Mixed-Use Building with Retail
502/506 STATE Street Erie, PA 16501
502/506 STATE Street, Erie, PA, 16501
$1,899,900
For Sale
$1,899,900
MULTI_FAMILY - Other - Erie, PA
Property Size15,948 SF
Lot Size0.15 Acres
Price / SF$119.13
Days on Market108
Property Features for 502/506 STATE Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bathrooms
- 6
- Rooms
- Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 4, Bathroom 3
- Standard status
- Active
- APN
- 17-040-002.0-104.00
- Size
- 15,948 SF
- Lot size
- 0.15 Acres
Taxes and HOA fees
- Tax Year
- 2026
- Tax Annual Amount
- 50431
- Expense value
- 50000
- 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
- 1858
- Floors in Building
- 3
- Building materials
- Brick, Block
- Roof type
- Rubber
- Architectural style
- Other
Listing Agency
Agresti Real Estate
(814) 459-9400
2635 W 26th Street, Erie, PA
Listed by
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Apr 2 Checked: Jul 18 at 11:06 pm
MLS# 190226
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.
Investment Insights
Based on property information with market context.
This mixed-use property is registered in the National Registry of Historic Buildings and was thoughtfully redeveloped in 2021, combining historic character with modern updates. The building totals six units, with two established retail tenants on the first floor. Upper levels include move-in ready space that can support office or residential use, and the property also includes additional square footage that is ready for build-out.
Located in the heart of downtown Erie at 502/506 State Street, the property benefits from direct street-level presence provided by the retail component. It is configured to provide immediate income from the existing first-floor tenants while maintaining flexibility for how the remaining space is operated.
For investors and owner-operators, the current mix of retail and upper-level use offers a practical combination of tenancy and adaptability. The move-in ready condition can support faster occupancy decisions for office or residential applications, and the availability of additional area for build-out allows for expansion of the operating plan over time, subject to applicable approvals and requirements.
Located in the heart of downtown Erie at 502/506 State Street, the property benefits from direct street-level presence provided by the retail component. It is configured to provide immediate income from the existing first-floor tenants while maintaining flexibility for how the remaining space is operated.
For investors and owner-operators, the current mix of retail and upper-level use offers a practical combination of tenancy and adaptability. The move-in ready condition can support faster occupancy decisions for office or residential applications, and the availability of additional area for build-out allows for expansion of the operating plan over time, subject to applicable approvals and requirements.
Key Highlights
- 6‑unit mixed‑use property with two established retail tenants on the first floor
- Redeveloped in 2021 with historic character and modern updates throughout
- Registered in the National Registry of Historic Buildings
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $287.1k | $18.00 |
| − Vacancy | −$28.7k | −$1.80 |
| EGI | $258.4k | $16.20 |
| − OpEx | −$96.9k | −$6.07 |
| NOI | $161.5k | $10.13 |
15,948 SF · lease $18.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Retail
$2.57M
$2.25M – $3.00M
NOI $179,846 @ 7.0% cap · market cap 9.47%
Second Best
Mixed Use
$2.31M
$2.02M – $2.69M
NOI $161,474 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $276,959 @ 7.0% cap · market cap 14.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Downtown Erie mixed-use building with two first-floor retail tenants and move-in ready upper-level space for office or residential use.
Where is this mixed-use property located?
The property is located at 502/506 STATE Street Erie, PA.
What is the asking price?
The asking price for this property is $1,899,900.
What are key features of this property?
This property features: 6‑unit mixed‑use property with two established retail tenants on the first floor; Redeveloped in 2021 with historic character and modern updates throughout; Registered in the National Registry of Historic Buildings
