Building Details

Year Built 1868

Buildings 1

Stories 3

Units 18

Listing Agency: Agresti Real Estate

Listed By: Jake Scheloske · License #PA RS.318016 Show Phone

Source: Crexi

Added: Mar 30 Changed: Oct 14 Last Checked: Oct 16 at 7:03AM

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Investment Insights

Based on property information with market context.

Built in 1868, this 13,200-square-foot mixed-use building contains 18 residential units and one commercial space. A comprehensive renovation extended from the basement through the roof and addressed flooring, windows, plumbing, electrical systems, and mechanical components. Residential interiors feature granite countertops and stainless steel appliances. Secure entry and a 24/7 surveillance system serve both the residential and commercial portions of the property.

The building is positioned in downtown Erie near Gannon University, Erie Insurance, UPMC, the Bayfront, and a concentration of restaurants and nightlife. The property is zoned C-3 and reported at 100% occupancy, combining a substantial residential component with commercial space in an established urban setting.

Key Highlights

• 18 residential units plus 1 commercial space
• 13,200 SF mixed‑use building
• Renovated from basement through roof, including plumbing, electrical, windows, flooring, and mechanicals

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$133,650

Cap Rate

4.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,673,000 $2.7M

Cap Rate 7%

$1,909,286 $1.9M

Cap Rate 9%

$1,485,000 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,200 SF

Gross rent

$237.6K $18.00/SF

− Vacancy

−$23.8K −$1.80/SF

EGI

$213.8K $16.20/SF

− OpEx

−$80.2K −$6.07/SF

NOI

$133.7K $10.13/SF

Area

Erie County, PA

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,673,000

Cap Rate 7%

$1,909,286

Cap Rate 9%

$1,485,000

Alternative Uses

Best Use

Mixed Use

$1.91M

$1.67M – $2.23M (±1% cap)

NOI $133,650 @ 7.0% cap · market cap 4.86%

Second Best

Apartment 5plus

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,126 @ 7.0% cap · market cap 2.95%

Theoretical Best

Office A

$3.27M

$2.87M – $3.82M (±1% cap)

NOI $229,236 @ 7.0% cap · market cap 8.34%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Hooks Catfish Kitchen Restaurant park row erie General Contractor

Suggested Use

Top Pick Carpet & Flooring Store Catering Service (Bike/Boat/Book/etc) Store Nail Salon Florist Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18

Residential units

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Includes residential units alongside a dedicated commercial space.

Where is this mixed-use property 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: 18 residential units plus 1 commercial space; 13,200 SF mixed‑use building; Renovated from basement through roof, including plumbing, electrical, windows, flooring, and mechanicals