Updated Two-Unit Duplex With Metal
For Sale
$149,000
5 W PEARL Street, Albion, PA 16401
ResidentialIncome, Albion, PA
Property Size2,058 SF
Price / SF$72.40
Days on Market87
Property Features for 5 W PEARL Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Lot features
Corner Lot
Elementary school district
Northwestern
Middle school district
Northwestern
High school district
Northwestern
Directions
From the light in Albion, North on N Main to the NW corner of W Pearl and N Main. Property is on the NW corner.
Subdivision
10 - Elk Crk/Conn/Albion/Platea/Springfield
Standard status
Active
APN
01-001-014.0-009.00
Size
2,058 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2797
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
kitchen appliances
stackable washer dryer
sunroom
washer dryer
garage
basement
off street parking
large yard
Building Details
Year built
1910
Number of units
2
Building materials
Frame
Roof type
Metal
Architectural style
Other
Listing Agency:
Pennington Lines RE Girard
(814) 774-2622
Listed By:
Rebecca Hosack · License #RS213786L
(814) 572-3523
Added: May 29
Changed: Aug 19
Last Checked: Aug 23 at 9:06AM
MLS# 191199
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.
Located at 5 W Pearl Street, Albion, PA 16401, this updated two-unit duplex is designed for owner occupancy with rental income from the second unit. The property was updated and remodeled within the last four years and is currently 100% occupied by long-term tenants.
Unit #7 is a single-story 1-bedroom with kitchen appliances and a stackable washer/dryer. Many windows have been replaced, and the unit features a large sunroom facing the yard. Unit #5 is a two-story 2-bedroom with kitchen appliances and a washer/dryer. A fireplace is present in this unit but has been disabled by the seller. Unit #5 also provides access to the garage and basement.
The duplex sits on a large yard and includes off-street parking for both units. The building is of frame construction, built in 1910, with forced-air heating using natural gas. Public water and public sewer serve the property, and the roof is metal.
Unit #7 is a single-story 1-bedroom with kitchen appliances and a stackable washer/dryer. Many windows have been replaced, and the unit features a large sunroom facing the yard. Unit #5 is a two-story 2-bedroom with kitchen appliances and a washer/dryer. A fireplace is present in this unit but has been disabled by the seller. Unit #5 also provides access to the garage and basement.
The duplex sits on a large yard and includes off-street parking for both units. The building is of frame construction, built in 1910, with forced-air heating using natural gas. Public water and public sewer serve the property, and the roof is metal.
Key Highlights
- 100% occupied by long‑term tenants, with two separate units
- Updated and remodeled in the last four years
- Unit #7: single‑story 1BR with kitchen appliances and stackable washer/dryer
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
$12,648
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
8.49%
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%
$252,960
$253.0K
Cap Rate 7%
$180,686
$180.7K
Cap Rate 9%
$140,533
$140.5K
Market Conditions
NOI Build-Up for 2,058 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
$24.0K $11.64/SF
− Vacancy
−$958 −$0.47/SF
EGI
$23.0K $11.17/SF
− OpEx
−$10.3K −$5.03/SF
NOI
$12.6K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$252,960
Cap Rate 7%
$180,686
Cap Rate 9%
$140,533
Alternative Uses
Best Use
Multifamily LT 5
$201.9K
$176.7K – $235.6K
NOI $14,136 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$180.7K
$158.1K – $210.8K
NOI $12,648 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$510.6K
$446.8K – $595.7K
NOI $35,740 @ 7.0% cap · market cap 23.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
136
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
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 - Two-unit duplex with metal roof, updated in last four years, and 100% occupancy by long-term tenants.
Where is this duplex located?
The property is located at 5 W PEARL Street Albion, PA.
What is the asking price?
The asking price for this property is $149,000.
What are key features of this property?
This property features: 100% occupied by long‑term tenants, with two separate units; Updated and remodeled in the last four years; Unit #7: single‑story 1BR with kitchen appliances and stackable washer/dryer
