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

Listed By: Nicholas Marinelli · License #AB062182L Show Phone

Source: Exprealty

Added: Jul 16 Changed: Oct 5 Last Checked: Oct 15 at 1:00AM

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Investment Insights

Based on property information with market context.

Located at 3216 Buffalo Rd in Erie, PA, this 1.23-acre residential income property combines a mobile home park with a rooming house and apartment. The site includes 18 mobile home pads, 10 rental rooms, and 1 apartment, creating several distinct occupancy components within one property.

A newer 24' x 48' x 12' garage provides substantial enclosed utility space, while off-street parking supports the property’s day-to-day functionality. The combination of pad rentals, room rentals, and apartment space gives the asset a varied residential configuration.

Key Highlights

• 1.23‑acre mobile home park and rooming house property
• 18 mobile home pads
• 10 rental rooms and 1 apartment

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,197

Cap Rate

6.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$903,940 $903.9K

Cap Rate 7%

$645,671 $645.7K

Cap Rate 9%

$502,189 $502.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,354 SF

Gross rent

$85.6K $11.64/SF

− Vacancy

−$3.4K −$0.47/SF

EGI

$82.2K $11.17/SF

− OpEx

−$37.0K −$5.03/SF

NOI

$45.2K $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 Rate 5%

$903,940

Cap Rate 7%

$645,671

Cap Rate 9%

$502,189

Alternative Uses

Best Use

Apartment 5plus

$645.7K

$565.0K – $753.3K (±1% cap)

NOI $45,197 @ 7.0% cap · market cap 6.03%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.82M

$1.60M – $2.13M (±1% cap)

NOI $127,713 @ 7.0% cap · market cap 17.03%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Wesleyville Apartments Apartment Building

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Kitchen & Bath Showroom Hair Salon Electrical Service

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

Lease Details

1

Residential units

Location Intelligence

Trade Area within ½ mile

394

Businesses Nearby

Explore this area Business Placement

Demographics for 16510, PA

24,515

Population

10,354

Households

2.4

Avg Household Size

41

Median Age

26%

College-Educated

92%

High-School Grad

33.0 sq mi

ZIP Area

743

Density / Sq Mi

$64,938

Median Household Income

$40,064

Median Earnings

$796

Median Rent

$158,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mobile home & RV park - Mixed residential income property combines mobile home pads with rental rooms, an apartment, and a detached garage.

Where is this mobile home & rv park located?

The property is located at 3216 Buffalo Rd Erie, PA.

What is the asking price?

The asking price for this property is $749,900.

What are key features of this property?

This property features: 1.23‑acre mobile home park and rooming house property; 18 mobile home pads; 10 rental rooms and 1 apartment