Updated
For Sale
$159,900
2420 Plum St, Erie, PA 16502
Two separately configured units include two- and three-bedroom layouts.
Property Size2,116 SF
Price / SF$75.57
Days on Market10
Property Features for 2420 Plum St
General Information
Standard status
Active
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: Sep 5
Last Checked: Sep 10 at 2:13PM
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
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 = 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
$14,534
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
9.09%
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%
$290,680
$290.7K
Cap Rate 7%
$207,629
$207.6K
Cap Rate 9%
$161,489
$161.5K
Market Conditions
NOI Build-Up for 2,116 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
$21.6K $10.20/SF
− Vacancy
−$820 −$0.39/SF
EGI
$20.8K $9.81/SF
− OpEx
−$6.2K −$2.94/SF
NOI
$14.5K $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%
$290,680
Cap Rate 7%
$207,629
Cap Rate 9%
$161,489
Alternative Uses
Best Use
Multifamily LT 5
$207.6K
$181.7K – $242.2K
NOI $14,534 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$185.8K
$162.6K – $216.8K
NOI $13,005 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$525.0K
$459.3K – $612.5K
NOI $36,747 @ 7.0% cap · market cap 22.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
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
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 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 $159,900.
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
