Updated Two-Unit
For Sale
$119,000
914 HESS Avenue, Erie, PA 16503
ResidentialIncome, Erie, PA
Property Size1,496 SF
Lot Size0.07 Acres
Price / SF$79.55
Days on Market230
Property Features for 914 HESS Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Lot features
Flat
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Start at 12th St & State St and head east on E 12th St, Continue east until you reach Hess Ave,Turn right onto Hess Ave house will be on your left
Subdivision
1 - Erie Northeast
Standard status
Active
APN
15-020-049.0-103.00
Size
1,496 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1209
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
1912
Floors in Building
2
Number of units
2
Building materials
VinylSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Bob List · License #RS367057
(814) 504-8087
Added: Jan 16
Changed: Sep 3
Last Checked: Sep 3 at 11:06AM
MLS# 189336
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 1,496-square-foot duplex contains two independent units, each configured with two bedrooms and a bathroom. The property was built in 1912 and features vinyl siding, asphalt roofing, forced-air natural gas heat, public water, and public sewer. A roof replacement completed within the last year and newer siding are documented improvements.
Located at 914 Hess Avenue in Erie, Pennsylvania, the property occupies a 0.0669-acre lot. The separate-unit layout supports either full rental use or an owner-occupancy arrangement with an additional residential unit on site.
Located at 914 Hess Avenue in Erie, Pennsylvania, the property occupies a 0.0669-acre lot. The separate-unit layout supports either full rental use or an owner-occupancy arrangement with an additional residential unit on site.
Key Highlights
- Two‑unit duplex with 1,496 square feet of total property size
- Each unit includes 2 bedrooms
- Roof installed within the last year
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
$10,276
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
8.64%
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%
$205,520
$205.5K
Cap Rate 7%
$146,800
$146.8K
Cap Rate 9%
$114,178
$114.2K
Market Conditions
NOI Build-Up for 1,496 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
$15.3K $10.20/SF
− Vacancy
−$580 −$0.39/SF
EGI
$14.7K $9.81/SF
− OpEx
−$4.4K −$2.94/SF
NOI
$10.3K $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%
$205,520
Cap Rate 7%
$146,800
Cap Rate 9%
$114,178
Alternative Uses
Best Use
Multifamily LT 5
$146.8K
$128.5K – $171.3K
NOI $10,276 @ 7.0% cap · market cap 8.64%
Second Best
Apartment 5plus
$131.3K
$114.9K – $153.2K
NOI $9,194 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$371.1K
$324.8K – $433.0K
NOI $25,980 @ 7.0% cap · market cap 21.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 16503, PA
15,328
Population
6,375
Households
2.4
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
2.4 sq mi
ZIP Area
6,387
Density / Sq Mi
$29,108
Median Household Income
$25,679
Median Earnings
$837
Median Rent
$55,400
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 separate residences offer a flexible combination of rental use and owner occupancy.
Where is this duplex located?
The property is located at 914 HESS Avenue Erie, PA.
What is the asking price?
The asking price for this property is $119,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,496 square feet of total property size; Each unit includes 2 bedrooms; Roof installed within the last year
