Mixed-Use Property with Four
For Sale
$360,000
2931 Maple St, Erie, PA 16508
Includes a commercial storefront, three residential rentals, and separately metered utilities.
Property Size4,850 SF
Lot Size0.12 Acres
Price / SF$74.23
Days on Market35
Property Features for 2931 Maple St
General Information
Standard status
Active
Size
4,850 SF
Total Parking Spaces
11
Lot size
0.12 Acres
Property subtype
Residential Income
Zoning
R-1A
Occupancy
50%
Net Operating Income
$26,522
Financials
Asking Price
$360,000
Cap Rate
7.4%
Gross Income
$35,445
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Office Units
1
Taxes and HOA fees
Annual Taxes
$4,965
Listing Agency:
SBRE - Sherry Bauer Real Estate Services
(814) 460-2000
Listed By:
Sherry Bauer · License #RM422666
(814) 460-2000
Source:
Exprealty
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 6:14PM
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 Services
Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial storefront with three residential rentals across two contiguous parcels. The 4,850± SF package sits on 0.12± acres and includes a 911± SF office/storefront, a one-bedroom, one-bath apartment, a two-bedroom, one-bath apartment, and a three-bedroom, one-bath single-family home. The property was built in 1909, with off-street parking, a paved lot, private driveway, and on-street parking available.
Located at 2931 Maple Street in Erie, the property is 0.4 miles, or three blocks, from Erie High School and near Peach Street’s retail and service corridor. Multiple public bus routes serve the surrounding area. Units are separately metered for gas and/or electric, with one unit fully electric. The property is zoned Traditional Single Family Development (R-1A), and a tax abatement program is available for qualifying capital improvement projects requiring a building permit.
Located at 2931 Maple Street in Erie, the property is 0.4 miles, or three blocks, from Erie High School and near Peach Street’s retail and service corridor. Multiple public bus routes serve the surrounding area. Units are separately metered for gas and/or electric, with one unit fully electric. The property is zoned Traditional Single Family Development (R-1A), and a tax abatement program is available for qualifying capital improvement projects requiring a building permit.
Key Highlights
- 4,850± SF mixed‑use package on 0.12± acres across 2 contiguous parcels
- Four‑unit mix: 911± SF office/storefront plus 1-, 2-, and 3‑bedroom residences
- Off‑street parking for ±11, including a paved lot for ±9
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
$29,808
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
8.28%
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%
$596,160
$596.2K
Cap Rate 7%
$425,829
$425.8K
Cap Rate 9%
$331,200
$331.2K
Market Conditions
NOI Build-Up for 4,850 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
$56.5K $11.64/SF
− Vacancy
−$2.3K −$0.47/SF
EGI
$54.2K $11.17/SF
− OpEx
−$24.4K −$5.03/SF
NOI
$29.8K $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%
$596,160
Cap Rate 7%
$425,829
Cap Rate 9%
$331,200
Alternative Uses
Best Use
Office B
$907.4K
$794.0K – $1.06M
NOI $63,516 @ 7.0% cap · market cap 17.64%
Second Best
Mixed Use
$701.5K
$613.8K – $818.4K
NOI $49,106 @ 7.0% cap · market cap 13.64%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,227 @ 7.0% cap · market cap 23.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
3
Residential units
50%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,019
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 - Includes a commercial storefront, three residential rentals, and separately metered utilities.
Where is this mixed-use property located?
The property is located at 2931 Maple St Erie, PA.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 4,850± SF mixed‑use package on 0.12± acres across 2 contiguous parcels; Four‑unit mix: 911± SF office/storefront plus 1-, 2-, and 3‑bedroom residences; Off‑street parking for ±11, including a paved lot for ±9
