Building Details

Tenancy Multi

Listing Agency: Howard Hanna Erie Southwest r***@howardhanna.com Show Phone

Listed By: Jennie Bone Show Phone

Source: Exprealty

Added: Sep 13 Changed: Oct 26 Last Checked: Nov 3 at 9:34AM

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Review the available facts, identify missing information and prepare questions for the agent.

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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.

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 / Yr

$49,653

Cap Rate

5.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$993,060 $993.1K

Cap Rate 7%

$709,329 $709.3K

Cap Rate 9%

$551,700 $551.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,904 SF

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 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 (±1% cap)

NOI $49,653 @ 7.0% cap · market cap 5.23%

Second Best

Apartment 5plus

$430.6K

$376.8K – $502.3K (±1% cap)

NOI $30,140 @ 7.0% cap · market cap 3.17%

Theoretical Best

Office A

$1.22M

$1.06M – $1.42M (±1% cap)

NOI $85,165 @ 7.0% cap · market cap 8.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Thunderbird Motel Hotel & Motel

Suggested Use

Top Pick Dental Office Law Firm Real Estate Agency Parking Lot & Garage (Bike/Boat/Book/etc) Store Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Similar Off Market Nearby

• Driftwood Motel — 3663 W 12th St, Erie, PA 16505
• Golden Triangle Motel — 3425 W 12th St, Erie, PA 16505
• 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