9-Unit Investment Opportunity
$795,000
435 W. 10th Street, Erie, PA 16502
9.57
Cap Rate
76,068
NOI
Details:
Highlights:
- 11,568± SF Mixed-Use Commercial Investment Building
- 8 Two Bedroom, 1 Bathroom Apartments & 1,088± SF Office
- 7,712± SF Above Grade Area Consists Of Eight 964± SF Apartments
- Apartment Layout: Living Room, Kitchen/Dining Area, 2 Bedrooms & Full Bathroom
- Apartments Include Range, Refrigerator & Dishwasher
- 1,088± SF Finished Lower Level Office: 3 Offices, Conference Room, Open Office Area & Restroom
- 2,768± SF Lower Level Basement: 6 Tenant Storage Bins, Utility Room & Laundry Room
- Landlord Pays Gas, Water, Sewer & Trash
- 6 Of 9 Tenants Pay Separately Metered Electric
- Built In 1969 On 0.3133± Acres 16 Car Paved Parking Lot
- Public Utilities, Gas Forced Air Heat & Central Air Conditioning
- Zoned RLB, Residential Limited Business
- $88,320 Total Annual Rental Income – $64,188 Net Operating Income
- Upside Potential – Average Rent $789/Month
- $100,200 Pro-Forma Annual Income – $76,068 Pro-Forma NOI
- Offered At $795,000 – 8.10% Cap Rate – 9.57% Pro-Forma Cap Rate
Description:
11,568± SF mixed-use commercial investment opportunity featuring 8 two bedroom, 1 bathroom apartments & 1,088± SF office. 7,712± SF above grade area consists of eight 964± SF apartments: living room, kitchen/dining area, 2 bedrooms & full bathroom. Each apartment includes a range, refrigerator & dishwasher. Current average monthly rent is $789 with 6 of 9 tenants paying separately metered electric. Landlord pays gas, water, sewer & trash. 1,088± SF finished lower level office: 3 offices, conference room, open office area & restroom. 2,768± SF lower level basement: 6 tenant storage bins, utility room & laundry room. Built in 1969 on 0.3133± acres zoned RLB, Residential Limited Business. 16 car paved parking lot. Public utilities, gas forced air heat & central air conditioning. $88,320 Total Annual Rental Income. $64,188 Net operating income. Upside potential with below market rents – $788/month average rent. $100,200 pro-forma annual income. $76,068 Pro-forma net operating income. Offered at $795,000 – 8.10% cap rate – 9.57% pro-forma cap rate. Contact broker for additional information or to schedule a tour.
Cherry Street To W. 10th Street. South Side Of Street Between Walnut & Chestnut Streets.
Documents:
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Sale_Brochure.pdf |
Location

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