Occupied Triplex on Corner
For Sale
$334,900
1334 Nicholson St, Erie, PA 16509
Fully leased three-unit property with off-street parking and laundry hookups in Millcreek Township.
Property Size1,845 SF
Price / SF$181.52
Days on Market28
Property Features for 1334 Nicholson St
General Information
Standard status
Active
Size
1,845 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,834
Listing Agency:
RE/MAX Real Estate Group Erie
(814) 384-3350
Listed By:
Amanda Serafini · License #RS326773
(814) 384-3350
Source:
Exprealty
Added: Aug 3
Changed: Aug 23
Last Checked: Aug 29 at 12:02PM
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 RE/MAX Real Estate Group Erie
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.
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 = 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
$12,673
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
3.78%
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%
$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
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
$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 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%
$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
NOI $12,673 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$162.0K
$141.7K – $189.0K
NOI $11,339 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$457.7K
$400.5K – $534.0K
NOI $32,041 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $334,900.
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
