Mobile Home Park with Rooming
For Sale
$899,900
3216 Buffalo Rd, Erie, PA 16510
Mixed residential income property combines mobile home pads with rental rooms, an apartment, and a detached garage.
Property Size7,354 SF
Lot Size1.23 Acres
Price / SF$122.37
Days on Market47
Property Features for 3216 Buffalo Rd
General Information
Standard status
Active
Size
7,354 SF
Lot size
1.23 Acres
Property subtype
Residential Income
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$13,887
Listing Agency:
Agresti Real Estate
(814) 806-6300
Listed By:
Nicholas Marinelli · License #AB062182L
(814) 806-6300
Source:
Exprealty
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 30 at 10:10PM
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.
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.
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 = 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
$45,197
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
5.02%
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%
$903,940
$903.9K
Cap Rate 7%
$645,671
$645.7K
Cap Rate 9%
$502,189
$502.2K
Market Conditions
NOI Build-Up for 7,354 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
$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 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%
$903,940
Cap Rate 7%
$645,671
Cap Rate 9%
$502,189
Alternative Uses
Best Use
Apartment 5plus
$645.7K
$565.0K – $753.3K
NOI $45,197 @ 7.0% cap · market cap 5.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,713 @ 7.0% cap · market cap 14.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $899,900.
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
