Three-Unit Triplex with Separate
For Sale
$299,900
10576 & 10578 E WASHINGTON Street, Albion, PA 16401
ResidentialIncome, Albion, PA
Property Size2,908 SF
Lot Size0.40 Acres
Price / SF$103.13
Days on Market296
Property Features for 10576 & 10578 E WASHINGTON Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 3, Bathroom 1, Bathroom 2, Bedroom 6, Bedroom 4
Parking
6
Lot features
Level, Mineral Rights
Elementary school district
Northwestern
Middle school district
Northwestern
High school district
Northwestern
Directions
6N (E State St.) to North on Thorton to Right on E. Washington to 10576 and 10578 E. Washington St. Albion, PA 16401
Subdivision
10 - Elk Crk/Conn/Albion/Platea/Springfield
Standard status
Active
APN
04-008-055.0-003.00
Size
2,908 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2676
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Number of units
3
Building materials
Brick, VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Select - Edinboro · Coldwell Banker Real Estate
(814) 734-1144
Listed By:
Mark Hutchison · License #RS120117A
(814) 450-3389
Added: Nov 18, 2025
Changed: Sep 4
Last Checked: Sep 10 at 8:06PM
MLS# 188874
Copyright © 2026 Greater Erie Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential property combines a duplex with a separate one-story home across 2,908 square feet of improvements. The buildings date to 1950 and feature brick and vinyl siding, composition roofing, natural-gas forced-air heating, public water, and public sewer. The property includes bedrooms and three bathrooms across the unit configuration.
Set on 0.4017 acres at 10576 & 10578 E Washington Street in Albion, Pennsylvania, the site provides off-street parking. Tenants are responsible for all utilities, supporting a straightforward operating arrangement for the owner.
Set on 0.4017 acres at 10576 & 10578 E Washington Street in Albion, Pennsylvania, the site provides off-street parking. Tenants are responsible for all utilities, supporting a straightforward operating arrangement for the owner.
Key Highlights
- Three‑unit configuration includes a duplex and separate one‑story home
- 2,908 square feet of improvements on 0.4017 acres
- Off‑street parking included on the property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,974
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$399,480
$399.5K
Cap Rate 7%
$285,343
$285.3K
Cap Rate 9%
$221,933
$221.9K
Market Conditions
NOI Build-Up for 2,908 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.7K $10.20/SF
− Vacancy
−$1.1K −$0.39/SF
EGI
$28.5K $9.81/SF
− OpEx
−$8.6K −$2.94/SF
NOI
$20.0K $6.87/SF
Area
Erie County, PA
Vacancy
3.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$399,480
Cap Rate 7%
$285,343
Cap Rate 9%
$221,933
Alternative Uses
Best Use
Multifamily LT 5
$285.3K
$249.7K – $332.9K
NOI $19,974 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$255.3K
$223.4K – $297.9K
NOI $17,872 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$721.4K
$631.3K – $841.7K
NOI $50,501 @ 7.0% cap · market cap 16.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 16401, PA
4,209
Population
1,767
Households
2.4
Avg Household Size
44
Median Age
17%
College-Educated
92%
High-School Grad
55.6 sq mi
ZIP Area
76
Density / Sq Mi
$67,976
Median Household Income
$41,571
Median Earnings
$636
Median Rent
$152,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Brick and vinyl-sided improvements offer natural-gas forced-air heating, off-street parking, and public utilities.
Where is this triplex located?
The property is located at 10576 & 10578 E WASHINGTON Street Albion, PA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Three‑unit configuration includes a duplex and separate one‑story home; 2,908 square feet of improvements on 0.4017 acres; Off‑street parking included on the property
