Two-Unit Property with
New
For Sale
$174,900
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
Price / SF$88.33
Days on Market7
Property Features for 305 Cascade St
General Information
Standard status
Active
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: Sep 5
Last Checked: Sep 7 at 2:24PM
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
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 = 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
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 - 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
