Two-Unit Duplex with Separate
New
For Sale
$134,900
1809 MYRTLE Street, Erie, PA 16502
ResidentialIncome, Erie, PA
Property Size1,842 SF
Lot Size0.05 Acres
Price / SF$73.24
Days on Market7
Property Features for 1809 MYRTLE Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RLB
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4
Lot features
Flat
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
From W 18th St, turn south onto Myrtle St, house on east side of road.
Subdivision
2 - Erie Northwest
Standard status
Active
APN
19-060-005.0-222.00
Size
1,842 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2094
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1903
Number of units
2
Building materials
Stone, VinylSiding
Roof type
Composition, Asphalt
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Bear Desanctis · License #RS359252
(814) 480-9015
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 7 at 4:06PM
MLS# 193022
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 1,842-square-foot duplex, built in 1903, contains two separate apartments. The first-floor unit at 1809 Myrtle includes three bedrooms and one full bathroom, while the second-floor unit at 1807 Myrtle offers two bedrooms and one full bathroom. Both apartments are vacant and have access to basement laundry hookups.
Recent work includes a partial roof replacement in 2026, vinyl siding installed in 2025, updated plumbing, and fresh interior paint. Separate electric, gas, and water meters serve each unit, allowing utilities to be assigned independently. The property has forced-air natural gas heat, central air, public water, and public sewer. Stone and vinyl siding contribute to the building’s exterior construction.
Recent work includes a partial roof replacement in 2026, vinyl siding installed in 2025, updated plumbing, and fresh interior paint. Separate electric, gas, and water meters serve each unit, allowing utilities to be assigned independently. The property has forced-air natural gas heat, central air, public water, and public sewer. Stone and vinyl siding contribute to the building’s exterior construction.
Key Highlights
- Two apartments totaling 1,842 square feet
- First‑floor 3‑bedroom, 1‑bath unit and second‑floor 2‑bedroom, 1‑bath unit
- Separate electric, gas, and water meters for each apartment
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
$11,321
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
8.39%
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%
$226,420
$226.4K
Cap Rate 7%
$161,729
$161.7K
Cap Rate 9%
$125,789
$125.8K
Market Conditions
NOI Build-Up for 1,842 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
$21.4K $11.64/SF
− Vacancy
−$858 −$0.47/SF
EGI
$20.6K $11.17/SF
− OpEx
−$9.3K −$5.03/SF
NOI
$11.3K $6.15/SF
Area
Erie County, PA
Vacancy
4.00%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$226,420
Cap Rate 7%
$161,729
Cap Rate 9%
$125,789
Alternative Uses
Best Use
Multifamily LT 5
$180.7K
$158.2K – $210.9K
NOI $12,652 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$161.7K
$141.5K – $188.7K
NOI $11,321 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$457.0K
$399.9K – $533.2K
NOI $31,989 @ 7.0% cap · market cap 23.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,622
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant residential income property with two apartments, basement laundry hookups, and recent exterior and interior improvements.
Where is this duplex located?
The property is located at 1809 MYRTLE Street Erie, PA.
What is the asking price?
The asking price for this property is $134,900.
What are key features of this property?
This property features: Two apartments totaling 1,842 square feet; First‑floor 3‑bedroom, 1‑bath unit and second‑floor 2‑bedroom, 1‑bath unit; Separate electric, gas, and water meters for each apartment
