2930 Cherry St - Apartments FOR SALE


Erie, PA 16508- South Suburban Erie
$645,000 USD
814-460-2000
2930 Cherry St, Erie, PA for Sale
$645,000 USD
Apartments - FOR SALE
1/29
null | 8.99% Cap Rate

2930 Cherry St
Erie, PA 16508
South Suburban Erie


HIGHLIGHTS

  • 6-Unit, 3 Property Mixed-Use Investment Package Totaling 6,560± SF
  • Comprised Of 3 Contiguous Parcels Totaling 0.19± Acres With Parking For ±14
  • 1 Commercial Unit & 5 Residential Units - 83% Occupancy With Excellent Rental History
  • $54,615 Annual Income & $42,040 Net Operating Income (2025 Actual)
  • Upside Potential With Below Market Rental Rates
  • $70,053 Pro Forma Annual Income - $57,959 Pro Forma NOI - 9% Pro Forma Cap Rate

OVERVIEW

6-Unit, mixed-use investment package for sale. Comprised of 3 contiguous parcels totaling 0.19± acres with 1 commercial unit & 5 residential rentals. 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. Contact broker for additional details.

FOR SALE DETAILS

PRICE

$645,000 USD

PRICE/SF

$130 USD /SF

# OF UNITS

6

PRICE/UNIT

$107,500

CAP RATE

8.99%

% LEASED

83%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

6-Unit, Mixed-Use Investment Property

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1909

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.19 AC

LAND SF

8,276 SF

ZONING

R1A

APN/PARCEL ID

19-060-044.0-120.00

ASK ABOUT THIS PROPERTY

Sherry BauerSBRE - Sherry Bauer Real Estate ServicesMore Info
814-460-2000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.

Sherry BauerSBRE - Sherry Bauer Real Estate ServicesMore Info
814-460-2000

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.