Two-Unit Property with
For Sale
$174,900
Pending
305 Cascade St, Erie, PA 16507
Duplex with updated electrical, forced-air heat, and a two-car garage serving the existing tenant.
Property Size1,980 SF
Days on Market57
Property Features for 305 Cascade St
General Information
Standard status
Pending
Size
1,980 SF
Total Parking Spaces
2
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,313
Listing Agency:
Weichert Realtors - The Pro Group
(814) 825-7761
Listed By:
Sherri Heasley · License #RM048781A
(814) 449-7263
Source:
Exprealty
Added: Sep 1
Changed: Oct 26
Last Checked: Oct 26 at 9:49PM
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 Weichert Realtors - The Pro Group
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Investment Insights
Based on property information with market context.
This two-unit property in Erie includes a two-car garage currently used by the FF tenant. The second floor features natural woodwork, a French door opening to the living room, and a decorative fireplace. Building systems include upgraded electrical service, forced-air heat, and gas hot water tanks. The property contains 1,980 square feet.
Located on Cascade St, the property has front sidewalk views toward the Bay, easy access, and limited traffic. A long-term FF tenant is in place, providing established occupancy within the two-unit configuration.
Located on Cascade St, the property has front sidewalk views toward the Bay, easy access, and limited traffic. A long-term FF tenant is in place, providing established occupancy within the two-unit configuration.
Key Highlights
- Two‑unit property with 1,980 square feet
- Two‑car garage used by the FF tenant
- Second‑floor natural woodwork and French door
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,600
Cap Rate
7.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$272,000
$272.0K
Cap Rate 7%
$194,286
$194.3K
Cap Rate 9%
$151,111
$151.1K
Market Conditions
NOI Build-Up for 1,980 SF
Gross rent
$20.2K $10.20/SF
− Vacancy
−$767 −$0.39/SF
EGI
$19.4K $9.81/SF
− OpEx
−$5.8K −$2.94/SF
NOI
$13.6K $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%
$272,000
Cap Rate 7%
$194,286
Cap Rate 9%
$151,111
Alternative Uses
Best Use
Multifamily LT 5
$194.3K
$170.0K – $226.7K
NOI $13,600 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$173.8K
$152.1K – $202.8K
NOI $12,169 @ 7.0% cap · market cap 6.96%
Theoretical Best
Office A
$491.2K
$429.8K – $573.1K
NOI $34,385 @ 7.0% cap · market cap 19.66%
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
556
Businesses Nearby
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Business Placement
Demographics for 16507, PA
9,429
Population
4,149
Households
2.3
Avg Household Size
31
Median Age
20%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
4,490
Density / Sq Mi
$34,474
Median Household Income
$20,833
Median Earnings
$1,016
Median Rent
$66,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Duplex with updated electrical, forced-air heat, and a two-car garage serving the existing tenant.
Where is this duplex located?
The property is located at 305 Cascade St Erie, PA.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Two‑unit property with 1,980 square feet; Two‑car garage used by the FF tenant; Second‑floor natural woodwork and French door
