Updated
For Sale
$144,900
Pending
2420 Plum St, Erie, PA 16502
Two separately configured units include two- and three-bedroom layouts.
Property Size2,116 SF
Days on Market56
Property Features for 2420 Plum St
General Information
Standard status
Pending
Size
2,116 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,911
Listing Agency:
Joe Herbert Realty
(814) 217-1900
Listed By:
Ryan Kirk
(814) 403-7704
Source:
Exprealty
Added: Sep 2
Changed: Oct 26
Last Checked: Oct 26 at 8:10PM
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 Joe Herbert Realty
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Investment Insights
Based on property information with market context.
This 2,116-square-foot duplex contains two separate residential units arranged across two floors. The lower-level residence has two bedrooms, while the upper unit provides three bedrooms. Interior improvements include hardwood flooring along with refreshed kitchens and bathrooms. A newly installed metal roof and recently constructed rear deck add to the property’s updated physical improvements.
Located at 2420 Plum St in Erie, Pennsylvania, the property is currently tenant occupied. The two-unit configuration supports continued rental use and offers a residential income property with improvements already completed.
Located at 2420 Plum St in Erie, Pennsylvania, the property is currently tenant occupied. The two-unit configuration supports continued rental use and offers a residential income property with improvements already completed.
Key Highlights
- 2,116‑square‑foot duplex with two separate units
- First‑floor unit has 2 bedrooms
- Second‑floor unit has 3 bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,005
Cap Rate
8.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$260,100
$260.1K
Cap Rate 7%
$185,786
$185.8K
Cap Rate 9%
$144,500
$144.5K
Market Conditions
NOI Build-Up for 2,116 SF
Gross rent
$24.6K $11.64/SF
− Vacancy
−$985 −$0.47/SF
EGI
$23.6K $11.17/SF
− OpEx
−$10.6K −$5.03/SF
NOI
$13.0K $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 Rate 5%
$260,100
Cap Rate 7%
$185,786
Cap Rate 9%
$144,500
Alternative Uses
Best Use
Multifamily LT 5
$207.6K
$181.7K – $242.2K
NOI $14,534 @ 7.0% cap · market cap 10.03%
Second Best
Apartment 5plus
$185.8K
$162.6K – $216.8K
NOI $13,005 @ 7.0% cap · market cap 8.98%
Theoretical Best
Office A
$525.0K
$459.3K – $612.5K
NOI $36,747 @ 7.0% cap · market cap 25.36%
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
691
Businesses Nearby
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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
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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 - Two separately configured units include two- and three-bedroom layouts.
Where is this duplex located?
The property is located at 2420 Plum St Erie, PA.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: 2,116‑square‑foot duplex with two separate units; First‑floor unit has 2 bedrooms; Second‑floor unit has 3 bedrooms
