Updated Duplex with Off-Street
For Sale
$159,900
Pending
2206 Cherry St, Erie, PA 16502
Well-maintained duplex with remodeled interiors, separate utilities, and off-street parking for each unit.
Property Size1,844 SF
Days on Market64
Property Features for 2206 Cherry St
General Information
Standard status
Pending
Size
1,844 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit washer/dryer
Building Details
Buildings
1
Listing Agency:
Agresti Real Estate - Meadville
(814) 823-9273
Listed By:
PJ Albrecht
(814) 823-9273
Source:
Exprealty
Added: Jun 1
Changed: Jul 31
Last Checked: Jul 31 at 5:07PM
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 - Meadville
Investment Insights
Based on property information with market context.
This well-maintained duplex offers extensive updates completed since 2023, including modernized kitchens with updated appliances, remodeled bathrooms, and replacement windows. Each unit has a functional layout with a living room, dining room, two bedrooms, and a full bath.
In-unit convenience includes a stackable washer and dryer in the kitchen. The property is set up with separate furnaces and central air for each unit, along with separate utilities, supporting independent tenant use and easier management.
Additional features include off-street parking and a total property size of 1,844 SF. Whether you’re looking to invest in a multi-unit property or occupy one unit while renting the other, this duplex’s updated finishes and separate mechanicals are designed for everyday livability.
In-unit convenience includes a stackable washer and dryer in the kitchen. The property is set up with separate furnaces and central air for each unit, along with separate utilities, supporting independent tenant use and easier management.
Additional features include off-street parking and a total property size of 1,844 SF. Whether you’re looking to invest in a multi-unit property or occupy one unit while renting the other, this duplex’s updated finishes and separate mechanicals are designed for everyday livability.
Key Highlights
- Extensive updates completed since 2023 including replacement windows and remodeled bathrooms
- Modernized kitchens with updated appliances and a stackable washer and dryer
- Two bedrooms and a full bath in each unit with living and dining room space
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $18.8k | $10.20 |
| − Vacancy | −$715 | −$0.39 |
| EGI | $18.1k | $9.81 |
| − OpEx | −$5.4k | −$2.94 |
| NOI | $12.7k | $6.87 |
1,844 SF · lease $10.20/SF/yr · vacancy 3.80% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$180.9K
$158.3K – $211.1K
NOI $12,666 @ 7.0% cap · market cap 7.92%
Second Best
Apartment 5plus
$161.9K
$141.7K – $188.9K
NOI $11,333 @ 7.0% cap · market cap 7.09%
Theoretical Best
Office A
$457.5K
$400.3K – $533.7K
NOI $32,024 @ 7.0% cap · market cap 20.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,462
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 - Well-maintained duplex with remodeled interiors, separate utilities, and off-street parking for each unit.
Where is this duplex located?
The property is located at 2206 Cherry St Erie, PA.
What is the asking price?
The asking price for this property is $159,900.
What are key features of this property?
This property features: Extensive updates completed since 2023 including replacement windows and remodeled bathrooms; Modernized kitchens with updated appliances and a stackable washer and dryer; Two bedrooms and a full bath in each unit with living and dining room space
