6-Unit Mixed-Use
For Sale
Contact for pricing
Pending
2930 2930 CHERRY ST, Erie, PA 16508
Combination property with one commercial space, five residential rentals, separate utility metering, and off-street parking.
Property Size6,560 SF
Days on Market120
Property Features for 2930 2930 CHERRY ST
General Information
Standard status
Pending
Size
6,560 SF
Class
C
Total Parking Spaces
14
Property subtype
Retail, Multifamily, Office
Zoning
R-1A
Occupancy
83%
Lease Type
Modified Gross
Investment Type
Core+
Net Operating Income
$42,040
Building Details
Year Built
1909
Buildings
3
Stories
2
Units
14
Tenancy
Multi
Listing Agency:
SBRE - Sherry Bauer Real Estate
(814) 453-2000
Listed By:
Sherry Bauer · License #PA RM422666
Source:
Crexi
Added: May 5
Changed: Aug 31
Last Checked: Aug 30 at 7:11PM
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 SBRE - Sherry Bauer Real Estate
Investment Insights
Based on property information with market context.
This mixed-use property at 2930 Cherry St in Erie, Pennsylvania, includes 6 units across 3 contiguous parcels totaling 0.19± acres. The 6,560-square-foot property was built in 1909 and contains a 911± SF office/storefront, one 1-bedroom/1-bathroom apartment, one 2-bedroom/1-bathroom apartment, one 3-bedroom/1-bathroom single-family home, and two 3-bedroom/1-bathroom apartments.
Parking includes off-street capacity for ±14 vehicles, with a paved lot for ±9, two private driveways, and additional on-street parking. Units are separately metered for gas and/or electric, with one unit served entirely by electric. The property is zoned R-1A and sits 0.4 miles, or 3 blocks, from Erie High School. Peach Street’s retail and service corridor and multiple public bus routes are also nearby.
Parking includes off-street capacity for ±14 vehicles, with a paved lot for ±9, two private driveways, and additional on-street parking. Units are separately metered for gas and/or electric, with one unit served entirely by electric. The property is zoned R-1A and sits 0.4 miles, or 3 blocks, from Erie High School. Peach Street’s retail and service corridor and multiple public bus routes are also nearby.
Key Highlights
- 6‑unit mix with 1 commercial space and 5 residential rentals
- 3 contiguous parcels totaling 0.19± acres
- 911± SF office/storefront 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
$40,317
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
6.25%
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%
$806,340
$806.3K
Cap Rate 7%
$575,957
$576.0K
Cap Rate 9%
$447,967
$448.0K
Market Conditions
NOI Build-Up for 6,560 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
$76.4K $11.64/SF
− Vacancy
−$3.1K −$0.47/SF
EGI
$73.3K $11.17/SF
− OpEx
−$33.0K −$5.03/SF
NOI
$40.3K $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%
$806,340
Cap Rate 7%
$575,957
Cap Rate 9%
$447,967
Alternative Uses
Best Use
Office B
$1.23M
$1.07M – $1.43M
NOI $85,910 @ 7.0% cap · market cap 13.32%
Second Best
Retail
$1.06M
$924.7K – $1.23M
NOI $73,977 @ 7.0% cap · market cap 11.47%
Theoretical Best
Office A
$1.63M
$1.42M – $1.90M
NOI $113,924 @ 7.0% cap · market cap 17.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,018
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combination property with one commercial space, five residential rentals, separate utility metering, and off-street parking.
Where is this mixed-use property located?
The property is located at 2930 2930 CHERRY ST Erie, PA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 6‑unit mix with 1 commercial space and 5 residential rentals; 3 contiguous parcels totaling 0.19± acres; 911± SF office/storefront included
