Renovated 10-Unit Apartment
For Sale
Contact for pricing
243 West 26th Street, Erie, PA 16508
Four furnished buildings provide short-term rental accommodations across from Saint Vincent Hospital under C-4 zoning.
Property Size8,904 SF
Price / SF$151.57
Days on Market15
Property Features for 243 West 26th Street
General Information
Standard status
Active
Size
8,904 SF
Class
B
Property subtype
Multifamily, Business for Sale
Zoning
C-4
Net Operating Income
$93,346
Additional Details
Furnished
Yes
Business Included
Yes
Multifamily Units
10
Building Details
Year Built
1914
Year Renovated
2024
Buildings
4
Units
10
Tenancy
Multi
Listing Agency:
EXP Realty
(814) 873-7793
Listed By:
Caleb Kowalczyk · License #RS364924
Source:
Crexi
Added: Jul 29
Changed: Aug 10
Last Checked: Aug 10 at 9:51AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 10-unit apartment portfolio includes four buildings positioned on the same block. The properties were built in 1914 and contain 8,904 square feet. Renovations addressed both interior and exterior elements, including roofs, gutters, decks, a covered front porch, electrical and plumbing systems, select windows, and appliances. The units are offered fully furnished with furniture, linens, towels, pillows, and blankets.
The buildings are directly across from Saint Vincent Hospital and are located minutes from Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, UPMC Hamot, I-90, I-79, and Erie Insurance. The portfolio operates as short-term rentals, and the seller is willing to assist with transferring existing bookings. C-4 zoning is identified for the property.
The buildings are directly across from Saint Vincent Hospital and are located minutes from Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, UPMC Hamot, I-90, I-79, and Erie Insurance. The portfolio operates as short-term rentals, and the seller is willing to assist with transferring existing bookings. C-4 zoning is identified for the property.
Key Highlights
- 10‑unit apartment portfolio across 4 buildings on the same block
- 8,904 square feet; buildings constructed in 1914
- 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
Current Use
Lease Details
10
Residential units
Turnkey business
Opportunity
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 - Four furnished buildings provide short-term rental accommodations across from Saint Vincent Hospital under C-4 zoning.
Where is this apartment building located?
The property is located at 243 West 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 apartment portfolio across 4 buildings on the same block; 8,904 square feet; buildings constructed in 1914; Fully furnished with furniture, linens, towels, pillows, and blankets
