Duplex with Separate
New
For Sale
$139,900
Pending
2705 LIBERTY Street, Erie, PA 16508
ResidentialIncome, Erie, PA
Property Size1,883 SF
Lot Size0.11 Acres
Days on Market4
Property Features for 2705 LIBERTY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1A
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2
Parking
4
Lot features
Level
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
26th Street South on liberty to 2705
Subdivision
3 - Erie Southwest
Standard status
Pending
APN
19-060-041.0-136.00
Size
1,883 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2963
Expense value
2500
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Water source
Public
Amenities
basement access
off-street parking
Building Details
Year built
1897
Floors in Building
2
Number of units
2
Building materials
Frame, VinylSiding
Roof type
Composition, Metal
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Eric Hammill · License #RS342030
(814) 580-8232
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 10:06AM
MLS# 192867
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 1,883-square-foot duplex, built in 1897, contains two residential units: one with two bedrooms and another with one bedroom. Separate gas and electric utilities serve the units, while basement access is available to both. Off-street parking provides on-site vehicle accommodation.
The property sits on a 0.1056-acre lot and uses frame construction with vinyl siding. Heating is provided by natural-gas forced air, with window unit cooling. Public water and public sewer serve the property.
The property sits on a 0.1056-acre lot and uses frame construction with vinyl siding. Heating is provided by natural-gas forced air, with window unit cooling. Public water and public sewer serve the property.
Key Highlights
- Two‑unit duplex with one two‑bedroom unit and one one‑bedroom unit
- 1,883 square feet on a 0.1056‑acre lot
- Separate gas and electric utilities for the units
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
$11,573
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
8.27%
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%
$231,460
$231.5K
Cap Rate 7%
$165,329
$165.3K
Cap Rate 9%
$128,589
$128.6K
Market Conditions
NOI Build-Up for 1,883 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
$21.9K $11.64/SF
− Vacancy
−$877 −$0.47/SF
EGI
$21.0K $11.17/SF
− OpEx
−$9.5K −$5.03/SF
NOI
$11.6K $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 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%
$231,460
Cap Rate 7%
$165,329
Cap Rate 9%
$128,589
Alternative Uses
Best Use
Multifamily LT 5
$184.8K
$161.7K – $215.6K
NOI $12,934 @ 7.0% cap · market cap 9.25%
Second Best
Apartment 5plus
$165.3K
$144.7K – $192.9K
NOI $11,573 @ 7.0% cap · market cap 8.27%
Theoretical Best
Office A
$467.2K
$408.8K – $545.0K
NOI $32,701 @ 7.0% cap · market cap 23.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,411
Businesses Nearby
Explore this area
Business Placement
Demographics for 16508, PA
15,172
Population
7,385
Households
2.1
Avg Household Size
40
Median Age
28%
College-Educated
93%
High-School Grad
2.8 sq mi
ZIP Area
5,419
Density / Sq Mi
$52,361
Median Household Income
$36,209
Median Earnings
$852
Median Rent
$121,800
Median Home Value
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 residential units include basement access and off-street parking, with public water and sewer service.
Where is this duplex located?
The property is located at 2705 LIBERTY Street Erie, PA.
What is the asking price?
The asking price for this property is $139,900.
What are key features of this property?
This property features: Two‑unit duplex with one two‑bedroom unit and one one‑bedroom unit; 1,883 square feet on a 0.1056‑acre lot; Separate gas and electric utilities for the units
