12-Unit Apartment
For Sale
$210,000
Pending
263 18th St, Erie, PA 16503
Rooming-house configuration with a dedicated property manager available for operational continuity.
Property Size2,822 SF
Days on Market117
Property Features for 263 18th St
General Information
Standard status
Pending
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: Oct 14
Last Checked: Oct 21 at 1:03AM
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
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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 / Yr
$17,344
Cap Rate
8.26%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,622
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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
