For Sale
$1,175,000

324-330 9Th StErie, PA 16502

16-Unit Apartment Building, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a stabilized, 16-unit apartment building located at 324-330 W 9th St, Erie, PA 16502. The property, known as The Magnolia, boasts a strong 8.60% cap rate and a pro-forma cap rate of 9.45%, reflecting significant upside potential. The two, three-story buildings, constructed in 1888 and extensively renovated in 2023-2024, sit on a 16,832 sq ft lot and encompass a total of 25,078 square feet. Currently operating at 100% occupancy (as of October 7, 2024), the property generates a substantial NOI of $101,091.36, with a pro-forma NOI of $110,991.36. All 16 units are currently rented, with most tenants on 12-month leases, providing a stable income stream. Tenants benefit from included water, sewer, garbage, and lawn care services. The property features nine off-street parking spaces and a convenient digital laundry facility in the basement. The property is zoned R3 and offers significant potential for rent increases given its prime location near Gannon University, UPMC Hamot, State Street, Erie Insurance, Saint Vincent Hospital, Lake Erie, and major bus routes. All leases are transferable to the new owner. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Erie location. The property's strong financials, high occupancy, and recent renovations make it an attractive investment for both seasoned and emerging investors. The APN is 16-030-020.0-235.00.

Highlights

  • $1,175,000 asking price for a stabilized, 16-unit apartment building in Erie, PA.
  • 8.60% current cap rate, 9.45% pro-forma cap rate.
  • 100% occupancy with a 10/7/2024 occupancy date.
  • $101,091.36 current NOI, $110,991.36 pro-forma NOI.
  • Recently renovated (2023-2024) 2-building, 3-story Class B property with 25,078 square feet.
  • Located at 324-330 W 9th St, Erie, PA 16502, on a 16,832 sq ft lot with R3 zoning.

Property Details for 324-330 9Th St

Property type
Apartment buildings
Square Feet
25,078 SF
Class
B
Year Built/Renovated
1888/2023
Buildings
2
Stories
3
Units
16

Location Insight

City
Erie
County
Erie
State
Pennsylvania
Latitude
42.124077
Longitude
-80.0905609
324-330 9Th St, Erie, Pennsylvania

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324-330 9Th St
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