Updated
For Sale
$149,900
Pending
308 Hess Ave, Erie, PA 16507
Two separate residences provide flexibility for rental income or owner occupancy.
Property Size2,024 SF
Days on Market89
Property Features for 308 Hess Ave
General Information
Standard status
Pending
Size
2,024 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,462
Listing Agency:
Howard Hanna Erie Southwest
(814) 790-3047
Listed By:
Jennie Bone
(814) 790-3047
Source:
Exprealty
Added: Jun 4
Changed: Aug 30
Last Checked: Aug 30 at 8:40PM
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 Howard Hanna Erie Southwest
Investment Insights
Based on property information with market context.
This 2,024-square-foot duplex contains two updated residential units, each arranged as a separate living space. The property supports a variety of ownership approaches, including occupying one residence while leasing the other or renting both units.
Located at 308 Hess Ave in Erie, Pennsylvania, the duplex is near shopping, restaurants, schools, and major roadways. Its two-unit configuration offers straightforward residential income-property functionality in a compact asset.
Located at 308 Hess Ave in Erie, Pennsylvania, the duplex is near shopping, restaurants, schools, and major roadways. Its two-unit configuration offers straightforward residential income-property functionality in a compact asset.
Key Highlights
- Two‑unit duplex with updated residences
- 2,024 square feet of property size
- Separate living spaces for each unit
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
$12,439
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
8.30%
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%
$248,780
$248.8K
Cap Rate 7%
$177,700
$177.7K
Cap Rate 9%
$138,211
$138.2K
Market Conditions
NOI Build-Up for 2,024 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
$23.6K $11.64/SF
− Vacancy
−$942 −$0.47/SF
EGI
$22.6K $11.17/SF
− OpEx
−$10.2K −$5.03/SF
NOI
$12.4K $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%
$248,780
Cap Rate 7%
$177,700
Cap Rate 9%
$138,211
Alternative Uses
Best Use
Multifamily LT 5
$198.6K
$173.8K – $231.7K
NOI $13,902 @ 7.0% cap · market cap 9.27%
Second Best
Apartment 5plus
$177.7K
$155.5K – $207.3K
NOI $12,439 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$502.1K
$439.4K – $585.8K
NOI $35,150 @ 7.0% cap · market cap 23.45%
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
328
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 separate residences provide flexibility for rental income or owner occupancy.
Where is this duplex located?
The property is located at 308 Hess Ave Erie, PA.
What is the asking price?
The asking price for this property is $149,900.
What are key features of this property?
This property features: Two‑unit duplex with updated residences; 2,024 square feet of property size; Separate living spaces for each unit
