Occupied Triplex with
For Sale
$334,900
1334 NICHOLSON Street, Erie, PA 16509
MULTI_FAMILY - Other - Erie, PA
Property Size1,845 SF
Lot Size0.31 Acres
Price / SF$181.52
Days on Market10
Property Features for 1334 NICHOLSON Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bathroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Parking
6
Lot features
Corner Lot, Irregular Lot, Rolling Slope
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
South on Peach from 38th, turn R (West) on Nicholson, house on right.
Subdivision
6 - Millcreek S of W26
Standard status
Active
APN
33-100-440.0-010.00
Size
1,845 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3834
Expense value
7500
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
laundry hookups
Building Details
Year built
1970
Floors in Building
2
Number of units
3
Building materials
VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX Real Estate Group Erie · RE/MAX International
(814) 833-9801
Listed By:
Amanda Serafini · License #RS326773
(814) 384-3350
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 12 at 9:06AM
MLS# 192418
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 1,845-square-foot triplex contains three residential units: one one-bedroom apartment and two two-bedroom apartments. All units are occupied, and each includes laundry hookups. The property sits on a 0.314-acre corner lot with off-street parking for residents and guests. Construction includes vinyl siding, a composition roof, natural-gas forced-air heat, public water, and public sewer. Built in 1970, the building provides a defined unit mix within a compact multifamily property.
Located at 1334 NICHOLSON Street in Erie, Pennsylvania, the property is in Millcreek Township and offers access to Peach Street, with shopping, restaurants, entertainment, and everyday amenities nearby. Tenants pay electric and gas, while the owner covers water and sewer.
Located at 1334 NICHOLSON Street in Erie, Pennsylvania, the property is in Millcreek Township and offers access to Peach Street, with shopping, restaurants, entertainment, and everyday amenities nearby. Tenants pay electric and gas, while the owner covers water and sewer.
Key Highlights
- Three‑unit triplex with one 1‑bedroom apartment and two 2‑bedroom apartments
- All units occupied; laundry hookups provided in each unit
- 1,845 square feet on a 0.314‑acre corner lot
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
Lease Details
3
Residential units
100%
Occupancy
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
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Frequently Asked Questions
What type of property is this?
Triplex - Corner-lot property includes one one-bedroom unit and two two-bedroom units.
Where is this triplex located?
The property is located at 1334 NICHOLSON Street 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 one 1‑bedroom apartment and two 2‑bedroom apartments; All units occupied; laundry hookups provided in each unit; 1,845 square feet on a 0.314‑acre corner lot
