Remodeled Mixed-Use
For Sale
Contact for pricing
Pending
38 N Park Row, Erie, PA 16501
Includes residential units alongside a dedicated commercial space.
Property Size13,200 SF
Days on Market157
Property Features for 38 N Park Row
General Information
Standard status
Pending
Size
13,200 SF
Property subtype
Retail, Multifamily
Zoning
C-3
Occupancy
100%
Net Operating Income
$198,499
Additional Details
Multifamily Units
18
Amenities
24/7 surveillance system
secure entry access
granite countertops
stainless steel appliances
Building Details
Year Built
1868
Buildings
1
Stories
3
Units
18
Listing Agency:
Agresti Real Estate
Listed By:
Jake Scheloske · License #PA RS.318016
(814) 449-7973
Source:
Crexi
Added: Mar 30
Changed: Sep 2
Last Checked: Sep 1 at 12:33PM
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.
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.
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 = 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
$133,650
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
4.86%
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%
$2,673,000
$2.7M
Cap Rate 7%
$1,909,286
$1.9M
Cap Rate 9%
$1,485,000
$1.5M
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
−$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 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%
$2,673,000
Cap Rate 7%
$1,909,286
Cap Rate 9%
$1,485,000
Alternative Uses
Best Use
Mixed Use
$1.91M
$1.67M – $2.23M
NOI $133,650 @ 7.0% cap · market cap 4.86%
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
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
Questions? Ask Rey
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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
