Brick Duplex with Detached
For Sale
$219,900
102 E 38TH Street, Erie, PA 16504
ResidentialIncome, Erie, PA
Property Size2,548 SF
Lot Size0.14 Acres
Price / SF$86.30
Days on Market49
Property Features for 102 E 38TH Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4
Parking
4
Parking features
Garage
Lot features
Mineral Rights, Sloped
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
Across from VA Hospital to corner of East 38th and French Street - garage is at north corner of property
Subdivision
4 - Erie Southeast
Standard status
Active
APN
18-053-055.0-122.00
Size
2,548 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4355
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
fenced in back yard
treated deck
decorative fireplace
washer dryers in basement
cedar closet
Building Details
Year built
1950
Number of units
2
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Weichert Realtors - The Pro Group
(814) 825-7761
Listed By:
Sherri Heasley · License #RM048781A
(814) 449-7263
Added: Jul 20
Changed: Sep 6
Last Checked: Sep 6 at 9:06AM
MLS# 192152
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 2,548-square-foot brick duplex was built in 1950 and includes two residential units with two kitchens, two bathrooms, and four bedrooms. The property features a detached two-car garage, a fenced rear yard, and a treated deck. Interior improvements include new windows, newer hot water tanks, updated electrical panels from 1995, a newer garage door opener, and a decorative fireplace. Washer and dryer hookups, a cedar closet, and kitchen appliances are included.
Located at 102 E 38TH Street in Erie, the property is served by public water and public sewer. Heating is provided by forced-air natural gas, and the roof is composition. Existing leases run through May 31, 2027, providing an established occupancy profile for the two-unit asset.
Located at 102 E 38TH Street in Erie, the property is served by public water and public sewer. Heating is provided by forced-air natural gas, and the roof is composition. Existing leases run through May 31, 2027, providing an established occupancy profile for the two-unit asset.
Key Highlights
- 2,548‑square‑foot brick duplex built in 1950
- Two‑car detached garage with newer garage door opener
- Leases expire May 31, 2027
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
$17,501
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
7.96%
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%
$350,020
$350.0K
Cap Rate 7%
$250,014
$250.0K
Cap Rate 9%
$194,456
$194.5K
Market Conditions
NOI Build-Up for 2,548 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
$26.0K $10.20/SF
− Vacancy
−$988 −$0.39/SF
EGI
$25.0K $9.81/SF
− OpEx
−$7.5K −$2.94/SF
NOI
$17.5K $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%
$350,020
Cap Rate 7%
$250,014
Cap Rate 9%
$194,456
Alternative Uses
Best Use
Multifamily LT 5
$250.0K
$218.8K – $291.7K
NOI $17,501 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$223.7K
$195.8K – $261.0K
NOI $15,660 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$632.1K
$553.1K – $737.5K
NOI $44,250 @ 7.0% cap · market cap 20.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 16504, PA
16,135
Population
7,038
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
91%
High-School Grad
2.8 sq mi
ZIP Area
5,763
Density / Sq Mi
$51,988
Median Household Income
$34,362
Median Earnings
$966
Median Rent
$109,600
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?
Duplex - Two-unit property with leased occupants, updated windows, and basement laundry facilities.
Where is this duplex located?
The property is located at 102 E 38TH Street Erie, PA.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 2,548‑square‑foot brick duplex built in 1950; Two‑car detached garage with newer garage door opener; Leases expire May 31, 2027
