Two-Unit Duplex
For Sale
$155,000
Pending
363 E 38TH Street, Erie, PA 16504
ResidentialIncome, Erie, PA
Property Size1,416 SF
Lot Size0.12 Acres
Days on Market99
Property Features for 363 E 38TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
FROM STATE STREET, EAST ON 38TH STREET AND TO PROPERTY.
Subdivision
4 - Erie Southeast
Standard status
Pending
APN
18-053-066.0-206.00
Size
1,416 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3083
Expense value
3000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1952
Floors in Building
2
Number of units
2
Building materials
AluminumSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Marsha Marsh RES Peach
(814) 866-8840
Listed By:
Marcus Johnson · License #RS325823
(814) 323-7990
Added: Jun 5
Changed: Sep 6
Last Checked: Sep 11 at 2:06PM
MLS# 191350
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 1,416-square-foot duplex, built in 1952, is configured as a two-unit residential property with three listed bedrooms and two listed bathrooms. Aluminum siding, a composition roof, forced-air heating, and natural gas service are among the documented building features.
The property occupies 0.12 acres in Erie, Pennsylvania, with public water and public sewer serving the site. Its two-unit arrangement provides a straightforward residential income configuration, while the existing bedroom and bathroom count supports the current layout.
The property occupies 0.12 acres in Erie, Pennsylvania, with public water and public sewer serving the site. Its two-unit arrangement provides a straightforward residential income configuration, while the existing bedroom and bathroom count supports the current layout.
Key Highlights
- Two‑unit duplex configuration
- 1,416 square feet on 0.12 acres
- Three listed bedrooms and two listed bathrooms
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
$9,726
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
6.27%
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%
$194,520
$194.5K
Cap Rate 7%
$138,943
$138.9K
Cap Rate 9%
$108,067
$108.1K
Market Conditions
NOI Build-Up for 1,416 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
$14.4K $10.20/SF
− Vacancy
−$549 −$0.39/SF
EGI
$13.9K $9.81/SF
− OpEx
−$4.2K −$2.94/SF
NOI
$9.7K $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%
$194,520
Cap Rate 7%
$138,943
Cap Rate 9%
$108,067
Alternative Uses
Best Use
Multifamily LT 5
$138.9K
$121.6K – $162.1K
NOI $9,726 @ 7.0% cap · market cap 6.27%
Second Best
Apartment 5plus
$124.3K
$108.8K – $145.1K
NOI $8,703 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$351.3K
$307.4K – $409.9K
NOI $24,591 @ 7.0% cap · market cap 15.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 16504, PA
16,135
Population
7,038
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
91%
High-School Grad
2.8 sq mi
ZIP Area
5,763
Density / Sq Mi
$51,988
Median Household Income
$34,362
Median Earnings
$966
Median Rent
$109,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Maintained duplex with natural gas forced-air heat, public utilities, and a practical two-unit layout.
Where is this duplex located?
The property is located at 363 E 38TH Street Erie, PA.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,416 square feet on 0.12 acres; Three listed bedrooms and two listed bathrooms
