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6-Unit Mixed-Use Investment Property

$645,000

2930 Cherry Street, Erie, PA 16508

Active
Last Updated: 05/08/2026

6,560 sqft

Building Size

0.19 acres

Lot Area

Details:
Building Size:    6,560 sqft
Lot Area:    0.19 acres
Occupancy:    83%
Units:    6
Year Built:    1909
Floors:    3
Parking Spots:    14
Highlights:
  • 6-Unit, 3 Property Mixed-Use Investment Package Totaling 6,560± SF
  • Comprised Of 3 Contiguous Parcels Totaling 0.19± Acres
  • 1 Commercial Unit & 5 Residential Units
  • 83% Occupancy – Excellent Rental History
  • $54,615 Annual Income & $42,040 Net Operating Income (2025 Actual)
  • Upside Potential With Below Market Rental Rates
  • 911± SF First Floor Commercial Space – Recently Vacated After Long-Term Tenancy
  • 1 Bedroom, 1 Bathroom Apartment – Occupied
  • 2 Bedroom, 1 Bathroom Apartment – Occupied
  • Two 3 Bedroom, 1 Bathroom Apartments – Occupied
  • 3 Bedroom, 1 Bathroom Single Family Residence – Occupied
  • ±14 Off-Street Parking Spaces In Shared Parking Lot & Driveways Plus Street Parking
  • Separately Metered Gas & Electric
  • Zoned Traditional Single Family Development (R-1A)
  • Centrally Located Just 0.4 Miles (±3 Blocks) From Erie High School
  • Near Peach Street Retail/Service Corridor & Multiple Public Bus Routes
  • $70,053 Pro Forma Annual Income - $57,959 Pro Forma NOI
  • Offered At $645,000 – 9.0% Pro Forma Cap Rate
Description:

6-Unit, mixed-use investment package for sale. Comprised of 3 contiguous parcels totaling 0.19± acres with 1 commercial unit & 5 residential rentals totaling 6,560± SF. 83% occupancy with excellent income history. $54,615 annual income & $42,040 net operating income (actual - 2025). Upside potential with below market rents. Unit mix includes 911± SF office/storefront, one 1 bedroom/1 bathroom apartment, one 2 bedroom/1 bathroom apartment, one 3 bedroom/1 bathroom single family home & two 3 bedroom/1 bathroom apartments. Off-street parking for ±14 with paved parking lot for ±9 and two private driveways plus on-street parking. All units are separately metered for gas &/or electric (one unit all electric). Centrally located just 0.4 miles (3 blocks) from Erie High School, the City’s only high school, and near Peach Street’s retail/service corridor and multiple public bus routes. Zoned Traditional Single Family Development (R-1A) in the City of Erie’s west side. $70,053 pro forma annual income - $57,959 pro forma NOI. Offered at $645,000 – 9.0% pro forma cap rate.

West side of Cherry Street just south of W. 29th Street at tee with Stafford Avenue. Additional frontage along Maple Street.

Map:
Documents:
Title
BROCHURE-6-Unit_Mixed-Use_Investment__Cherry-Maple_St_.pdf
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