Duplex with Lower-Level
2404 MIDLAND Drive, Erie, PA 16506
For Sale
$248,000
Pending
ResidentialIncome, Erie, PA
Property Size1,656 SF
Lot Size0.23 Acres
Days on Market48
Property Features for 2404 MIDLAND Drive
General Information
Property type
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Zoning description
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Lot features
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Individually Metered Utilities
Taxes and HOA fees
Tax Year
Tax Annual Amount
Expense value
Expense
Expense freq.
Utilities
Sewer type
Heating system
Cooling system
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Building Details
Year built
Number of units
Building materials
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Architectural style
Buildings
Listing Agency:
RE/MAX Real Estate Group Erie · RE/MAX International
(814) 833-9801
Listed By:
Shannon Kincade · License PA RS303837
(814) 460-4170
Added: Sep 26
Changed: Oct 28
Last Checked: Nov 12 at 7:06PM
MLS# 193448
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.
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Investment Insights
Based on property information with market context.
This 1971 duplex contains two two-bedroom residences, with 1,656 square feet of building area on a 0.2273-acre lot. The metal roof and window wells have been updated. One unit has a full basement with washer and dryer, new kitchen cabinets, newer appliances, new flooring, and a new furnace. The other includes finished lower-level space with a separate home office and a washer and dryer. Each residence has separate electric and gas service. The property has aluminum siding, natural gas forced-air heat, and window-unit cooling, with public water and public sewer.
Key Highlights
- Two‑unit property with two bedrooms in each residence
- 1,656 square feet of building area on a 0.2273‑acre lot
- Metal roof and updated window wells
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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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
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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
$224,200
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Erie, PA
Properties on Market for Duplexes in Erie
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have two bedrooms, and the property has separate electric and gas service.
Where is this duplex located?
The property is located at 2404 MIDLAND Drive 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‑unit property with two bedrooms in each residence; 1,656 square feet of building area on a 0.2273‑acre lot; Metal roof and updated window wells
