14-Unit Apartment
For Sale
Contact for pricing
3082 W 12TH Street, Erie, PA 16505
Two-building multifamily property with varied unit layouts and mixed single-story and two-story configurations.
Property Size6,343 SF
Price / SF$204.93
Days on Market12
Property Features for 3082 W 12TH Street
General Information
Standard status
Active
Size
6,343 SF
Total Parking Spaces
14
Property subtype
Multifamily
Zoning
MU
Investment Type
Value Add
Units
Unit Mix
12 x 1BR, 2 x efficiency
Multifamily Units
14
Building Details
Year Built
1960
Buildings
2
Stories
2
Units
14
Listing Agency:
Agresti Real Estate
(814) 449-7973
Listed By:
Jake Scheloske · License #PA RS.318016
Source:
Crexi
Added: Aug 1
Changed: Aug 9
Last Checked: Aug 11 at 11:58AM
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 Agresti Real Estate
Investment Insights
Based on property information with market context.
This multifamily property contains 14 apartments across two buildings. The improvements include a single-story structure with six units and a two-story structure with eight units, providing a mix of building configurations within one apartment asset. The unit mix comprises 12 one-bedroom apartments and two efficiencies. Total property size is 6,343 square feet, with construction dating to 1960.
The property is located at 3082 W 12TH Street in Erie, Pennsylvania, within MU zoning. Its position near the Peninsula corridor places the asset in an established Erie area, while the combination of two buildings and multiple apartment layouts provides a clear physical profile for multifamily ownership and operations.
The property is located at 3082 W 12TH Street in Erie, Pennsylvania, within MU zoning. Its position near the Peninsula corridor places the asset in an established Erie area, while the combination of two buildings and multiple apartment layouts provides a clear physical profile for multifamily ownership and operations.
Key Highlights
- 14 apartments across 2 buildings
- 6‑unit single‑story building and 8‑unit two‑story building
- Unit mix includes 12 one‑bedroom apartments and 2 efficiencies
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
$38,984
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
3.00%
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%
$779,680
$779.7K
Cap Rate 7%
$556,914
$556.9K
Cap Rate 9%
$433,156
$433.2K
Market Conditions
NOI Build-Up for 6,343 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
$73.8K $11.64/SF
− Vacancy
−$3.0K −$0.47/SF
EGI
$70.9K $11.17/SF
− OpEx
−$31.9K −$5.03/SF
NOI
$39.0K $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%
$779,680
Cap Rate 7%
$556,914
Cap Rate 9%
$433,156
Alternative Uses
Best Use
Apartment 5plus
$556.9K
$487.3K – $649.7K
NOI $38,984 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.57M
$1.38M – $1.84M
NOI $110,155 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily property with varied unit layouts and mixed single-story and two-story configurations.
Where is this apartment building located?
The property is located at 3082 W 12TH Street Erie, PA.
What is the asking price?
The asking price for this property is $1,299,900.
What are key features of this property?
This property features: 14 apartments across 2 buildings; 6‑unit single‑story building and 8‑unit two‑story building; Unit mix includes 12 one‑bedroom apartments and 2 efficiencies
