Residential Income Property with Venue
For Sale
$699,000
201 FRONT Street, Warren, PA 16365
MULTI_FAMILY - Other - Warren, PA
Property Size6,646 SF
Price / SF$105.18
Days on Market51
Property Features for 201 FRONT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 3, Bedroom 1
Lot features
Waterfront
Elementary school district
Warren Area
Middle school district
Warren Area
High school district
Warren Area
Directions
Warren County Courthouse, go N on Market St, Right on PA Ave E. Left on Conewango, Right on Oakview. Continue to Front St. Property at 201 Front St.
Subdivision
33 - Glade
Standard status
Active
APN
00-000-000.0-000.00
Size
6,646 SF
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3584
Expense value
15000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Well
Water front features
Waterfront
Water front
1
Building Details
Year built
1900
Floors in Building
2
Number of units
1
Building materials
Mixed
Roof type
Rubber, Metal
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Bob List · License #RS367057
(814) 504-8087
Added: Jun 29
Changed: Aug 14
Last Checked: Aug 18 at 3:06AM
MLS# 191788
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 for-sale residential income property package includes two parcels: 201 Front Street and 5 1/2 Oakview Road. The main home at 201 Front Street offers 3 bedrooms and 3 full bathrooms, with multiple living areas designed for day-to-day use as well as hosting. A standout is the recently remodeled downstairs venue space, which includes a waterfall feature, a stone fireplace, and two bathrooms.
The second parcel at 5 1/2 Oakview Road provides a separate 1-bedroom, 1-bath home, adding flexibility to the overall setup. The remarks also note waterfront views and scenic surroundings across the combined property.
Together, the two residences and the remodeled lower-level venue offer multiple usable areas within the package, with residential income possibilities and special-use considerations available subject to approvals.
The second parcel at 5 1/2 Oakview Road provides a separate 1-bedroom, 1-bath home, adding flexibility to the overall setup. The remarks also note waterfront views and scenic surroundings across the combined property.
Together, the two residences and the remodeled lower-level venue offer multiple usable areas within the package, with residential income possibilities and special-use considerations available subject to approvals.
Key Highlights
- Waterfront property in Warren, PA on two parcels: 201 Front Street and 5 1/2 Oakview Road
- 201 Front Street: 3 bedrooms and 3 full bathrooms with living space for everyday use or hosting
- Downstairs venue space at 201 Front Street, recently remodeled, with a waterfall, stone fireplace, and two bathrooms
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
$53,726
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
7.69%
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%
$1,074,520
$1.1M
Cap Rate 7%
$767,514
$767.5K
Cap Rate 9%
$596,956
$597.0K
Market Conditions
NOI Build-Up for 6,646 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
$104.5K $15.72/SF
− Vacancy
−$6.8K −$1.02/SF
EGI
$97.7K $14.70/SF
− OpEx
−$44.0K −$6.61/SF
NOI
$53.7K $8.08/SF
Area
Warren County, PA
Vacancy
6.50%
Lease Rate
$15.72 /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%
$1,074,520
Cap Rate 7%
$767,514
Cap Rate 9%
$596,956
Alternative Uses
Best Use
Apartment 5plus
$767.5K
$671.6K – $895.4K
NOI $53,726 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,746 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Explore this area
Business Placement
Demographics for 16365, PA
17,428
Population
8,861
Households
2
Avg Household Size
46
Median Age
25%
College-Educated
95%
High-School Grad
139.3 sq mi
ZIP Area
125
Density / Sq Mi
$57,694
Median Household Income
$36,810
Median Earnings
$778
Median Rent
$118,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Two-parcel residential package includes a 3-bedroom home with remodeled downstairs venue plus a separate 1-bedroom residence.
Where is this single family property located?
The property is located at 201 FRONT Street Warren, PA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Waterfront property in Warren, PA on two parcels: 201 Front Street and 5 1/2 Oakview Road; 201 Front Street: 3 bedrooms and 3 full bathrooms with living space for everyday use or hosting; Downstairs venue space at 201 Front Street, recently remodeled, with a waterfall, stone fireplace, and two bathrooms
