Duplex with Detached
New
For Sale
$175,000
233 WATERFORD Street, Edinboro, PA 16412
ResidentialIncome, Edinboro, PA
Property Size2,048 SF
Lot Size0.78 Acres
Price / SF$85.45
Days on Market2
Property Features for 233 WATERFORD Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 2
Parking features
Garage
Lot features
Corner Lot, Landscaped
Elementary school district
General McLane
Middle school district
General McLane
High school district
General McLane
Directions
ROUTE 6N EAST FROM ROUTE 99. ACROSS FROM POST OFFICE. ON THE CORNER OF WATERFORD ST & SHELHAMER DRIVE. NO FHA/VA FINANCING.
Subdivision
11 - Edin/Frkln Twp/Mckean Twp & Boro/Wash Twp
Standard status
Active
APN
11-009-032.0-042.00
Size
2,048 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2708
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Building materials
AluminumSiding
Roof type
Metal, Composition
Architectural style
Other
Listing Agency:
Marsha Marsh RES Peach
(814) 866-8840
Listed By:
Dawn Nesbitt · License #RS226949L
(814) 882-0647
Added: Sep 15
Last Checked: Sep 16 at 4:06AM
MLS# 193206
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 two-unit residential property contains 2,048 square feet on a 0.78-acre parcel. The building includes two full bathrooms, kitchens, living areas, and an enclosed front porch with mud room. Each unit has its own forced-air furnace and hot water tank, while the property is served by public water and public sewer. Aluminum siding, metal and composition roofing, and natural-gas heating are among the existing building features. Constructed in 1900, the property is being offered in as-is condition and requires updates. A detached two-car garage is also included and needs updating.
The property is located across from the post office in Edinboro, Pennsylvania. The owner currently pays for water, sewer, trash, electric, and gas. Long-term tenants are in place, according to the property information.
The property is located across from the post office in Edinboro, Pennsylvania. The owner currently pays for water, sewer, trash, electric, and gas. Long-term tenants are in place, according to the property information.
Key Highlights
- Two‑unit property totaling 2,048 square feet
- 0.78‑acre parcel in Edinboro, PA
- Detached two‑car garage
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
$14,067
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
8.04%
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%
$281,340
$281.3K
Cap Rate 7%
$200,957
$201.0K
Cap Rate 9%
$156,300
$156.3K
Market Conditions
NOI Build-Up for 2,048 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
$20.9K $10.20/SF
− Vacancy
−$794 −$0.39/SF
EGI
$20.1K $9.81/SF
− OpEx
−$6.0K −$2.94/SF
NOI
$14.1K $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%
$281,340
Cap Rate 7%
$200,957
Cap Rate 9%
$156,300
Alternative Uses
Best Use
Multifamily LT 5
$201.0K
$175.8K – $234.5K
NOI $14,067 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$179.8K
$157.3K – $209.8K
NOI $12,587 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$508.1K
$444.6K – $592.8K
NOI $35,566 @ 7.0% cap · market cap 20.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 16412, PA
9,292
Population
4,806
Households
1.9
Avg Household Size
40
Median Age
50%
College-Educated
97%
High-School Grad
80.7 sq mi
ZIP Area
115
Density / Sq Mi
$67,659
Median Household Income
$34,061
Median Earnings
$883
Median Rent
$221,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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-unit property with separate heating and hot water systems, public utilities, and an enclosed front porch.
Where is this duplex located?
The property is located at 233 WATERFORD Street Edinboro, PA.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two‑unit property totaling 2,048 square feet; 0.78‑acre parcel in Edinboro, PA; Detached two‑car garage
