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 Market9
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: Aug 31
Last Checked: Aug 31 at 9:00AM
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
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 = 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
$46,721
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
3.74%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
165
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?
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
