8-Unit Apartment Building with
For Sale
$440,000
226 W 8TH Street, Erie, PA 16502
ResidentialIncome, Erie, PA
Property Size5,805 SF
Price / SF$75.80
Days on Market97
Property Features for 226 W 8TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RLB
Bedrooms
11
Rooms
Bedroom 8, Bedroom 2, Bedroom 5, Bedroom 11, Bedroom 3, Bedroom 7, Bedroom 4, Bedroom 1, Bedroom 10, Bedroom 6, Bedroom 9
Parking
5
Lot features
Level
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
From Liberty, turn East on W. 8th
Subdivision
2 - Erie Northwest
Standard status
Active
APN
17-040-007.0-132.00
Size
5,805 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4827
Expense value
20000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
security system
common kitchen
Building Details
Year built
1905
Floors in Building
3
Number of units
8
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Coldwell Banker Select - Airport · Coldwell Banker Real Estate
(814) 838-2299
Listed By:
Jennifer Pontzer · License #RS293979
(814) 572-0419
Added: Jun 23
Changed: Sep 23
Last Checked: Sep 27 at 3:06AM
MLS# 191635
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 5,805-square-foot apartment property in Erie contains 8 units across three levels. The first floor includes a common area and a two-bedroom apartment. Six single-bedroom units occupy the second floor and share a kitchen and two bathrooms, while the third floor contains a one-bedroom apartment. The building was constructed in 1905 with vinyl siding, an asphalt roof, hot-water heating, and natural gas service.
Six off-street parking spaces are provided, and the driveway is shared. The property also includes sprinkler and security systems, along with public water and public sewer. Billing arrangements vary by floor: first- and third-floor tenants are billed back, while second-floor occupancy is all inclusive. The property is located near Gannon housing in Erie, Pennsylvania.
Six off-street parking spaces are provided, and the driveway is shared. The property also includes sprinkler and security systems, along with public water and public sewer. Billing arrangements vary by floor: first- and third-floor tenants are billed back, while second-floor occupancy is all inclusive. The property is located near Gannon housing in Erie, Pennsylvania.
Key Highlights
- 8 units in a three‑level apartment building
- 5,805 square feet; built in 1905
- 11% cap rate at full capacity
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
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Open Analytics
Current Use
Lease Details
8
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
3,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 16502, PA
15,435
Population
7,811
Households
2
Avg Household Size
34
Median Age
18%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,174
Density / Sq Mi
$34,649
Median Household Income
$27,342
Median Earnings
$831
Median Rent
$90,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Three-level income property with shared common areas and off-street parking.
Where is this apartment building located?
The property is located at 226 W 8TH Street 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 units in a three‑level apartment building; 5,805 square feet; built in 1905; 11% cap rate at full capacity
