Erie Multifamily Investment
38 N PARK Row Erie, PA 16501
38 N PARK Row, Erie, PA, 16501
$2,750,000
For Sale
$2,750,000
MULTI_FAMILY - Other - Erie, PA
Property Size13,200 SF
Lot Size0.08 Acres
Price / SF$208.33
Days on Market113
Property Features for 38 N PARK Row
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 23
- Bathrooms
- 18
- Rooms
- Bathroom 5, Bedroom 19, Bathroom 10, Bathroom 6, Bedroom 9, Bedroom 15, Bathroom 8, Bedroom 2, Bedroom 12, Bedroom 6, Bedroom 16, Bathroom 15, Bathroom 2, Bedroom 18, Bedroom 17, Bedroom 13, Bedroom 23, Bathroom 18, Bedroom 8, Bathroom 1, Bedroom 14, Bedroom 11, Bathroom 7, Bathroom 17, Bathroom 4, Bathroom 16, Bathroom 11, Bedroom 21, Bedroom 22, Bathroom 13, Bedroom 20, Bathroom 3, Bathroom 14, Bedroom 4, Bedroom 7, Bathroom 9, Bedroom 1, Bathroom 12, Bedroom 10, Bedroom 5, Bedroom 3
- Standard status
- Active
- APN
- 17-040-002.0-110.00
- Size
- 13,200 SF
- Lot size
- 0.08 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 13730
- Expense value
- 50000
- Expense
- SecurityDeposit
- Expense freq.
- One Time
Utilities
- Sewer type
- Public Sewer
- Heating system
- Forced Air, Electric (Heating)
- 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
Listing Agency
Agresti Real Estate
(814) 459-9400
2635 W 26th Street, Erie, PA
Listed by
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Mar 28 Checked: Jul 18 at 11:06 pm
MLS# 190057
Listing URL
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 investment opportunity features 17 residential units and 1 commercial space, totaling 18 units. The property is located in downtown Erie, with proximity to 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. Most units feature granite countertops and stainless steel appliances. A 24/7 surveillance system and secure entry access are in place. On-site laundry is available. The property is 100% occupied and offers a cash flow opportunity for investors. The lot size is 0.08 acres and the property size is 13200 square feet.
Key Highlights
- Mixed‑use building with 17 residential units and 1 commercial space (18 total units)
- Completely remodeled from basement to roof with updated flooring, windows, plumbing, electrical, and mechanicals
- 24/7 surveillance system and secure entry access
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.6k | $11.64 |
| − Vacancy | −$6.1k | −$0.47 |
| EGI | $147.5k | $11.17 |
| − OpEx | −$66.4k | −$5.03 |
| NOI | $81.1k | $6.15 |
13,200 SF · lease $11.64/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,126 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.27M
$2.87M – $3.82M
NOI $229,236 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Hooks Catfish Kitchen
Restaurant
park row erie
General Contractor
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Completely remodeled 18-unit building in downtown Erie.
Where is this apartment building located?
The property is located at 38 N PARK Row 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: Mixed‑use building with 17 residential units and 1 commercial space (18 total units); Completely remodeled from basement to roof with updated flooring, windows, plumbing, electrical, and mechanicals; 24/7 surveillance system and secure entry access
