Occupied Two-Unit
For Sale
$139,900
1147 W 22nd St, Erie, PA 16502
Both residences are leased, providing an established rental setup for the next owner.
Property Size1,738 SF
Price / SF$80.49
Days on Market14
Property Features for 1147 W 22nd St
General Information
Standard status
Active
Size
1,738 SF
Property subtype
Residential Income
Occupancy
100%
Financials
Asking Price
$139,900
Gross Income
$17,640
Gross Rent Multiplier
7.9
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,025
Listing Agency:
Glowacki Management Company
(814) 452-3681
Listed By:
Garrett Shames
(814) 806-4180
Source:
Exprealty
Added: Sep 9
Changed: Sep 21
Last Checked: Sep 21 at 2:31PM
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
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 = 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
$11,938
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
8.53%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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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
