Three-Story Apartment
For Sale
$440,000
226 W 8th St, Erie, PA 16501
Income-producing building with private apartments, shared second-floor amenities, and off-street parking.
Property Size5,805 SF
Price / SF$75.80
Days on Market49
Property Features for 226 W 8th St
General Information
Standard status
Active
Size
5,805 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,827
Listing Agency:
Coldwell Banker Select - Airport
(814) 572-0419
Listed By:
Jennifer Pontzer · License #RS293979
(814) 572-0419
Source:
Exprealty
Added: Jun 23
Changed: Aug 9
Last Checked: Aug 10 at 7:45AM
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 Coldwell Banker Select - Airport
Investment Insights
Based on property information with market context.
This 5,805-square-foot, three-story apartment building contains eight residential units in a mixed private-and-shared layout. The first level includes a common area and a two-bedroom apartment. On the second floor, six single-bedroom units share a kitchen and two bathrooms. The top floor contains a one-bedroom apartment.
The property includes off-street parking for 6 cars, along with sprinkler and security systems. A shared driveway serves the building. The owner bills back first- and third-floor tenants, while second-floor occupancy is all-inclusive. The property is located at 226 W 8th St in Erie, PA and is reported at an 11% cap rate at full capacity.
The property includes off-street parking for 6 cars, along with sprinkler and security systems. A shared driveway serves the building. The owner bills back first- and third-floor tenants, while second-floor occupancy is all-inclusive. The property is located at 226 W 8th St in Erie, PA and is reported at an 11% cap rate at full capacity.
Key Highlights
- 8‑unit apartment building totaling 5,805 SF
- Three‑story layout with a 2‑bedroom apartment, six single bedrooms, and a 1‑bedroom apartment
- Second floor includes a common kitchen and two bathrooms
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
$35,677
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
8.11%
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%
$713,540
$713.5K
Cap Rate 7%
$509,671
$509.7K
Cap Rate 9%
$396,411
$396.4K
Market Conditions
NOI Build-Up for 5,805 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
$67.6K $11.64/SF
− Vacancy
−$2.7K −$0.47/SF
EGI
$64.9K $11.17/SF
− OpEx
−$29.2K −$5.03/SF
NOI
$35.7K $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%
$713,540
Cap Rate 7%
$509,671
Cap Rate 9%
$396,411
Alternative Uses
Best Use
Apartment 5plus
$509.7K
$446.0K – $594.6K
NOI $35,677 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,812 @ 7.0% cap · market cap 22.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 16501, PA
2,241
Population
1,468
Households
1.5
Avg Household Size
48
Median Age
23%
College-Educated
85%
High-School Grad
0.7 sq mi
ZIP Area
3,201
Density / Sq Mi
$14,579
Median Household Income
$12,623
Median Earnings
$411
Median Rent
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Income-producing building with private apartments, shared second-floor amenities, and off-street parking.
Where is this apartment building located?
The property is located at 226 W 8th St Erie, PA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: 8‑unit apartment building totaling 5,805 SF; Three‑story layout with a 2‑bedroom apartment, six single bedrooms, and a 1‑bedroom apartment; Second floor includes a common kitchen and two bathrooms
