2930 Cherry Street
- 6-Unit, 3 Property Mixed-Use Investment Package
- Comprised Of 3 Contiguous Parcels Totaling 0.19± Acres
- 6,560± SF – 1 Commercial Unit & 5 Residential Units
- 67% Occupancy – Excellent Rental History
- $54,615 Annual Income & $42,040 Net Operating Income (2025 Actual)
- Upside Potential With Below Market Rental Rates
- 911± SF First Floor Commercial Space – Vacant After Long-Term Tenancy
- 1 Bedroom, 1 Bathroom Apartment – Vacated 5/30/26 After 4-Year Tenancy – For Lease At $725/Month + Electric + Trash
- 2 Bedroom, 1 Bathroom Apartment – Occupied
- Two 3 Bedroom, 1 Bathroom Apartments – Occupied
- 3 Bedroom, 1 Bathroom Single Family Residence – Occupied
- ±14 Off-Street Parking Spaces In Shared Parking Lot & Driveways Plus Street Parking
- Separately Metered Gas & Electric
- Zoned Traditional Single Family Development (R-1A)
- Centrally Located Just 0.4 Miles (±3 Blocks) From Erie High School
- Near Peach Street Retail/Service Corridor & Multiple Public Bus Routes
- $70,053 Pro Forma Annual Income – $57,942 Pro Forma NOI
- Offered At $495,000 – 8.5% Actual Cap Rate (2025) – 11.7% Pro Forma Cap Rate
Property Description
6-Unit, mixed-use investment package for sale. Comprised of 3 contiguous parcels totaling 0.19± acres. Total of 6,560± SF with 1 commercial unit & 5 residential rentals. 67% occupancy with excellent income history. $54,615 annual income & $42,040 net operating income based on 2025; offered at $495,000 – 8.5% actual cap rate. 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 - $57,942 pro forma NOI – 11.7% pro forma cap rate. Tax abatement program available for capital improvement projects requiring a building permit. Contact broker for additional details or to schedule a tour.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $495,000 |
| No. of Units: | 6 |
| Year Built: | 1909 |
| Lot Size: | 0.19 Acres |
| Opportunity Zone: | No |
| Price per unit: | $82,500 |
| Property Website | Click Here |
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