Three-Unit Mixed-Use
For Sale
$299,000
994 MARKET Street, Meadville, PA 16335
ResidentialIncome, Meadville, PA
Property Size3,136 SF
Price / SF$95.34
Days on Market89
Property Features for 994 MARKET Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
MU
Bedrooms
2
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 2, Bathroom 4, Bathroom 2
Elementary school district
Crawford Central
Middle school district
Crawford Central
High school district
Crawford Central
Directions
Head south on Diamond Park, veer right onto Chestnut St for 0.1 miles. Finally, turn left onto Market St and the destination will be on your right
Subdivision
19 - Meadville City
Standard status
Active
APN
3600-021-E-3
Size
3,136 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3892
Expense value
10000
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
1900
Floors in Building
2
Number of units
3
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
RE/MAX Hometown Realty · RE/MAX International
(814) 333-1141
Listed By:
Donald Buchanan · License #RS374494
(814) 795-8006
Added: Jun 2
Changed: Aug 28
Last Checked: Aug 29 at 2:06AM
MLS# 191258
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 3,136-square-foot mixed-use property contains three units: a first-floor restaurant and two renovated apartments on the levels above. The restaurant includes select commercial kitchen equipment, while the residential units feature updated layouts and finishes. The building dates to 1900 and has brick construction, a rubber roof, natural gas and forced-air heat, and window-unit cooling.
Located at 994 Market Street in downtown Meadville, the property benefits from a central setting with access to public water and public sewer. A liquor license is also available. The asset is fully leased, combining commercial and residential occupancy within one building.
Located at 994 Market Street in downtown Meadville, the property benefits from a central setting with access to public water and public sewer. A liquor license is also available. The asset is fully leased, combining commercial and residential occupancy within one building.
Key Highlights
- 3,136‑square‑foot mixed‑use property with 3 units
- First‑floor restaurant plus 2 renovated apartments
- Select commercial kitchen equipment included
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
$24,058
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
8.05%
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%
$481,160
$481.2K
Cap Rate 7%
$343,686
$343.7K
Cap Rate 9%
$267,311
$267.3K
Market Conditions
NOI Build-Up for 3,136 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
$46.3K $14.76/SF
− Vacancy
−$2.5K −$0.81/SF
EGI
$43.7K $13.95/SF
− OpEx
−$19.7K −$6.28/SF
NOI
$24.1K $7.67/SF
Area
Crawford County, PA
Vacancy
5.50%
Lease Rate
$14.76 /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%
$481,160
Cap Rate 7%
$343,686
Cap Rate 9%
$267,311
Alternative Uses
Best Use
Specialty Retail
$698.5K
$611.2K – $814.9K
NOI $48,894 @ 7.0% cap · market cap 16.35%
Second Best
Apartment 5plus
$343.7K
$300.7K – $401.0K
NOI $24,058 @ 7.0% cap · market cap 8.05%
Theoretical Best
Office A
$778.0K
$680.8K – $907.7K
NOI $54,461 @ 7.0% cap · market cap 18.21%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,473
Businesses Nearby
Explore this area
Business Placement
Demographics for 16335, PA
27,452
Population
12,547
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
240
Density / Sq Mi
$58,531
Median Household Income
$32,692
Median Earnings
$892
Median Rent
$149,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased building combines a restaurant space with two renovated apartments.
Where is this mixed-use property located?
The property is located at 994 MARKET Street Meadville, PA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 3,136‑square‑foot mixed‑use property with 3 units; First‑floor restaurant plus 2 renovated apartments; Select commercial kitchen equipment included
