6-Unit, 7,657± SF multi-family investment property. Fully occupied. Generates $59,520 in annual rental income with a NOI of $42,405. Offered at a 9% cap rate with upside potential. Well-maintained 3-story brick building built circa 1899 - known as the Anastasia Mansion. On 0.31± acres with paved off-street parking for ±15. Just 2.5 blocks from Gannon University & in proximity to the Downtown Erie business, arts & entertainment district. Zoned C-2 allowing for multiple uses. The offering is comprised of six 1 bed/1 bath apartments with 1 apartment per level on the 1st, 2nd and lower levels & 3 units on the 3rd floor. The first floor & second floor units are 2,000± SF with private entrances, ornate woodwork & stained glass windows. The third & lower level suites share a side entrance. First floor unit includes in-suite laundry. Shared laundry facilities in basement. Multiple updates: 220 V electric service, wet sprinkler system (lower level), public utilities & landscaped courtyard.
2,560 Sq ft
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Listing information provided courtesy of the Greater Erie Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 4th June, 2023 3:47 AM (UTC)