12-Unit Apartment
For Sale
$965,000
3400 Francis St, Erie, PA 16510
Oversized one-bedroom residences include private balconies, full kitchens, and individual A/C.
Property Size9,120 SF
Price / SF$105.81
Days on Market158
Property Features for 3400 Francis St
General Information
Standard status
Active
Size
9,120 SF
Property subtype
Residential Income
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x 1BR/1BA
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$11,639
Amenities
private balconies
A/C
off-street parking
Listing Agency:
Agresti Real Estate
(814) 449-7973
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Source:
Exprealty
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 9:49PM
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.
This 12-unit apartment property contains 9,120 square feet of residential space arranged as oversized one-bedroom, one-bath units. Each apartment includes a full kitchen, a generous living room, a private balcony, and A/C. Off-street parking serves the property, while creek views add a natural setting.
The building is located on Francis St in Wesleyville Borough within the Iroquois School District. Units are separately metered, and residents pay all utilities other than sewer and garbage. The property sits on a dead-end street, providing a quieter residential setting for the apartment community.
The building is located on Francis St in Wesleyville Borough within the Iroquois School District. Units are separately metered, and residents pay all utilities other than sewer and garbage. The property sits on a dead-end street, providing a quieter residential setting for the apartment community.
Key Highlights
- 12 apartments totaling 9,120 square feet
- Oversized one‑bedroom, one‑bath layouts
- Full kitchens, spacious living rooms, private balconies, and A/C in every 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
$56,051
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
5.81%
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%
$1,121,020
$1.1M
Cap Rate 7%
$800,729
$800.7K
Cap Rate 9%
$622,789
$622.8K
Market Conditions
NOI Build-Up for 9,120 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
$106.2K $11.64/SF
− Vacancy
−$4.2K −$0.47/SF
EGI
$101.9K $11.17/SF
− OpEx
−$45.9K −$5.03/SF
NOI
$56.1K $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%
$1,121,020
Cap Rate 7%
$800,729
Cap Rate 9%
$622,789
Alternative Uses
Best Use
Apartment 5plus
$800.7K
$700.6K – $934.2K
NOI $56,051 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,382 @ 7.0% cap · market cap 16.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
329
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?
Apartment building - Oversized one-bedroom residences include private balconies, full kitchens, and individual A/C.
Where is this apartment building located?
The property is located at 3400 Francis St Erie, PA.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: 12 apartments totaling 9,120 square feet; Oversized one‑bedroom, one‑bath layouts; Full kitchens, spacious living rooms, private balconies, and A/C in every unit
