront setting.
Where is this residential income property located?
The property is located at 3302 BAER BEACH Road Erie, PA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,300‑square‑foot combined first‑floor end‑unit condominium; Lake Erie waterfront setting at 3302 Baer Beach Road, Erie, PA 16505; Layout may be separated back into two independent units
