Listing Agency: Agresti Real Estate i***@tryagresti.com Show Phone

Listed By: Jake Scheloske · License #RS318016 Show Phone

Source: Exprealty

Added: Jul 2 Changed: Oct 26 Last Checked: Nov 4 at 7:23PM

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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.

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.

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 / Yr

$28,472

Cap Rate

8.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$569,440 $569.4K

Cap Rate 7%

$406,743 $406.7K

Cap Rate 9%

$316,356 $316.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,812 SF

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 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 (±1% cap)

NOI $36,826 @ 7.0% cap · market cap 10.83%

Second Best

Retail

$453.0K

$396.4K – $528.5K (±1% cap)

NOI $31,711 @ 7.0% cap · market cap 9.33%

Theoretical Best

Office A

$697.6K

$610.4K – $813.9K (±1% cap)

NOI $48,834 @ 7.0% cap · market cap 14.37%

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

Scolio Fruit Baskets (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Kitchen & Bath Showroom HVAC Service (Bike/Boat/Book/etc) Store Bakery

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

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 Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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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