Duplex with Metal
For Sale
$248,000
Pending
2404 Midland Dr, Erie, PA 16506
Both two-bedroom residences have separate gas and electric service and include washer and dryer equipment.
Property Size1,656 SF
Days on Market20
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Property Features for 2404 Midland Dr
General Information
Standard status
Pending
Size
1,656 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,192
Listing Agency:
RE/MAX Real Estate Group Erie
(814) 833-9801
Listed By:
Shannon Kincade · License #303837
(814) 460-4170
Source:
Exprealty
Added: Sep 26
Changed: Oct 8
Last Checked: Oct 15 at 4:07AM
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 RE/MAX Real Estate Group Erie
Investment Insights
Based on property information with market context.
This two-unit property has two bedrooms in each residence. Unit 2406 includes a full basement with a washer and dryer, along with new kitchen cabinets, newer appliances, new flooring, and a new furnace. Unit 2404 has a finished lower-level area with a separate home office and an included washer and dryer.
The building has a new metal roof and updated window wells. Gas and electric service are separately metered for the units.
The building has a new metal roof and updated window wells. Gas and electric service are separately metered for the units.
Key Highlights
- Two‑bedroom layout in each unit
- New metal roof and updated window wells
- Unit 2406 has a full basement, new kitchen cabinets, newer appliances, new flooring, and a new furnace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,375
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$227,500
$227.5K
Cap Rate 7%
$162,500
$162.5K
Cap Rate 9%
$126,389
$126.4K
Market Conditions
NOI Build-Up for 1,656 SF
Gross rent
$16.9K $10.20/SF
− Vacancy
−$642 −$0.39/SF
EGI
$16.2K $9.81/SF
− OpEx
−$4.9K −$2.94/SF
NOI
$11.4K $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 Rate 5%
$227,500
Cap Rate 7%
$162,500
Cap Rate 9%
$126,389
Alternative Uses
Best Use
Multifamily LT 5
$162.5K
$142.2K – $189.6K
NOI $11,375 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$145.4K
$127.2K – $169.6K
NOI $10,178 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$410.8K
$359.5K – $479.3K
NOI $28,759 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 16506, PA
23,918
Population
10,309
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
96%
High-School Grad
13.6 sq mi
ZIP Area
1,759
Density / Sq Mi
$84,021
Median Household Income
$47,823
Median Earnings
$1,176
Median Rent
$224,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both two-bedroom residences have separate gas and electric service and include washer and dryer equipment.
Where is this duplex located?
The property is located at 2404 Midland Dr Erie, PA.
What is the asking price?
The asking price for this property is $248,000.
What are key features of this property?
This property features: Two‑bedroom layout in each unit; New metal roof and updated window wells; Unit 2406 has a full basement, new kitchen cabinets, newer appliances, new flooring, and a new furnace
