Two-Unit Duplex with Central
For Sale
$135,000
3006 Cherry Street, Erie, PA 16508
Fully occupied apartments include appliances, separate utility meters, and private driveway parking.
Property Size1,710 SF
Price / SF$78.95
Days on Market15
Property Features for 3006 Cherry Street
General Information
Standard status
Active
Size
1,710 SF
Total Parking Spaces
3
Property subtype
Residential Income
Zoning
Traditional Single Family
Occupancy
100%
Net Operating Income
$15,518
Financials
Cap Rate
11.5%
Gross Income
$19,170
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,584
Building Details
Buildings
1
Stories
2
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 4
Last Checked: Aug 11 at 11:27AM
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 two-story duplex contains 1,710± SF and is arranged as two flat-style apartments, each with three bedrooms and one bathroom. Both units include landlord-owned refrigerators, ranges, washers, and dryers. Forced-air gas heat and central air conditioning serve the building, while gas and electric utilities are separately metered. Occupancy is currently full, with a long-term tenant in the lower apartment and a month-to-month tenant upstairs.
The property at 3006 Cherry Street in Erie is 0.4 miles, or three blocks, from Erie High School and near Peach Street’s retail and service corridor and public bus routes. Off-street parking for approximately three vehicles is provided in a private driveway, with additional street parking available. The property is zoned Traditional Single Family in the City of Erie. Actual operations reflect an 11.5% cap rate, while pro forma figures indicate a 14.9% cap rate. A tax abatement program is available for qualifying capital improvement projects requiring a building permit.
The property at 3006 Cherry Street in Erie is 0.4 miles, or three blocks, from Erie High School and near Peach Street’s retail and service corridor and public bus routes. Off-street parking for approximately three vehicles is provided in a private driveway, with additional street parking available. The property is zoned Traditional Single Family in the City of Erie. Actual operations reflect an 11.5% cap rate, while pro forma figures indicate a 14.9% cap rate. A tax abatement program is available for qualifying capital improvement projects requiring a building permit.
Key Highlights
- 1,710± SF two‑story duplex with two 3‑bedroom, 1‑bathroom apartments
- Fully occupied, with a long‑term lower tenant and month‑to‑month upper tenant
- 11.5% actual cap rate and 14.9% pro forma cap rate
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
$11,745
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
8.70%
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%
$234,900
$234.9K
Cap Rate 7%
$167,786
$167.8K
Cap Rate 9%
$130,500
$130.5K
Market Conditions
NOI Build-Up for 1,710 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
$17.4K $10.20/SF
− Vacancy
−$663 −$0.39/SF
EGI
$16.8K $9.81/SF
− OpEx
−$5.0K −$2.94/SF
NOI
$11.7K $6.87/SF
Area
Erie County, PA
Vacancy
3.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$234,900
Cap Rate 7%
$167,786
Cap Rate 9%
$130,500
Alternative Uses
Best Use
Multifamily LT 5
$167.8K
$146.8K – $195.8K
NOI $11,745 @ 7.0% cap · market cap 8.70%
Second Best
Apartment 5plus
$150.1K
$131.4K – $175.2K
NOI $10,510 @ 7.0% cap · market cap 7.79%
Theoretical Best
Office A
$424.2K
$371.2K – $495.0K
NOI $29,697 @ 7.0% cap · market cap 22.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied apartments include appliances, separate utility meters, and private driveway parking.
Where is this duplex located?
The property is located at 3006 Cherry Street Erie, PA.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 1,710± SF two‑story duplex with two 3‑bedroom, 1‑bathroom apartments; Fully occupied, with a long‑term lower tenant and month‑to‑month upper tenant; 11.5% actual cap rate and 14.9% pro forma cap rate
