Building Details

Tenancy Multi

Listing Agency: Agresti Real Estate i***@tryagresti.com Show Phone

Listed By: Samuel Sweny · License #RS372690 Show Phone

Source: Exprealty

Added: Aug 17 Changed: Oct 10 Last Checked: Oct 16 at 1:42PM

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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.

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 / Yr

$12,213

Cap Rate

3.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$244,260 $244.3K

Cap Rate 7%

$174,471 $174.5K

Cap Rate 9%

$135,700 $135.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,778 SF

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 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 (±1% cap)

NOI $12,213 @ 7.0% cap · market cap 3.26%

Second Best

Apartment 5plus

$156.1K

$136.6K – $182.1K (±1% cap)

NOI $10,927 @ 7.0% cap · market cap 2.91%

Theoretical Best

Office A

$441.1K

$386.0K – $514.6K (±1% cap)

NOI $30,877 @ 7.0% cap · market cap 8.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

The Brookside Inn Hotel & Motel

Suggested Use

Top Pick Law Firm Dental Office Real Estate Agency Auto Repair Shop Auto Parts Store Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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 $375,000.

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