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 Market71
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
(888) 397-7352
Listed By:
JP Hood
(814) 392-2298
Source:
Exprealty
Added: Jun 29
Changed: Aug 21
Last Checked: Sep 7 at 2:32PM
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
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
$17,344
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
8.26%
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%
$346,880
$346.9K
Cap Rate 7%
$247,771
$247.8K
Cap Rate 9%
$192,711
$192.7K
Market Conditions
NOI Build-Up for 2,822 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
$32.8K $11.64/SF
− Vacancy
−$1.3K −$0.47/SF
EGI
$31.5K $11.17/SF
− OpEx
−$14.2K −$5.03/SF
NOI
$17.3K $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%
$346,880
Cap Rate 7%
$247,771
Cap Rate 9%
$192,711
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
Property Profile
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
