Brick Multifamily Building with 17
For Sale
$2,750,000
Pending
38 N PARK Row, Erie, PA 16501
MULTI_FAMILY - Other - Erie, PA
Property Size13,200 SF
Lot Size0.08 Acres
Days on Market139
Property Features for 38 N PARK Row
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
C-3
Bedrooms
23
Bathrooms
18
Full bathrooms
18
Rooms
Bathroom 10, Bedroom 1, Bedroom 8, Bedroom 13, Bedroom 23, Bathroom 3, Bedroom 18, Bathroom 18, Bathroom 1, Bedroom 16, Bedroom 3, Bedroom 21, Bathroom 8, Bedroom 17, Bathroom 15, Bedroom 2, Bathroom 12, Bedroom 5, Bedroom 6, Bathroom 7, Bathroom 16, Bathroom 9, Bathroom 2, Bathroom 4, Bathroom 17, Bedroom 4, Bedroom 22, Bathroom 6, Bedroom 11, Bathroom 5, Bedroom 15, Bathroom 11, Bathroom 14, Bedroom 12, Bedroom 9, Bedroom 7, Bathroom 13, Bedroom 20, Bedroom 19, Bedroom 10, Bedroom 14
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
W. 6th St., north on Peach St. to corner of N. Park Row
Subdivision
2 - Erie Northwest
Standard status
Pending
APN
17-040-002.0-110.00
Size
13,200 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
13730
Expense value
50000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Electric (Heating)
Water source
Public
Amenities
24/7 surveillance system
secure entry access
on-site laundry
Building Details
Year built
1868
Floors in Building
3
Number of units
3
Building materials
Brick, Block
Roof type
Rubber
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Mar 28
Changed: Aug 7
Last Checked: Aug 13 at 7:06AM
MLS# 190057
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.
Brick multifamily building offering 17 residential units and one commercial space. The property has been completely remodeled from basement to roof, with updated flooring, windows, plumbing, electrical systems, and mechanicals. Interior access includes a secure entry and a 24/7 surveillance system, and residents have convenient on-site laundry. Public water and public sewer service support the building, and heating is provided via forced air with electric heat. The roof is rubber, and the building was constructed in 1868.
The property is located in downtown Erie, with close proximity to Gannon University, Erie Insurance, UPMC, and the Bayfront, surrounded by restaurants and nightlife. The building is currently at 100% occupancy.
With its mix of residential units and a dedicated commercial space, this setup can support both diversified tenant demand and straightforward day-to-day operations within one building footprint on a 0.08-acre lot.
The property is located in downtown Erie, with close proximity to Gannon University, Erie Insurance, UPMC, and the Bayfront, surrounded by restaurants and nightlife. The building is currently at 100% occupancy.
With its mix of residential units and a dedicated commercial space, this setup can support both diversified tenant demand and straightforward day-to-day operations within one building footprint on a 0.08-acre lot.
Key Highlights
- 17 residential units plus 1 commercial space in one building
- Completely remodeled from basement to roof with updated flooring, windows, plumbing, electrical, and mechanicals
- 24/7 surveillance system and secure entry access
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
$148,856
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
5.41%
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%
$2,977,120
$3.0M
Cap Rate 7%
$2,126,514
$2.1M
Cap Rate 9%
$1,653,956
$1.7M
Market Conditions
NOI Build-Up for 13,200 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
$237.6K $18.00/SF
− Vacancy
−$24.9K −$1.89/SF
EGI
$212.7K $16.11/SF
− OpEx
−$63.8K −$4.83/SF
NOI
$148.9K $11.28/SF
Area
Erie County, PA
Vacancy
10.50%
Lease Rate
$18.00 /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%
$2,977,120
Cap Rate 7%
$2,126,514
Cap Rate 9%
$1,653,956
Alternative Uses
Best Use
Retail
$2.13M
$1.86M – $2.48M
NOI $148,856 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$1.16M
$1.01M – $1.35M
NOI $81,126 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$3.27M
$2.87M – $3.82M
NOI $229,236 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 16501, PA
2,241
Population
1,468
Households
1.5
Avg Household Size
48
Median Age
23%
College-Educated
85%
High-School Grad
0.7 sq mi
ZIP Area
3,201
Density / Sq Mi
$14,579
Median Household Income
$12,623
Median Earnings
$411
Median Rent
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 - Remodeled brick multifamily with 17 residential units and one commercial space, secured entry, and on-site laundry.
Where is this apartment building located?
The property is located at 38 N PARK Row Erie, PA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 17 residential units plus 1 commercial space in one building; Completely remodeled from basement to roof with updated flooring, windows, plumbing, electrical, and mechanicals; 24/7 surveillance system and secure entry access
