Furnished Four-Unit
For Sale
$399,900
1638 Brookside Dr, Erie, PA 16505
Fully furnished units include kitchenettes, central A/C, and forced-air heat.
Property Size1,778 SF
Price / SF$224.92
Days on Market17
Property Features for 1638 Brookside Dr
General Information
Standard status
Active
Size
1,778 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$2,594
Amenities
coin laundry room
full kitchen
large yard
Building Details
Tenancy
Multi
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Samuel Sweny · License #RS372690
(814) 923-7330
Source:
Exprealty
Added: Aug 17
Changed: Aug 31
Last Checked: Sep 2 at 1:11AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Agresti Real Estate
Investment Insights
Based on property information with market context.
This four-unit quadplex in West Millcreek offers a furnished short-term rental setup with a consistent layout across the units. Each includes 1 bedroom, 1 full bath, a living area, and a kitchenette, along with central A/C and forced-air heat. The property size is 1,778 square feet, and the building is currently fully occupied.
Shared amenities include a coin-operated laundry room, full kitchen, and large yard. A detached garage measuring 1, 080 sq/ft provides additional space for storage or rental use. The property is located near Erie International Airport and is being offered with its furnishings in place.
Shared amenities include a coin-operated laundry room, full kitchen, and large yard. A detached garage measuring 1, 080 sq/ft provides additional space for storage or rental use. The property is located near Erie International Airport and is being offered with its furnishings in place.
Key Highlights
- Four‑unit short‑term rental property in West Millcreek
- Each unit includes 1 bedroom, 1 full‑bath, living area, and kitchenette
- Central A/C and forced‑air heat in every unit
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
$12,213
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
3.05%
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%
$244,260
$244.3K
Cap Rate 7%
$174,471
$174.5K
Cap Rate 9%
$135,700
$135.7K
Market Conditions
NOI Build-Up for 1,778 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
$18.1K $10.20/SF
− Vacancy
−$689 −$0.39/SF
EGI
$17.4K $9.81/SF
− OpEx
−$5.2K −$2.94/SF
NOI
$12.2K $6.87/SF
Area
Erie County, PA
Vacancy
3.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$244,260
Cap Rate 7%
$174,471
Cap Rate 9%
$135,700
Alternative Uses
Best Use
Multifamily LT 5
$174.5K
$152.7K – $203.6K
NOI $12,213 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$156.1K
$136.6K – $182.1K
NOI $10,927 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$441.1K
$386.0K – $514.6K
NOI $30,877 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
253
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?
Quadplex - Fully furnished units include kitchenettes, central A/C, and forced-air heat.
Where is this quadplex located?
The property is located at 1638 Brookside Dr Erie, PA.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Four‑unit short‑term rental property in West Millcreek; Each unit includes 1 bedroom, 1 full‑bath, living area, and kitchenette; Central A/C and forced‑air heat in every unit
