Live-Work Space with Private Residential
For Sale
$359,900
3124 CHERRY Street, Erie, PA 16508
COMMERCIAL - Erie, PA
Property Size2,812 SF
Lot Size0.33 Acres
Price / SF$127.99
Days on Market47
Property Features for 3124 CHERRY Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1A
Zoning description
C-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
15
Exterior features
Fence
Fencing
Fenced
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Corner of 32nd and Cherry across from Erie High School
Subdivision
3 - Erie Southwest
Standard status
Active
APN
19-060-044.0-100.00
Size
2,812 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Year
2026
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
three exterior signage locations
fenced lot
attached two-car garage
Building Details
Year built
1949
Building materials
VinylSiding
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Jul 2
Changed: Aug 14
Last Checked: Aug 17 at 2:06PM
MLS# 191796
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This live-work property combines a commercial/retail unit with a separate residential unit under one roof. The commercial space includes three exterior signage locations and offers flexibility for a variety of business uses, along with ample on-site parking for customers and employees. The property also features a fenced lot and an attached two-car garage for additional storage or workspace.
The residential portion includes one bedroom, a full kitchen, a living room, and a full bathroom, plus a private entrance that helps keep daily living and business operations separate. The building was constructed in 1949 and uses vinyl siding. Heating is provided by forced air with natural gas, and the property has central air conditioning.
Public utilities include public water and public sewer, supporting day-to-day use for both the commercial and residential components.
The residential portion includes one bedroom, a full kitchen, a living room, and a full bathroom, plus a private entrance that helps keep daily living and business operations separate. The building was constructed in 1949 and uses vinyl siding. Heating is provided by forced air with natural gas, and the property has central air conditioning.
Public utilities include public water and public sewer, supporting day-to-day use for both the commercial and residential components.
Key Highlights
- 0.33‑acre live‑work property with 2,812 SF total area
- R‑1A zoning with separate commercial/retail and residential units
- Three exterior signage locations on the commercial/retail unit
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
Property Profile
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - R-1A zoned live-work property with a residential unit and commercial retail space, plus central air and a fenced lot.
Where is this live-work space 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: 0.33‑acre live‑work property with 2,812 SF total area; R‑1A zoning with separate commercial/retail and residential units; Three exterior signage locations on the commercial/retail unit
