324-330 9Th St Erie, PA 16502

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.