12-Unit Apartment
For Sale
$210,000
263 18th St, Erie, PA 16503
Rooming-house configuration with a dedicated property manager available for operational continuity.
Property Size2,822 SF
Price / SF$74.42
Days on Market36
Property Features for 263 18th St
General Information
Standard status
Active
Size
2,822 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$6,519
Listing Agency:
eXp Realty - Erie
(814) 392-2298
Listed By:
JP Hood
(814) 392-2298
Source:
Exprealty
Added: Jun 29
Changed: Aug 3
Last Checked: Aug 3 at 6:19AM
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 - Erie
Investment Insights
Based on property information with market context.
This 2,822-square-foot apartment building contains 12 units and is configured as a rooming house. Unit sizes include efficient 8-by-8 spaces along with larger accommodations, providing a varied room layout within the property. The units are consistently rented, and a dedicated property manager who has worked with the property for years is available to support a transition of operations.
The property is located at 263 18th St in Erie, Pennsylvania, within the Little Italy area. Its existing rooming-house format and established management arrangement provide a defined operating structure for the next owner.
The property is located at 263 18th St in Erie, Pennsylvania, within the Little Italy area. Its existing rooming-house format and established management arrangement provide a defined operating structure for the next owner.
Key Highlights
- 12‑unit apartment building configured as a rooming house
- 2,822 square feet of property area
- Unit sizes range from 8x8 spaces to larger accommodations
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.8k | $11.64 |
| − Vacancy | −$1.3k | −$0.47 |
| EGI | $31.5k | $11.17 |
| − OpEx | −$14.2k | −$5.03 |
| NOI | $17.3k | $6.15 |
2,822 SF · lease $11.64/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$247.8K
$216.8K – $289.1K
NOI $17,344 @ 7.0% cap · market cap 8.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.1K
$612.6K – $816.8K
NOI $49,008 @ 7.0% cap · market cap 23.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,622
Businesses Nearby
Explore this area
Business Placement
Demographics for 16503, PA
15,328
Population
6,375
Households
2.4
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
2.4 sq mi
ZIP Area
6,387
Density / Sq Mi
$29,108
Median Household Income
$25,679
Median Earnings
$837
Median Rent
$55,400
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 - Rooming-house configuration with a dedicated property manager available for operational continuity.
Where is this apartment building located?
The property is located at 263 18th St Erie, PA.
What is the asking price?
The asking price for this property is $210,000.
What are key features of this property?
This property features: 12‑unit apartment building configured as a rooming house; 2,822 square feet of property area; Unit sizes range from 8x8 spaces to larger accommodations
