Six-Unit Apartment
For Sale
Contact for pricing
551 W 8th St, Erie, PA 16502
Well-maintained 3-story brick building with six 1-bed units, paved off-street parking, and updated electrical service.
Property Size7,657 SF
Days on Market124
Property Features for 551 W 8th St
General Information
Standard status
Active
Size
7,657 SF
Total Parking Spaces
15
Property subtype
Multifamily
Zoning
C-2
Occupancy
100%
Additional Details
Cap Rate
9%
Utilities to Site
Yes
Sprinkler System
Yes
Multifamily Units
6
Amenities
laundry facilities
landscaped courtyard
wet sprinkler system
updated 220 V electric service
Building Details
Year Built
1899
Stories
3
Construction
brick
Tenancy
Multi
Listing Agency:
SBRE - Sherry Bauer Real Estate
(814) 453-2000
Listed By:
Sherry Bauer · License #PA RM422666
Source:
Crexi
Added: Apr 12
Changed: Aug 8
Last Checked: Jul 23 at 9:19AM
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 SBRE - Sherry Bauer Real Estate
Investment Insights
Based on property information with market context.
This well-maintained 3-story brick multifamily property totals 6,7737 ± SF and is offered as a fully occupied six-unit rental building. The offering consists of six 1 bedroom / 1 bathroom apartments, with one unit on the first, second, and lower levels and three units on the third floor. Units on the first and second floors feature private entrances and spacious layouts, and the property retains original character elements including ornate woodwork and stained glass windows. The first-floor unit includes in-suite laundry, while other tenants use shared basement laundry facilities. The third and lower level suites share a side entrance.
The property sits on just under 1/3 acre with paved off-street parking for up to 15 vehicles. It is located 2.5 blocks from Gannon University and in proximity to the Downtown Erie business, arts & entertainment district and multiple major employers. Zoning is C-2, General Commercial District, allowing for multiple uses.
On-site improvements include updated 220V electric service, a wet sprinkler system in the lower level, public utilities, and a landscaped courtyard. The building is fully occupied and currently generates $59,520 in annual rental income, with net operating income of $42,405.
The property sits on just under 1/3 acre with paved off-street parking for up to 15 vehicles. It is located 2.5 blocks from Gannon University and in proximity to the Downtown Erie business, arts & entertainment district and multiple major employers. Zoning is C-2, General Commercial District, allowing for multiple uses.
On-site improvements include updated 220V electric service, a wet sprinkler system in the lower level, public utilities, and a landscaped courtyard. The building is fully occupied and currently generates $59,520 in annual rental income, with net operating income of $42,405.
Key Highlights
- 6‑unit, 7,657± SF 3‑story brick multi‑family building (Anastasia Mansion) built circa 1899
- All units are 1 bed / 1 bath; six total apartments with first‑floor private entrances and third‑floor shared side entrance
- Just under 1/3 acre lot with paved off‑street parking for up to 15 vehicles
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
Explore this area
Business Placement
Demographics for 16502, PA
15,435
Population
7,811
Households
2
Avg Household Size
34
Median Age
18%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,174
Density / Sq Mi
$34,649
Median Household Income
$27,342
Median Earnings
$831
Median Rent
$90,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 3-story brick building with six 1-bed units, paved off-street parking, and updated electrical service.
Where is this apartment building located?
The property is located at 551 W 8th St Erie, PA.
What are key features of this property?
This property features: 6‑unit, 7,657± SF 3‑story brick multi‑family building (Anastasia Mansion) built circa 1899; All units are 1 bed / 1 bath; six total apartments with first‑floor private entrances and third‑floor shared side entrance; Just under 1/3 acre lot with paved off‑street parking for up to 15 vehicles
