Mixed-Use Property with
For Sale
$359,900
3124 Cherry Street, Erie, PA 16508
Combined commercial and residential space supports separate business operations with on-site living and customer parking.
Property Size2,812 SF
Price / SF$127.99
Days on Market62
Property Features for 3124 Cherry Street
General Information
Standard status
Active
Size
2,812 SF
Amenities
three exterior signage locations
fenced lot
attached two-car garage
separate residential unit
Listing Agency:
Agresti Real Estate
(814) 449-7973
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Source:
Exprealty
Added: Jul 2
Changed: Aug 30
Last Checked: Aug 31 at 6:24PM
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 2,812-square-foot mixed-use property combines a commercial retail component with a separate residential unit. The business portion offers flexible space for commercial operations, three exterior signage locations, on-site parking, and a fenced lot. An attached two-car garage adds storage or work area and expands the property's functional utility.
The residential unit has one bedroom, a full kitchen, living room, full bathroom, and private entrance. Its separate access allows residential occupancy alongside business use while maintaining distinct areas for each function. The property is located at 3124 Cherry Street in Erie, Pennsylvania, 16508.
The residential unit has one bedroom, a full kitchen, living room, full bathroom, and private entrance. Its separate access allows residential occupancy alongside business use while maintaining distinct areas for each function. The property is located at 3124 Cherry Street in Erie, Pennsylvania, 16508.
Key Highlights
- 2,812 SF mixed‑use property with commercial and residential components
- Commercial unit includes 3 exterior signage locations
- Separate 1‑bedroom residential unit with private entrance
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
$31,711
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
8.81%
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%
$634,220
$634.2K
Cap Rate 7%
$453,014
$453.0K
Cap Rate 9%
$352,344
$352.3K
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
−$5.3K −$1.89/SF
EGI
$45.3K $16.11/SF
− OpEx
−$13.6K −$4.83/SF
NOI
$31.7K $11.28/SF
Area
Erie County, PA
Vacancy
10.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$634,220
Cap Rate 7%
$453,014
Cap Rate 9%
$352,344
Alternative Uses
Best Use
Office B
$526.1K
$460.3K – $613.8K
NOI $36,826 @ 7.0% cap · market cap 10.23%
Second Best
Retail
$453.0K
$396.4K – $528.5K
NOI $31,711 @ 7.0% cap · market cap 8.81%
Theoretical Best
Office A
$697.6K
$610.4K – $813.9K
NOI $48,834 @ 7.0% cap · market cap 13.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
106
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined commercial and residential space supports separate business operations with on-site living and customer parking.
Where is this mixed-use property located?
The property is located at 3124 Cherry Street Erie, PA.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 2,812 SF mixed‑use property with commercial and residential components; Commercial unit includes 3 exterior signage locations; Separate 1‑bedroom residential unit with private entrance
