Occupied Two-Unit
1147 W 22nd St, Erie, PA 16502
For Sale
$139,900
Both residences are leased, providing an established rental setup for the next owner.
Property Size1,738 SF
Price / SF$80.49
Days on Market60
Property Features for 1147 W 22nd St
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Asking Price
Gross Income
Gross Rent Multiplier
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Listing Agency:
Glowacki Management Company
(814) 452-3681
Listed By:
Garrett Shames
(814) 806-4180
Source:
Exprealty
Added: Sep 9
Changed: Nov 4
Last Checked: Nov 6 at 9:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Glowacki Management Company
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Investment Insights
Based on property information with market context.
This 1,738-square-foot duplex contains two residential units with a practical layout for rental use. The first-floor residence has 3 bedrooms and 1 bathroom, while the second-floor unit includes 2 bedrooms and 1 bathroom.
Both units are occupied, with leases in place and current occupancy reported at 100%. The property is located on the west side of Erie at 1147 W 22nd St, offering an established two-unit configuration for a residential income property portfolio. The reported gross rent multiple is 7.9x.
Both units are occupied, with leases in place and current occupancy reported at 100%. The property is located on the west side of Erie at 1147 W 22nd St, offering an established two-unit configuration for a residential income property portfolio. The reported gross rent multiple is 7.9x.
Key Highlights
- 1,738‑square‑foot duplex with two residential units
- First‑floor unit offers 3BR/1BA
- Second‑floor unit offers 2BR/1BA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,938
Cap Rate
8.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$238,760
$238.8K
Cap Rate 7%
$170,543
$170.5K
Cap Rate 9%
$132,644
$132.6K
Market Conditions
NOI Build-Up for 1,738 SF
Gross rent
$17.7K $10.20/SF
− Vacancy
−$674 −$0.39/SF
EGI
$17.1K $9.81/SF
− OpEx
−$5.1K −$2.94/SF
NOI
$11.9K $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 Rate 5%
$238,760
Cap Rate 7%
$170,543
Cap Rate 9%
$132,644
Alternative Uses
Best Use
Multifamily LT 5
$170.5K
$149.2K – $199.0K
NOI $11,938 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$152.6K
$133.5K – $178.0K
NOI $10,682 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$431.2K
$377.3K – $503.1K
NOI $30,183 @ 7.0% cap · market cap 21.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
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Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
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Business Placement
Demographics for 16502, PA
15,435
Population
7,811
Households
2
Avg Household Size
34
Median Age
18%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,174
Density / Sq Mi
$34,649
Median Household Income
$27,342
Median Earnings
$831
Median Rent
$90,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Duplexes in Erie, PA
Properties on Market for Duplexes in Erie
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, providing an established rental setup for the next owner.
Where is this duplex located?
The property is located at 1147 W 22nd St Erie, PA.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: 1,738‑square‑foot duplex with two residential units; First‑floor unit offers 3BR/1BA; Second‑floor unit offers 2BR/1BA
