6-Unit Mixed-Use
For Sale
$645,000
2930 Cherry Street, Erie, PA 16508
Three contiguous parcels combine a commercial storefront with five residential rental units and separately metered utilities.
Property Size6,560 SF
Lot Size0.19 Acres
Price / SF$98.32
Days on Market110
Property Features for 2930 Cherry Street
General Information
Standard status
Active
Size
6,560 SF
Total Parking Spaces
14
Lot size
0.19 Acres
Property subtype
Multi-Family
Zoning
R-1A
Occupancy
83%
Net Operating Income
$42,040
Financials
Asking Price
$645,000
Gross Income
$54,615
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 3 x 3BR/1BA
Multifamily Units
5
Office Units
1
Building Details
Building Size
6,560 SF
Year Built
1909
Units
6
Tenancy
Multi
Listing Agency:
SBRE - Sherry Bauer Real Estate
(814) 453-2000
Listed By:
Sherry Bauer · License #RM422666
Source:
Commercialcafe
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 1:23PM
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 comprises three contiguous parcels totaling 0.19± acres and 6,560± SF of improvements. The six-unit configuration includes 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. Units are separately metered for gas and/or electric, with one unit served entirely by electric service.
The property fronts Cherry Street, Maple Street, and Stafford Avenue near the intersection of Cherry Street and W. 29th Street. Off-street parking accommodates approximately 14 vehicles, including a paved lot for approximately 9 vehicles, two private driveways, and on-street parking. The site is 0.4 miles from Erie High School, near Peach Street’s retail and service corridor, and close to multiple public bus routes. The property is zoned Traditional Single Family Development (R-1A) and was built in 1909.
The property fronts Cherry Street, Maple Street, and Stafford Avenue near the intersection of Cherry Street and W. 29th Street. Off-street parking accommodates approximately 14 vehicles, including a paved lot for approximately 9 vehicles, two private driveways, and on-street parking. The site is 0.4 miles from Erie High School, near Peach Street’s retail and service corridor, and close to multiple public bus routes. The property is zoned Traditional Single Family Development (R-1A) and was built in 1909.
Key Highlights
- 6‑unit mix with 1 commercial unit and 5 residential rentals
- 6,560± SF across 3 contiguous parcels totaling 0.19± acres
- Unit mix includes a 911± SF office/storefront and 5 residential configurations
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
Mixed Use
$948.9K
$830.3K – $1.11M
NOI $66,420 @ 7.0% cap · market cap 10.30%
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
Current Use
Lease Details
1
Office units
5
Residential units
83%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
106
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 - Three contiguous parcels combine a commercial storefront with five residential rental units and separately metered utilities.
Where is this mixed-use property located?
The property is located at 2930 Cherry Street 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 unit and 5 residential rentals; 6,560± SF across 3 contiguous parcels totaling 0.19± acres; Unit mix includes a 911± SF office/storefront and 5 residential configurations
