Updated Two-Unit
For Sale
$134,900
1809 Myrtle St, Erie, PA 16502
Two apartments offer separate utility metering and shared basement laundry access.
Property Size1,842 SF
Price / SF$73.24
Days on Market8
Property Features for 1809 Myrtle St
General Information
Standard status
Active
Size
1,842 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,094
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Bear Desanctis · License #RS359252
(814) 480-9015
Source:
Exprealty
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 7 at 3:33PM
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 Agresti Real Estate
Investment Insights
Based on property information with market context.
This two-unit duplex includes a three-bedroom, one-bathroom apartment on the first floor and a two-bedroom, one-bathroom apartment above. Recent work includes a partial roof replacement in 2026, vinyl siding installed in 2025, plumbing updates, and fresh interior paint. Both apartments are vacant, and each has access to basement laundry hookups.
Located at 1809 Myrtle St in Northwest Erie City's Little Italy, the property uses separate electric, gas, and water meters for each unit. The first-floor apartment is identified as 1809 Myrtle, while the second-floor residence is identified as 1807 Myrtle St. The unit layout and separate metering support independent occupancy and utility arrangements.
Located at 1809 Myrtle St in Northwest Erie City's Little Italy, the property uses separate electric, gas, and water meters for each unit. The first-floor apartment is identified as 1809 Myrtle, while the second-floor residence is identified as 1807 Myrtle St. The unit layout and separate metering support independent occupancy and utility arrangements.
Key Highlights
- Two‑unit duplex with a 3‑bedroom, 1‑bath first‑floor apartment and a 2‑bedroom, 1‑bath second‑floor apartment
- Partial new roof installed in 2026
- New vinyl siding completed in 2025
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
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 - Two apartments offer separate utility metering and shared basement laundry access.
Where is this duplex located?
The property is located at 1809 Myrtle St 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‑unit duplex with a 3‑bedroom, 1‑bath first‑floor apartment and a 2‑bedroom, 1‑bath second‑floor apartment; Partial new roof installed in 2026; New vinyl siding completed in 2025
