Residential Income
For Sale
$115,000
2218 WILLOW Street, Erie, PA 16510
ResidentialIncome, Erie, PA
Property Size1,680 SF
Lot Size0.13 Acres
Price / SF$68.45
Days on Market81
Property Features for 2218 WILLOW Street
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning description
R-1
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 1
Lot features
Level
Elementary school district
Iroquois
Middle school district
Iroquois
High school district
Iroquois
Directions
US-20 E Turn right onto Fairmount Pkwy, Continue onto Edison Ave, Turn right onto Willow St, Destination will be on the right
Subdivision
15 - Harborcrk/Wesleyvill/Law Pk
Standard status
Active
APN
50-003-029.0-006.00
Size
1,680 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4030
Expense value
2000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
1
Building materials
VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Brittany Redditt · License #RS363321
(814) 572-5784
Added: Jun 4
Changed: Aug 19
Last Checked: Aug 23 at 5:06AM
MLS# 191325
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 residential income property is a single-family rental home offered for sale in Erie, Pennsylvania. The home is being sold as-is, with the seller making no repairs. A long-term tenant is currently occupying the property and would like to remain if possible.
The property is located at 2218 WILLOW Street in Erie, PA 16510. The lot size is listed at 0.1267 acres, and the property size is listed at 1,680 square feet.
Interested buyers should note the existing tenancy and the as-is condition when evaluating the opportunity.
The property is located at 2218 WILLOW Street in Erie, PA 16510. The lot size is listed at 0.1267 acres, and the property size is listed at 1,680 square feet.
Interested buyers should note the existing tenancy and the as-is condition when evaluating the opportunity.
Key Highlights
- Well‑established rental property with a long‑term tenant in place
- Year built 1940
- Public water and public sewer
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
$10,325
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
8.98%
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%
$206,500
$206.5K
Cap Rate 7%
$147,500
$147.5K
Cap Rate 9%
$114,722
$114.7K
Market Conditions
NOI Build-Up for 1,680 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
$19.6K $11.64/SF
− Vacancy
−$782 −$0.47/SF
EGI
$18.8K $11.17/SF
− OpEx
−$8.4K −$5.03/SF
NOI
$10.3K $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%
$206,500
Cap Rate 7%
$147,500
Cap Rate 9%
$114,722
Alternative Uses
Best Use
Apartment 5plus
$147.5K
$129.1K – $172.1K
NOI $10,325 @ 7.0% cap · market cap 8.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$416.8K
$364.7K – $486.3K
NOI $29,176 @ 7.0% cap · market cap 25.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
359
Businesses Nearby
Explore this area
Business Placement
Demographics for 16510, PA
24,515
Population
10,354
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
33.0 sq mi
ZIP Area
743
Density / Sq Mi
$64,938
Median Household Income
$40,064
Median Earnings
$796
Median Rent
$158,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Single-family rental home for sale in Erie, PA, offered as-is with a long-term tenant in place.
Where is this single family property located?
The property is located at 2218 WILLOW Street Erie, PA.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Well‑established rental property with a long‑term tenant in place; Year built 1940; Public water and public sewer
