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9-Unit Investment Opportunity

$795,000

435 W. 10th Street, Erie, PA 16502

Active
Last Updated: 12/04/2024

9.57

Cap Rate

76,068

NOI

Details:
Cap Rate:    9.57%
NOI:    $76,068
Building Size:    11,568 sqft
Lot Area:    0.313 acres
Occupancy:    100%
Units:    9
Year Built:    1969
Floors:    2
Parking Spots:    16
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.

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