Tenant-Occupied Residential Income
For Sale
$134,900
Pending
2716 RASPBERRY Street, Erie, PA 16508
MULTI_FAMILY - Other - Erie, PA
Property Size1,188 SF
Lot Size0.09 Acres
Days on Market204
Property Features for 2716 RASPBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Parking features
Garage
Lot features
Level
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
FROM 79, EAST ON 26TH STREET, SOUTH ON RASPBERRY STREET AND TO PROPERTY. ALSO LISTED AS RESIDENTIAL #189404.
Subdivision
3 - Erie Southwest
Standard status
Pending
APN
19-092-018.0-203.00
Size
1,188 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3236
Expense value
3000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1912
Floors in Building
2
Number of units
1
Building materials
Frame, VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Marsha Marsh RES Peach
(814) 866-8840
Listed By:
Terry Lazenby · License #RS339284
(814) 602-9113
Added: Jan 21
Changed: Aug 11
Last Checked: Aug 13 at 1:06AM
MLS# 189403
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 tenant-occupied residential income property offers a three-bedroom, 1.5-bath layout. The home includes a one-car garage, a storage shed, and a fenced-in backyard with a back patio. A cozy front porch adds outdoor space at the front, while the interior is supported by mostly updated windows.
Located at 2716 Raspberry Street in Erie, PA 16508, the property sits on a lot measuring approximately 0.0895 acres and includes about 1,188 square feet of building area. The listing is presented for sale with the current tenant in place.
For buyers or investors looking for a multi-family or residential income asset that is already tenant occupied, this structure provides a straightforward configuration and several on-site exterior amenities, including off-street parking via the attached one-car garage and usable outdoor space through both front and back patios. The mostly updated windows can also be a practical consideration for maintaining the home’s day-to-day efficiency. Prospective buyers should confirm all details related to the tenancy and property condition during their due diligence.
Located at 2716 Raspberry Street in Erie, PA 16508, the property sits on a lot measuring approximately 0.0895 acres and includes about 1,188 square feet of building area. The listing is presented for sale with the current tenant in place.
For buyers or investors looking for a multi-family or residential income asset that is already tenant occupied, this structure provides a straightforward configuration and several on-site exterior amenities, including off-street parking via the attached one-car garage and usable outdoor space through both front and back patios. The mostly updated windows can also be a practical consideration for maintaining the home’s day-to-day efficiency. Prospective buyers should confirm all details related to the tenancy and property condition during their due diligence.
Key Highlights
- Tenant‑occupied 3‑bedroom, 1.5‑bath home in southwest Erie
- Fenced backyard with back patio, plus a storage shed
- One‑car garage and garage parking included
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
$7,301
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
5.41%
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%
$146,020
$146.0K
Cap Rate 7%
$104,300
$104.3K
Cap Rate 9%
$81,122
$81.1K
Market Conditions
NOI Build-Up for 1,188 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
$13.8K $11.64/SF
− Vacancy
−$553 −$0.47/SF
EGI
$13.3K $11.17/SF
− OpEx
−$6.0K −$5.03/SF
NOI
$7.3K $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%
$146,020
Cap Rate 7%
$104,300
Cap Rate 9%
$81,122
Alternative Uses
Best Use
Apartment 5plus
$104.3K
$91.3K – $121.7K
NOI $7,301 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$294.7K
$257.9K – $343.9K
NOI $20,631 @ 7.0% cap · market cap 15.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
826
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Tenant-occupied three-bedroom home with a fenced yard, garage, and patio features in Southwest Erie.
Where is this single family property located?
The property is located at 2716 RASPBERRY Street Erie, PA.
What is the asking price?
The asking price for this property is $134,900.
What are key features of this property?
This property features: Tenant‑occupied 3‑bedroom, 1.5‑bath home in southwest Erie; Fenced backyard with back patio, plus a storage shed; One‑car garage and garage parking included
