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    315 Parade St Erie, PA 16507

    View on Map
    Sponsored
    For Sale
    $150,000

    MULTI_FAMILY - Erie, PA

    Property size:
    2,310 SF
    Lot size:
    0.10 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 10 at 6:06 pm

    Property Features for 315 Parade St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 3
    Bedrooms
    4
    APN
    14-010-015.0-123.00
    Size
    2,310 SF
    Lot size
    0.10 Acres

    Taxes and HOA fees

    Expense value
    5000
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Number of units
    2
    Building materials
    VinylSiding
    Roof type
    Composition

    We can help!

    Listing Contact
    Lisa Rubino
    Lisa Rubino

    RE/MAX Real Estate Group (814) 833-9801

    Listing agent Lisa Rubino (814) 572-2020 License #AB068491

    Listing date Mar 10, 2026

    MLS# 189900 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Well-Kept Two-Unit Property

    This is an extremely well-kept two-unit property. The first floor unit is fully furnished, including a washer and dryer, one bedroom, a bonus room, and access to a covered rear deck. The second floor unit is nicely remodeled and features a grand-sized living room, an updated oak kitchen with a dishwasher, stackable laundry hook-ups, a bedroom with a double closet, a full bath with a newer shower, and a dedicated office area with built-ins on the main level. The second floor of the upper unit features vaulted ceilings and a skylight, with the possibility of two additional bedrooms. The entire building has updated vinyl siding and replacement windows throughout. Each apartment has access to a rear deck. There are three newer HVAC units, all with central air conditioning, two new hot water tanks, and updated separated electric services. Two storage sheds and a full, clean, dry basement with a newer concrete floor provide ample storage. Additional features include off-street parking and a fenced yard. The property is located close to Hamot and Erie Insurance, with neighborhood revitalization taking place. The lot size is 0.1045 acres, and the property size is 2310 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Erie
    State
    Pennsylvania
    Longitude
    -80.077889
    Latitude
    42.135172

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    FAQs

    What type of property is this?
    Duplex - Updated two-unit property with modern amenities and convenient location.
    Where is this duplex located?
    The property is located at 315 Parade St Erie, PA.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: - Two units: One fully furnished, the other remodeled, offering immediate rental income or multi-generational living.; - Updated and efficient: Features 3 newer HVAC units with central AC, 2 new hot water tanks, updated separated electric services, replacement windows, and vinyl siding.; - Ample storage: Includes two storage sheds and a full, clean, dry basement with a newer concrete floor.
    (814) 572-2020
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    315 Parade St Erie, PA 16507
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    315 Parade St Erie, PA 16507
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    We can help!
    Listing Contact
    Lisa Rubino
    Lisa Rubino
    Real Estate License ID: AB068491
    (814) 572-2020 (814) 833-9801
    Learn more
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