Fourplex with Furnished Efficiency
For Sale
$169,000
328 WALLACE Street, Meadville, PA 16335
ResidentialIncome, Meadville, PA
Property Size1,440 SF
Lot Size0.07 Acres
Price / SF$117.36
Days on Market309
Property Features for 328 WALLACE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
B-2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 4, Bathroom 2, Bedroom 2
Parking features
Garage
Lot features
Level, Mineral Rights
Elementary school district
Crawford Central
Middle school district
Crawford Central
High school district
Crawford Central
Directions
From CCCH: Diamond to N Main, L on Wallace St, Property on the left.
Subdivision
19 - Meadville City
Standard status
Active
APN
3300-014-F-23
Size
1,440 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1484
Expense value
2500
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
furnished
porches
Building Details
Year built
1920
Floors in Building
2
Number of units
4
Building materials
Mixed
Roof type
Metal, Rubber
Architectural style
Other
Listing Agency:
ERA Richmond Real Estate Service · ERA Real Estate
(814) 337-6000
Listed By:
Brode Berger · License #RS372708
(814) 337-6000
Added: Oct 20, 2025
Changed: Aug 19
Last Checked: Aug 24 at 3:06AM
MLS# 188526
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 fourplex includes four furnished efficiency apartments. The property was built in 1920 and features natural gas forced-air heating, public water, and public sewer. The layout includes multiple bedrooms and bathrooms across the unit configuration, and two units each have a front and rear porch.
Owner-paid utilities are supported by a single meter covering all utilities. Parking is primarily street parking only, with an additional one-car detached garage that the owner uses as a workshop and for storage.
Recent exterior and mechanical updates include a metal roof installed in 2023, along with a new gas hot water heater. The roof is also noted as metal and rubber.
Owner-paid utilities are supported by a single meter covering all utilities. Parking is primarily street parking only, with an additional one-car detached garage that the owner uses as a workshop and for storage.
Recent exterior and mechanical updates include a metal roof installed in 2023, along with a new gas hot water heater. The roof is also noted as metal and rubber.
Key Highlights
- Four furnished efficiency apartments in a fourplex
- Metal roof installed in 2023 plus new gas hot water heater
- Owner‑paid utilities via a single meter for all utilities
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
$12,038
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
7.12%
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%
$240,760
$240.8K
Cap Rate 7%
$171,971
$172.0K
Cap Rate 9%
$133,756
$133.8K
Market Conditions
NOI Build-Up for 1,440 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
$18.1K $12.60/SF
− Vacancy
−$947 −$0.66/SF
EGI
$17.2K $11.94/SF
− OpEx
−$5.2K −$3.58/SF
NOI
$12.0K $8.36/SF
Area
Crawford County, PA
Vacancy
5.22%
Lease Rate
$12.60 /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%
$240,760
Cap Rate 7%
$171,971
Cap Rate 9%
$133,756
Alternative Uses
Best Use
Multifamily LT 5
$172.0K
$150.5K – $200.6K
NOI $12,038 @ 7.0% cap · market cap 7.12%
Second Best
Apartment 5plus
$157.8K
$138.1K – $184.1K
NOI $11,047 @ 7.0% cap · market cap 6.54%
Theoretical Best
Office A
$357.3K
$312.6K – $416.8K
NOI $25,008 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 16335, PA
27,452
Population
12,547
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
240
Density / Sq Mi
$58,531
Median Household Income
$32,692
Median Earnings
$892
Median Rent
$149,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four furnished efficiency apartments in a fourplex setup with forced-air natural gas heat and public water and sewer.
Where is this quadplex located?
The property is located at 328 WALLACE Street Meadville, PA.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Four furnished efficiency apartments in a fourplex; Metal roof installed in 2023 plus new gas hot water heater; Owner‑paid utilities via a single meter for all utilities
