Mobile Home Park with
For Sale
$749,900
3216 BUFFALO Road, Erie, PA 16510
ResidentialIncome, Erie, PA
Property Size7,354 SF
Lot Size1.23 Acres
Price / SF$101.97
Days on Market49
Property Features for 3216 BUFFALO Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
C
Bedrooms
18
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 5, Bedroom 18, Bathroom 1, Bedroom 12, Bedroom 10, Bedroom 11, Bedroom 15, Bathroom 3, Bedroom 1, Bedroom 17, Bedroom 7, Bedroom 3, Bedroom 13, Bedroom 16, Bedroom 8, Bedroom 9, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 14
Lot features
Irregular Lot
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Located north of Buffalo Rd, just west of Station Road in Wesleyville, behind Curry Optical on Wesley Ave., with access from Buffalo Rd or Wesley Ave
Subdivision
15 - Harborcrk/Wesleyvill/Law Pk
Standard status
Active
APN
50-001-013.0-001.00
Size
7,354 SF
Lot size
1.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13887
Expense value
20000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1900
Number of units
1
Building materials
Mixed
Roof type
Asphalt
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Nicholas Marinelli · License #AB062182L
(814) 806-6300
Added: Jul 15
Changed: Aug 30
Last Checked: Sep 1 at 9:06AM
MLS# 191984
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 1.23-acre property combines a mobile home park with rooming-house and apartment components. The site includes 18 mobile home pads, 10 rental rooms, and 1 apartment within 7,354 square feet of improvements. A newer 24' x 48' x 12' garage adds enclosed utility space, while off-street parking supports the property’s varied residential configuration.
The property is located at 3216 BUFFALO Road in Erie, Pennsylvania. Public water and public sewer serve the site. Building systems include natural gas and forced-air heating, with an asphalt roof and mixed construction materials. The improvements date to 1900, with the newer garage providing a distinct additional structure.
The property is located at 3216 BUFFALO Road in Erie, Pennsylvania. Public water and public sewer serve the site. Building systems include natural gas and forced-air heating, with an asphalt roof and mixed construction materials. The improvements date to 1900, with the newer garage providing a distinct additional structure.
Key Highlights
- 18 mobile home pads, 10 rental rooms, and 1 apartment
- 1.23‑acre property with 7,354 square feet of improvements
- Newer 24' x 48' x 12' garage
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
6.03%
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 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,713 @ 7.0% cap · market cap 17.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
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 includes mobile home pads, rental rooms, an apartment, and a newer garage.
Where is this mobile home & rv park located?
The property is located at 3216 BUFFALO Road 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: 18 mobile home pads, 10 rental rooms, and 1 apartment; 1.23‑acre property with 7,354 square feet of improvements; Newer 24' x 48' x 12' garage
