Lakefront Apartment
For Sale
Contact for pricing
3630 SYCAMORE DR, Erie, PA 16505
Mixed residential income property with six furnished rentals, a seasonal cottage, and an owner residence overlooking Lake Erie.
Property Size7,602 SF
Price / SF$164.43
Days on Market54
Property Features for 3630 SYCAMORE DR
General Information
Standard status
Active
Size
7,602 SF
Total Parking Spaces
12
Property subtype
Multifamily
Zoning
R-1 & LL-Limited Lodging Overlay District
Occupancy
100%
Investment Type
Owner/User
Additional Details
Unit Mix
3 x studio, 3 x 1BR
Building Details
Year Built
1920
Buildings
2
Stories
3
Units
7
Tenancy
Multi
Listing Agency:
Glowacki Management
Listed By:
Margaret Hardner · License #PA/RS353338
Source:
Crexi
Added: Aug 25
Changed: Oct 13
Last Checked: Oct 16 at 9:14AM
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 Glowacki Management
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Investment Insights
Based on property information with market context.
This 1920 property combines a three-story lakefront residence with six furnished, long-term rental apartments and a seasonal Airbnb cottage. The rental mix includes three studio units and three one-bedroom units, all described as fully occupied. The main home features three bedrooms, an office that can serve as a fourth bedroom, and three full bathrooms. Its kitchen connects openly with the dining and living areas, while French doors provide lake views and access to lake breezes.
The property is located along Lake Erie and includes zoning under R-1 and the LL-Limited Lodging Overlay District. The combination of an owner residence, apartment rentals, and a seasonal cottage creates a varied residential and lodging configuration within one property.
The property is located along Lake Erie and includes zoning under R-1 and the LL-Limited Lodging Overlay District. The combination of an owner residence, apartment rentals, and a seasonal cottage creates a varied residential and lodging configuration within one property.
Key Highlights
- Six fully occupied, furnished long‑term rentals
- Rental mix includes 3 studio and 3 one‑bedroom apartments
- Seasonal Airbnb cottage included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,721
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$934,420
$934.4K
Cap Rate 7%
$667,443
$667.4K
Cap Rate 9%
$519,122
$519.1K
Market Conditions
NOI Build-Up for 7,602 SF
Gross rent
$88.5K $11.64/SF
− Vacancy
−$3.5K −$0.47/SF
EGI
$84.9K $11.17/SF
− OpEx
−$38.2K −$5.03/SF
NOI
$46.7K $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%
$934,420
Cap Rate 7%
$667,443
Cap Rate 9%
$519,122
Alternative Uses
Best Use
Apartment 5plus
$667.4K
$584.0K – $778.7K
NOI $46,721 @ 7.0% cap · market cap 3.74%
Second Best
Hotel Hospitality
$231.2K
$202.3K – $269.7K
NOI $16,184 @ 7.0% cap · market cap 1.29%
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,019 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Mixed residential income property with six furnished rentals, a seasonal cottage, and an owner residence overlooking Lake Erie.
Where is this apartment building located?
The property is located at 3630 SYCAMORE DR Erie, PA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Six fully occupied, furnished long‑term rentals; Rental mix includes 3 studio and 3 one‑bedroom apartments; Seasonal Airbnb cottage included
