Furnished Short-Term Rental
For Sale
$1,349,600
243-257 W 26TH Street, Erie, PA 16508
ResidentialIncome, Erie, PA
Property Size8,904 SF
Price / SF$151.57
Days on Market84
Property Features for 243-257 W 26TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
C-4
Bedrooms
24
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 1, Bedroom 19, Bedroom 14, Bedroom 23, Bedroom 9, Bedroom 7, Bedroom 10, Bedroom 6, Bedroom 2, Bedroom 5, Bedroom 24, Bedroom 16, Bathroom 3, Bedroom 4, Bathroom 2, Bathroom 9, Bedroom 18, Bathroom 1, Bathroom 7, Bathroom 6, Bedroom 8, Bedroom 13, Bathroom 8, Bedroom 12, Bathroom 5, Bathroom 10, Bedroom 11, Bedroom 15, Bedroom 3, Bedroom 21, Bedroom 17, Bathroom 4, Bedroom 20, Bedroom 22
Lot features
Flat
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Peach st to W 26th St. Property on left of 200 block.
Subdivision
3 - Erie Southwest
Standard status
Active
APN
19-060-053.0-324.00
Size
8,904 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
11431
Expense value
25000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1914
Number of units
3
Building materials
Brick, Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
eXp Realty - Meadville
(888) 397-7352
Listed By:
Caleb Kowalczyk · License #RS364924
(814) 873-7793
Added: Jun 16
Changed: Sep 6
Last Checked: Sep 7 at 10:06PM
MLS# 192211
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 8,904-square-foot apartment property includes 10 units across four buildings on the same block. The buildings date to 1914 and feature brick and frame construction, asphalt roofs, natural gas forced-air heating, window-unit cooling, public water, and public sewer. Improvements include renovated electrical and plumbing systems, appliances, selected windows, roofs, gutters, decks, and a covered front porch. Furniture, linens, towels, pillows, and blankets are included, along with the existing short-term rental setup.
The property is located across from Saint Vincent Hospital in Erie, with access to Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, UPMC Hamot, I-90, I-79, and Erie Insurance. The seller is willing to assist with transferring existing bookings. The room schedule includes 24 bedrooms and 10 bathrooms across the four-building offering.
The property is located across from Saint Vincent Hospital in Erie, with access to Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, UPMC Hamot, I-90, I-79, and Erie Insurance. The seller is willing to assist with transferring existing bookings. The room schedule includes 24 bedrooms and 10 bathrooms across the four-building offering.
Key Highlights
- 10‑unit short‑term rental property across 4 buildings
- 8,904 square feet across buildings on the same block
- Fully furnished with furniture, linens, towels, pillows, and blankets
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
$54,723
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
4.05%
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%
$1,094,460
$1.1M
Cap Rate 7%
$781,757
$781.8K
Cap Rate 9%
$608,033
$608.0K
Market Conditions
NOI Build-Up for 8,904 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
$103.6K $11.64/SF
− Vacancy
−$4.1K −$0.47/SF
EGI
$99.5K $11.17/SF
− OpEx
−$44.8K −$5.03/SF
NOI
$54.7K $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%
$1,094,460
Cap Rate 7%
$781,757
Cap Rate 9%
$608,033
Alternative Uses
Best Use
Apartment 5plus
$781.8K
$684.0K – $912.1K
NOI $54,723 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.58M
NOI $154,630 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
Explore this area
Business Placement
Demographics for 16508, PA
15,172
Population
7,385
Households
2.1
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
2.8 sq mi
ZIP Area
5,419
Density / Sq Mi
$52,361
Median Household Income
$36,209
Median Earnings
$852
Median Rent
$121,800
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?
Apartment building - Renovated, furnished short-term rental portfolio positioned across from Saint Vincent Hospital.
Where is this apartment building located?
The property is located at 243-257 W 26TH Street Erie, PA.
What is the asking price?
The asking price for this property is $1,349,600.
What are key features of this property?
This property features: 10‑unit short‑term rental property across 4 buildings; 8,904 square feet across buildings on the same block; Fully furnished with furniture, linens, towels, pillows, and blankets
