Mixed-Use Property with
For Sale
$339,900
3124 Cherry St, Erie, PA 16508
A dedicated storefront and separate one-bedroom living space provide distinct commercial and residential areas.
Property Size2,812 SF
Price / SF$120.87
Days on Market88
Property Features for 3124 Cherry St
General Information
Standard status
Active
Size
2,812 SF
Amenities
three exterior signage locations
ample on-site parking
fenced lot
attached two-car garage
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Source:
Exprealty
Added: Jul 2
Changed: Sep 24
Last Checked: Sep 26 at 8:35AM
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.
The 2,812-square-foot property combines a commercial storefront with a separate residence. The living area has one bedroom, a full kitchen, a living room and a full bathroom, with its own private entrance. An attached two-car garage adds storage or workspace, and the lot is fenced.
Three exterior locations are available for signage, and on-site parking serves the property. The separate entrances support independent access to the commercial and residential spaces.
Three exterior locations are available for signage, and on-site parking serves the property. The separate entrances support independent access to the commercial and residential spaces.
Key Highlights
- 2,812 square feet with commercial and residential space
- Separate one‑bedroom residence with full kitchen, living room, full bathroom and private entrance
- Commercial storefront has three exterior signage locations
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
$28,472
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
8.38%
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%
$569,440
$569.4K
Cap Rate 7%
$406,743
$406.7K
Cap Rate 9%
$316,356
$316.4K
Market Conditions
NOI Build-Up for 2,812 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
$50.6K $18.00/SF
− Vacancy
−$5.1K −$1.80/SF
EGI
$45.6K $16.20/SF
− OpEx
−$17.1K −$6.07/SF
NOI
$28.5K $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%
$569,440
Cap Rate 7%
$406,743
Cap Rate 9%
$316,356
Alternative Uses
Best Use
Office B
$526.1K
$460.3K – $613.8K
NOI $36,826 @ 7.0% cap · market cap 10.83%
Second Best
Retail
$453.0K
$396.4K – $528.5K
NOI $31,711 @ 7.0% cap · market cap 9.33%
Theoretical Best
Office A
$697.6K
$610.4K – $813.9K
NOI $48,834 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A dedicated storefront and separate one-bedroom living space provide distinct commercial and residential areas.
Where is this mixed-use property located?
The property is located at 3124 Cherry St Erie, PA.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 2,812 square feet with commercial and residential space; Separate one‑bedroom residence with full kitchen, living room, full bathroom and private entrance; Commercial storefront has three exterior signage locations
