$795,000
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435 W 10TH Street Erie, PA 16502
Multi-Family
Residence
16
Beds
Baths
11,568
Sq. Ft.
0.31
Acre
Lot
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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. Current average monthly rent is $789 with 6 of 9 te...nants 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.
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MLS#
180947
Property Type
Multi-Family
Bedrooms
16
Year Built
1969
Square Feet
11,568
sq. ft
Lot Size
0.31
Stories
2.0
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