9-Unit Investment Opportunity | 435 W 10th St
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9-Unit Investment Opportunity 435 W 10th St
8 Unit Apartment Building $795,000 ($99,375/Unit) 9.57% Cap Rate Erie, PA 16502
Investment Highlights
- 11,568± SF 9-Unit, Mixed-Use Commercial Investment Opportunity
- Built In 1969 On 0.3133± Acres 16 Car Paved Parking Lot
- $100,200 Pro-Forma Annual Income – $76,068 Pro-Forma NOI
- 8 Two Bedroom, 1 Bathroom Apartments & 1,088± SF Office
- $88,320 Total Annual Rental Income – $64,188 Net Operating Income
- Offered At $795,000 – 8.10% Cap Rate – 9.57% Pro-Forma Cap Rate
Executive Summary
11,568± SF 9-unit 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.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $795,000 | Building Class | B |
| Price Per Unit | $99,375 | Lot Size | 0.31 AC |
| Sale Type | Investment | Building Size | 11,568 SF |
| Cap Rate | 9.57% | No. Stories | 2 |
| No. Units | 8 | Year Built | 1969 |
| Property Type | Multifamily | Parking Ratio | 1.38/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $795,000 |
| Price Per Unit | $99,375 |
| Sale Type | Investment |
| Cap Rate | 9.57% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.31 AC |
| Building Size | 11,568 SF |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 1.38/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Dishwasher
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Dining Room
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
1 of 1
Walk Score ®
Very Walkable (76)
PROPERTY TAXES
| Parcel Number | 16-030-024.0-214.00 | Total Assessment | $248,700 |
| Land Assessment | $27,300 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $221,400 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
16-030-024.0-214.00
Land Assessment
$27,300
Improvements Assessment
$221,400
Total Assessment
$248,700
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2024
zoning
| Zoning Code | RLB (Zoned RLB, Residential Limited Business) |
| RLB (Zoned RLB, Residential Limited Business) |
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9-Unit Investment Opportunity | 435 W 10th St
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