Listing Agency: RE/MAX Real Estate Group Erie i***@eriepahomes.com Show Phone

Listed By: Amanda Serafini · License #RS326773 Show Phone

Source: Exprealty

Added: Aug 3 Changed: Oct 10 Last Checked: Oct 12 at 11:00PM

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Investment Insights

Based on property information with market context.

Located at 1334 Nicholson St in Millcreek Township, this triplex contains one 1-bedroom apartment and two 2-bedroom apartments. All three units are occupied, and each includes laundry hookups for tenant use. The property sits on a corner lot with off-street parking for residents and guests.

The location provides access to Peach Street, shopping, restaurants, entertainment, and everyday amenities. Tenants are responsible for electric and gas, while ownership covers water and sewer. The 1,845 property size is associated with a three-unit residential configuration.

Key Highlights

• Three‑unit triplex with all apartments occupied
• Unit mix includes one 1‑bedroom apartment and two 2‑bedroom apartments
• Corner‑lot setting at 1334 Nicholson St

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,673

Cap Rate

3.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$253,460 $253.5K

Cap Rate 7%

$181,043 $181.0K

Cap Rate 9%

$140,811 $140.8K

Market Conditions

NOI Build-Up for 1,845 SF

Gross rent

$18.8K $10.20/SF

− Vacancy

−$715 −$0.39/SF

EGI

$18.1K $9.81/SF

− OpEx

−$5.4K −$2.94/SF

NOI

$12.7K $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%

$253,460

Cap Rate 7%

$181,043

Cap Rate 9%

$140,811

Alternative Uses

Best Use

Multifamily LT 5

$181.0K

$158.4K – $211.2K (±1% cap)

NOI $12,673 @ 7.0% cap · market cap 3.90%

Second Best

Apartment 5plus

$162.0K

$141.7K – $189.0K (±1% cap)

NOI $11,339 @ 7.0% cap · market cap 3.49%

Theoretical Best

Office A

$457.7K

$400.5K – $534.0K (±1% cap)

NOI $32,041 @ 7.0% cap · market cap 9.86%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Real Estate Agency Law Firm Kitchen & Bath Showroom Parking Lot & Garage HVAC Service Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

575

Businesses Nearby

Explore this area Business Placement

Demographics for 16509, PA

28,005

Population

12,900

Households

2.2

Avg Household Size

44

Median Age

37%

College-Educated

95%

High-School Grad

38.2 sq mi

ZIP Area

733

Density / Sq Mi

$68,880

Median Household Income

$41,143

Median Earnings

$1,074

Median Rent

$207,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Fully leased three-unit property with off-street parking and laundry hookups in Millcreek Township.

Where is this triplex located?

The property is located at 1334 Nicholson St Erie, PA.

What is the asking price?

The asking price for this property is $324,900.

What are key features of this property?

This property features: Three‑unit triplex with all apartments occupied; Unit mix includes one 1‑bedroom apartment and two 2‑bedroom apartments; Corner‑lot setting at 1334 Nicholson St