Fully Furnished Renovated Short-Term
For Sale
$474,900
253 W 26TH Street, Erie, PA 16508
MULTI_FAMILY - Other - Erie, PA
Property Size3,132 SF
Lot Size0.20 Acres
Price / SF$151.63
Days on Market57
Property Features for 253 W 26TH Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
C-4
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Basement, Bedroom 1, Bathroom 1, Bathroom 4, Bedroom 3, Bedroom 8, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 7, Bedroom 6
Patio and Porch features
Deck
Exterior features
Deck
Fireplace
1
Appliances
GasOven, GasRange, Microwave, Refrigerator, Dryer, Washer
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
19-060-053.0-324.01
Size
3,132 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3638
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1914
Flooring type
Hardwood, Wood, Tile
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: Aug 6
Last Checked: Aug 11 at 7:06PM
MLS# 191529
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 fully furnished short-term rental has been renovated inside and out, with updates that include gutters, roof, decks, covered front porch, electrical, plumbing, appliances, and select windows. The home includes a deck, hardwood and tile flooring, and both natural gas forced-air heating and window unit cooling. A fireplace is also present. Built in 1914, the layout features eight bedrooms and multiple bathrooms, supported by a basement. Public water and public sewer are in place.
The property is positioned directly across from Saint Vincent Hospital. It also offers proximity to Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, and UPMC Hamot, along with nearby access to I-90 and I-79. The listing describes the home as part of a 10-unit, 4-building portfolio on separate parcels located on the same block.
The unit is sold fully furnished, including items such as furniture, linens, towels, pillows, and blankets. The seller indicates willingness to assist with transferring existing bookings for a seamless transition.
The property is positioned directly across from Saint Vincent Hospital. It also offers proximity to Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, and UPMC Hamot, along with nearby access to I-90 and I-79. The listing describes the home as part of a 10-unit, 4-building portfolio on separate parcels located on the same block.
The unit is sold fully furnished, including items such as furniture, linens, towels, pillows, and blankets. The seller indicates willingness to assist with transferring existing bookings for a seamless transition.
Key Highlights
- 0.2‑acre lot and 3,132 SF short‑term rental property
- Renovations include gutters, roof, decks, covered front porch, electrical, plumbing, appliances, and select windows
- Sold 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
$19,249
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%
$384,980
$385.0K
Cap Rate 7%
$274,986
$275.0K
Cap Rate 9%
$213,878
$213.9K
Market Conditions
NOI Build-Up for 3,132 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
$36.5K $11.64/SF
− Vacancy
−$1.5K −$0.47/SF
EGI
$35.0K $11.17/SF
− OpEx
−$15.7K −$5.03/SF
NOI
$19.2K $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%
$384,980
Cap Rate 7%
$274,986
Cap Rate 9%
$213,878
Alternative Uses
Best Use
Apartment 5plus
$275.0K
$240.6K – $320.8K
NOI $19,249 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.0K
$679.9K – $906.5K
NOI $54,392 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Fully furnished short-term rental with interior and exterior renovations, natural gas forced-air heat, and a deck.
Where is this short term rental property located?
The property is located at 253 W 26TH Street Erie, PA.
What is the asking price?
The asking price for this property is $474,900.
What are key features of this property?
This property features: 0.2‑acre lot and 3,132 SF short‑term rental property; Renovations include gutters, roof, decks, covered front porch, electrical, plumbing, appliances, and select windows; Sold fully furnished with furniture, linens, towels, pillows, and blankets
