Two-Unit Duplex with
New
For Sale
$174,900
305 CASCADE Street, Erie, PA 16507
ResidentialIncome, Erie, PA
Property Size1,980 SF
Lot Size0.11 Acres
Price / SF$88.33
Days on Market3
Property Features for 305 CASCADE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4
Parking
6
Parking features
Garage
Lot features
Level
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
West 6th to Cascade - north to 305/307 Cascade
Subdivision
2 - Erie Northwest
Standard status
Active
APN
17-040-030.0-120.00
Size
1,980 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2313
Expense value
5000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1927
Floors in Building
2
Number of units
2
Building materials
AluminumSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Weichert Realtors - The Pro Group
(814) 825-7761
Listed By:
Sherri Heasley · License #RM048781A
(814) 449-7263
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 3 at 4:06AM
MLS# 193020
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 duplex contains 1,980 square feet on a 0.1064-acre lot and was built in 1927. The property includes two residential units, four bedrooms, and two bathrooms. Interior details include natural woodwork on the second floor, a French door leading to the living room, and a decorative fireplace. The building has aluminum siding, a composition roof, window-unit cooling, forced-air heating, and natural-gas hot water tanks.
A two-car garage is used exclusively by the first-floor tenant, who has maintained a long-term occupancy. The property fronts Cascade Street in Erie and offers a sidewalk-facing orientation toward the Bay. Public water and public sewer serve the property, with convenient access in a low-traffic setting.
A two-car garage is used exclusively by the first-floor tenant, who has maintained a long-term occupancy. The property fronts Cascade Street in Erie and offers a sidewalk-facing orientation toward the Bay. Public water and public sewer serve the property, with convenient access in a low-traffic setting.
Key Highlights
- Two‑unit duplex with 1,980 square feet of building area
- Four bedrooms and two bathrooms
- 0.1064‑acre lot with a two‑car garage
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
$13,600
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
7.78%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
556
Businesses Nearby
Explore this area
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
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 a garage, forced-air heat, and public utilities.
Where is this duplex located?
The property is located at 305 CASCADE Street 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 duplex with 1,980 square feet of building area; Four bedrooms and two bathrooms; 0.1064‑acre lot with a two‑car garage
