Fully Occupied
1334 NICHOLSON Street, Erie, PA 16509
For Sale
$305,000
ResidentialIncome, Erie, PA
Property Size1,845 SF
Lot Size0.31 Acres
Price / SF$165.31
Days on Market101
Property Features for 1334 NICHOLSON Street
General Information
Property type
Property subtype
Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Lot features
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Year
Tax Annual Amount
Expense value
Expense
Expense freq.
Utilities
Sewer type
Heating system
Water source
Amenities
laundry hookups
off-street parking
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Architectural style
Listing Agency:
RE/MAX Real Estate Group Erie · RE/MAX International
(814) 833-9801
Listed By:
Amanda Serafini · License PA RS326773
(814) 384-3350
Added: Aug 3
Changed: Oct 30
Last Checked: Nov 11 at 3:06AM
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.
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Investment Insights
Based on property information with market context.
This 1,845-square-foot triplex, built in 1970, contains one one-bedroom apartment and two two-bedroom apartments. All three units are occupied, and each includes laundry hookups. The building has vinyl siding, a composition roof, forced-air heating, and natural gas service. Public water and public sewer serve the property.
Located at 1334 Nicholson Street in Erie, the property occupies a 0.314-acre corner lot with off-street parking for residents and guests. Peach Street is minutes away, providing access to shopping, restaurants, entertainment, and everyday services. Tenants pay electric and gas, while ownership pays water and sewer.
Located at 1334 Nicholson Street in Erie, the property occupies a 0.314-acre corner lot with off-street parking for residents and guests. Peach Street is minutes away, providing access to shopping, restaurants, entertainment, and everyday services. Tenants pay electric and gas, while ownership pays water and sewer.
Key Highlights
- Three occupied apartments: one 1‑bedroom and two 2‑bedroom units
- 1,845 square feet on a 0.314‑acre corner lot
- Off‑street parking for tenants and guests
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,673
Cap Rate
4.16%
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
NOI $12,673 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$162.0K
$141.7K – $189.0K
NOI $11,339 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$457.7K
$400.5K – $534.0K
NOI $32,041 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
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Who owns this building?
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three-apartment property with a one-bedroom and two two-bedroom units, off-street parking, and laundry hookups.
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 $305,000.
What are key features of this property?
This property features: Three occupied apartments: one 1‑bedroom and two 2‑bedroom units; 1,845 square feet on a 0.314‑acre corner lot; Off‑street parking for tenants and guests
