Duplex with Lower-Level
New
For Sale
$248,000
2404 MIDLAND Drive, Erie, PA 16506
ResidentialIncome, Erie, PA
Property Size1,656 SF
Lot Size0.23 Acres
Price / SF$149.76
Days on Market2
Property Features for 2404 MIDLAND Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Parking
6
Lot features
Flat
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
W 26th N. to Midland
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-053-211.0-028.01
Size
1,656 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3192
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1971
Number of units
2
Building materials
AluminumSiding
Roof type
Metal
Architectural style
Other
Listing Agency:
RE/MAX Real Estate Group Erie · RE/MAX International
(814) 833-9801
Listed By:
Shannon Kincade · License #RS303837
(814) 460-4170
Added: Sep 26
Last Checked: Sep 27 at 6:06AM
MLS# 193448
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 1971 duplex contains two two-bedroom residences, with 1,656 square feet of building area on a 0.2273-acre lot. The metal roof and window wells have been updated. One unit has a full basement with washer and dryer, new kitchen cabinets, newer appliances, new flooring, and a new furnace. The other includes finished lower-level space with a separate home office and a washer and dryer. Each residence has separate electric and gas service. The property has aluminum siding, natural gas forced-air heat, and window-unit cooling, with public water and public sewer.
Key Highlights
- Two‑unit property with two bedrooms in each residence
- 1,656 square feet of building area on a 0.2273‑acre lot
- Metal roof and updated window wells
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
$11,375
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
4.59%
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%
$227,500
$227.5K
Cap Rate 7%
$162,500
$162.5K
Cap Rate 9%
$126,389
$126.4K
Market Conditions
NOI Build-Up for 1,656 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
$16.9K $10.20/SF
− Vacancy
−$642 −$0.39/SF
EGI
$16.2K $9.81/SF
− OpEx
−$4.9K −$2.94/SF
NOI
$11.4K $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%
$227,500
Cap Rate 7%
$162,500
Cap Rate 9%
$126,389
Alternative Uses
Best Use
Multifamily LT 5
$162.5K
$142.2K – $189.6K
NOI $11,375 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$145.4K
$127.2K – $169.6K
NOI $10,178 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$410.8K
$359.5K – $479.3K
NOI $28,759 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 16506, PA
23,918
Population
10,309
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
96%
High-School Grad
13.6 sq mi
ZIP Area
1,759
Density / Sq Mi
$84,021
Median Household Income
$47,823
Median Earnings
$1,176
Median Rent
$224,200
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?
Duplex - Both residences have two bedrooms, and the property has separate electric and gas service.
Where is this duplex located?
The property is located at 2404 MIDLAND Drive Erie, PA.
What is the asking price?
The asking price for this property is $248,000.
What are key features of this property?
This property features: Two‑unit property with two bedrooms in each residence; 1,656 square feet of building area on a 0.2273‑acre lot; Metal roof and updated window wells
