28-Unit Motel and Rental Home
New
For Sale
$950,000
3056 W 12th St, Erie, PA 16505
Offers daily, weekly, and monthly rentals with a front office and additional rear space.
Property Size4,904 SF
Price / SF$193.72
Days on Market7
Property Features for 3056 W 12th St
General Information
Standard status
Active
Size
4,904 SF
Taxes and HOA fees
Annual Taxes
$11,964
Building Details
Tenancy
Multi
Listing Agency:
Howard Hanna Erie Southwest
(814) 835-1200
Listed By:
Jennie Bone
(814) 790-3047
Source:
Exprealty
Added: Sep 13
Changed: Sep 18
Last Checked: Sep 18 at 2:41PM
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 Howard Hanna Erie Southwest
Investment Insights
Based on property information with market context.
This hospitality property includes 28 rental units across two components: 13 individual rental homes comprising 14 units and a separate 14-room motel operation. The room inventory supports daily, weekly, and monthly rental arrangements, while the homes provide an additional residential component.
A front office serves the property, with extra space located at the rear. The property is located at 3056 W 12th St in Erie, Pennsylvania, providing a combined lodging and rental-home configuration within one commercial asset.
A front office serves the property, with extra space located at the rear. The property is located at 3056 W 12th St in Erie, Pennsylvania, providing a combined lodging and rental-home configuration within one commercial asset.
Key Highlights
- 13 individual rental homes comprising 14 units
- 14 motel rooms with daily, weekly, and monthly rental options
- 28 total rental units across motel rooms and rental homes
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
$49,653
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
5.23%
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%
$993,060
$993.1K
Cap Rate 7%
$709,329
$709.3K
Cap Rate 9%
$551,700
$551.7K
Market Conditions
NOI Build-Up for 4,904 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
$88.3K $18.00/SF
− Vacancy
−$8.8K −$1.80/SF
EGI
$79.4K $16.20/SF
− OpEx
−$29.8K −$6.07/SF
NOI
$49.7K $10.13/SF
Area
Erie County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$993,060
Cap Rate 7%
$709,329
Cap Rate 9%
$551,700
Alternative Uses
Best Use
Mixed Use
$709.3K
$620.7K – $827.6K
NOI $49,653 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$430.6K
$376.8K – $502.3K
NOI $30,140 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,165 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Similar Off Market Nearby
- Driftwood Motel — 3663 W 12th St, Erie, PA 16505
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- Surestay Plus Hotel By Best Western Erie Presque Isle — 3041 w 12th st, erie, pa 16505
- Comfort Inn, Erie - Near Presque Isle — 3041 W 12th St, Erie, PA 16505
- Thunderbird Motel — 3056 W 12th St, Erie, PA 16505
Frequently Asked Questions
What type of property is this?
Motel - Offers daily, weekly, and monthly rentals with a front office and additional rear space.
Where is this motel located?
The property is located at 3056 W 12th St Erie, PA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 13 individual rental homes comprising 14 units; 14 motel rooms with daily, weekly, and monthly rental options; 28 total rental units across motel rooms and rental homes
