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1,710± SF 2-Unit Multi-Family Investment

$135,000

3006 Cherry Street, Erie, PA 16508

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Last Updated: 07/30/2026

1,710 sqft

Building Size

0.069 acres

Lot Area

Details:
Building Size:    1,710 sqft
Lot Area:    0.069 acres
Occupancy:    100%
Units:    2
Year Built:    1908
Floors:    2
Parking Spots:    3
Highlights:
  • 2-Unit Multi-Family Investment Property
  • 1,710± SF Two-Story, 2-Unit, Flat-Style Multi-Family Property
  • Two 3 Bedroom, 1 Bathroom Apartments – 100% Occupied
  • Landlord Owned Appliances Included: Refrigerator, Range, Washer & Dryer In Each Unit
  • Forced Air Gas Heat & Central Air Conditioning
  • Off-Street Parking For ±3 In Private Driveway Plus Street Parking
  • 0.0689± Acre Lot Zoned Traditional Single Family Development (R-1A)
  • Separately Metered Gas & Electric
  • $19,170 Annual Income & $15,518 Net Operating Income – Offered At 11.5% Cap Rate (Actual 2025)
  • Upside Potential With Below Market Rental Rates
  • $23,940 Pro Forma Annual Income – $20,169 Pro Forma NOI – 14.9% Pro Forma Cap Rate
  • Centrally Located Just 0.4 Miles (±3 Blocks) From Erie High School
  • Near Peach Street Retail/Service Corridor & Multiple Public Bus Routes
  • Tax Abatement Program Available For Capital Improvement Requiring Building Permit
  • Offered At $135,000
Description:

2-Unit, multi-family investment property for sale. 1,710± SF two-story, 2-unit, flat-style building on 0.07± acres with two 3 bedroom, 1 bathroom apartments. Fully occupied. Landlord owned appliances included: refrigerator, range, washer & dryer in each unit. Forced air gas heat & central air conditioning. Off-street parking for ±3 in private driveway plus street parking. Separately metered gas & electric. $19,170 Annual income & $15,518 net operating income (actual 2025) – offered at 11.5% cap rate. Upside potential with below market rental rates. $23,940 Pro forma annual income & $20,169 pro forma NOI, a 14.9% pro forma cap rate. Centrally located just 0.4 miles (3 blocks) from Erie High School, 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. Tax abatement program available for capital improvement projects requiring a building permit. Long-term lower tenant and month-to-month upper tenant offering potential for owner-occupancy. Contact broker for additional details or to schedule a tour.


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

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Documents:
Title
BROCHURE--2-Unit_Multi-Family_3006-2008_Cherry.pdf
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