Triplex with Separate
For Sale
$440,000
3223 W 12TH Street, Erie, PA 16505
MULTI_FAMILY - Other - Erie, PA
Property Size3,172 SF
Lot Size0.65 Acres
Price / SF$138.71
Days on Market16
Property Features for 3223 W 12TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 7, Bedroom 6, Bedroom 3, Bathroom 4, Bedroom 1, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 4
Parking features
Oversize
Lot features
Landscaped, Level
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
W. 12th.(W of Peninsula Dr.) to 3324 on N. side of street
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-035-074.0-006.00
Size
3,172 SF
Lot size
0.65 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5176
Expense value
25000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
3
Building materials
AluminumSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Denise Caruana · License #RS212466L
(814) 873-4620
Added: Jul 28
Changed: Aug 7
Last Checked: Aug 12 at 11:06AM
MLS# 192289
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 triplex includes an owner-occupied main residence and two separate two-bedroom apartments. The main home offers four bedrooms, a remodeled eat-in kitchen, formal dining room, living room, remodeled full bath, finished flooring, basement bonus rooms, and additional finished space behind the garage. The apartments each include two bedrooms, one bath, a living room, and a kitchen with appliances. Separate entrances and utilities serve the apartments, while garbage is divided among the three units.
The property contains 3172 square feet on a 0.6457-acre fenced lot. An oversized 3/4 Car Garage provides parking and overhead storage, although the apartments do not have access to the garage, yard, or basement. Built in 1950, the property has aluminum siding, an asphalt roof, radiant natural-gas heat, window-unit cooling, public water, and public sewer.
The property contains 3172 square feet on a 0.6457-acre fenced lot. An oversized 3/4 Car Garage provides parking and overhead storage, although the apartments do not have access to the garage, yard, or basement. Built in 1950, the property has aluminum siding, an asphalt roof, radiant natural-gas heat, window-unit cooling, public water, and public sewer.
Key Highlights
- Two separate 2 Bedroom apartments with individual entrances and utilities
- Owner‑occupied main home with 4 bedrooms and remodeled eat‑in kitchen
- 3172 square feet on a 0.6457‑acre large, fenced lot
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
$21,787
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
4.95%
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%
$435,740
$435.7K
Cap Rate 7%
$311,243
$311.2K
Cap Rate 9%
$242,078
$242.1K
Market Conditions
NOI Build-Up for 3,172 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
$32.4K $10.20/SF
− Vacancy
−$1.2K −$0.39/SF
EGI
$31.1K $9.81/SF
− OpEx
−$9.3K −$2.94/SF
NOI
$21.8K $6.87/SF
Area
Erie County, PA
Vacancy
3.80%
Lease Rate
$10.20 /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%
$435,740
Cap Rate 7%
$311,243
Cap Rate 9%
$242,078
Alternative Uses
Best Use
Multifamily LT 5
$311.2K
$272.3K – $363.1K
NOI $21,787 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$278.5K
$243.7K – $324.9K
NOI $19,495 @ 7.0% cap · market cap 4.43%
Theoretical Best
Office A
$786.9K
$688.6K – $918.1K
NOI $55,086 @ 7.0% cap · market cap 12.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 16505, PA
16,437
Population
8,407
Households
2
Avg Household Size
49
Median Age
45%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
1,405
Density / Sq Mi
$71,370
Median Household Income
$45,793
Median Earnings
$871
Median Rent
$196,600
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?
Triplex - Three-unit layout combines an owner-occupied home with two apartments, each featuring separate utilities and entrances.
Where is this triplex located?
The property is located at 3223 W 12TH Street Erie, PA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two separate 2 Bedroom apartments with individual entrances and utilities; Owner‑occupied main home with 4 bedrooms and remodeled eat‑in kitchen; 3172 square feet on a 0.6457‑acre large, fenced lot
