Furnished Short-Term Rental
For Sale
$474,900
253 W 26TH Street, Erie, PA 16508
Residential, Erie, PA
Property Size3,132 SF
Lot Size0.20 Acres
Price / SF$151.63
Days on Market96
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
Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 7, Bathroom 2, Bathroom 4, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 8, Basement, Bedroom 4, Bedroom 1
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
Amenities
decks
covered front porch
Building Details
Year built
1914
Flooring type
Wood, Hardwood, 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: Sep 18
Last Checked: Sep 19 at 3:06AM
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 3,132-square-foot short-term rental property sits on a 0.2-acre parcel and includes eight bedrooms, four bathrooms, a basement, and a fireplace. The 1914 building has been renovated with improvements to the roof, gutters, decks, covered front porch, electrical, plumbing, selected windows, and appliances. Furniture, linens, towels, pillows, and blankets are included. Additional features include hardwood, wood, and tile flooring; forced-air natural gas heating; window-unit cooling; public water and sewer; and a brick-and-frame exterior.
The property is directly across from Saint Vincent Hospital and is located on the same block as a 10-unit, 4-building portfolio held on separate parcels. Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, UPMC Hamot, I-90, I-79, and Erie Insurance are identified as nearby destinations. Gas appliances, a washer, dryer, refrigerator, microwave, and deck are also included.
The property is directly across from Saint Vincent Hospital and is located on the same block as a 10-unit, 4-building portfolio held on separate parcels. Gannon University, Mercyhurst University, Lake Erie College of Osteopathic Medicine, UPMC Hamot, I-90, I-79, and Erie Insurance are identified as nearby destinations. Gas appliances, a washer, dryer, refrigerator, microwave, and deck are also included.
Key Highlights
- 3,132‑square‑foot furnished short‑term rental on a 0.2‑acre parcel
- Eight bedrooms, four bathrooms, basement, and fireplace
- Renovated roof, gutters, decks, porch, electrical, plumbing, windows, and appliances
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
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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
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?
Short term rental property - Renovated furnished rental with eight bedrooms, four bathrooms, and updated building systems.
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: 3,132‑square‑foot furnished short‑term rental on a 0.2‑acre parcel; Eight bedrooms, four bathrooms, basement, and fireplace; Renovated roof, gutters, decks, porch, electrical, plumbing, windows, and appliances
