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    38 Park Row N Erie, PA 16501

    View on Map
    Sponsored
    For Sale
    $2,750,000

    MULTI_FAMILY - Other - Erie, PA

    Property size:
    13,200 SF
    Lot size:
    0.08 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 29 at 6:06 am

    Property Features for 38 Park Row N

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 16, Bathroom 11, Bathroom 6, Bedroom 17, Bedroom 19, Bathroom 7, Bedroom 21, Bedroom 10, Bedroom 18, Bathroom 12, Bathroom 16, Bathroom 14, Bedroom 23, Bathroom 1, Bedroom 20, Bedroom 13, Bedroom 1, Bathroom 4, Bedroom 8, Bedroom 2, Bedroom 11, Bathroom 3, Bedroom 7, Bedroom 12, Bedroom 22, Bedroom 15, Bathroom 10, Bathroom 17, Bathroom 18, Bedroom 14, Bathroom 8, Bedroom 4, Bedroom 9, Bathroom 15, Bathroom 13, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 5, Bathroom 9, Bedroom 3
    Bedrooms
    23
    Bathrooms
    18
    APN
    17-040-002.0-110.00
    Size
    13,200 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Expense value
    50000
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Forced Air
    Water source
    Public

    Building Details

    Year built
    1868
    Floors in Building
    3
    Number of units
    3
    Building materials
    Brick, Block
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Jake Scheloske

    Agresti Real Estate

    Listing agent Jake Scheloske License #RS318016

    Listing date Mar 28, 2026

    MLS# 190057

    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.

    Learn more

    Property Insight Report

    Overview

    Erie Multifamily Investment Opportunity

    This investment property features 18 residential units and one commercial space in downtown Erie, Pennsylvania. The property is near Gannon University, Erie Insurance, UPMC, the Bayfront, restaurants, and nightlife. The building has been remodeled from basement to roof, including updated flooring, windows, plumbing, electrical systems, and mechanicals. Each unit features granite countertops and stainless steel appliances. A 24/7 surveillance system and secure entry access are in place. The property has 100% occupancy and is located at 38 N PARK Row, Erie, PA 16501. The lot size is 0.08 acres, and the property size is 13,200 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hooks Catfish Kitchen Restaurant park row erie General Contractor

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Law Firm Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.086964
    Latitude
    42.129727

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    FAQs

    What type of property is this?
    Apartment building - Remodeled 18-unit residential and commercial property in downtown Erie.
    Where is this apartment building located?
    The property is located at 38 Park Row N Erie, PA.
    What is the asking price?
    The asking price for this property is $2,750,000.
    What are key features of this property?
    This property features: - Prime downtown Erie location near Gannon University, Erie Insurance, UPMC, and the Bayfront.; - Completely remodeled building with updated flooring, windows, plumbing, electrical systems, and mechanicals.; - 18 residential units and 1 commercial space with 100% occupancy, providing immediate cash flow.
    (814) 449-7973
    Request Owner's contact information
    38 Park Row N Erie, PA 16501
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    Erie, PA 16501
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    38 Park Row N Erie, PA 16501
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    Listing Contact
    Jake Scheloske
    Real Estate License ID: RS318016
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