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 Market74
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
Taxes and HOA fees
Annual Taxes
$2,255
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: Aug 11
Last Checked: Aug 12 at 11:50AM
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
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
$12,666
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
7.92%
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%
$253,320
$253.3K
Cap Rate 7%
$180,943
$180.9K
Cap Rate 9%
$140,733
$140.7K
Market Conditions
NOI Build-Up for 1,844 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
$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 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%
$253,320
Cap Rate 7%
$180,943
Cap Rate 9%
$140,733
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
Property Profile
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
