Two-Unit Residential Investment
363 E 38TH Street Erie, PA 16504
For Sale
$155,000
MULTI_FAMILY - Other - Erie, PA
Property Size1,416 SF
Lot Size0.12 Acres
Price / SF$109.46
Days on Market51
Property Features for 363 E 38TH Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3
- Standard status
- Active
- 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
- Natural Gas, Forced Air
- 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: Jul 24
Last Checked: Jul 25 at 11:06AM
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 two-unit residential investment property is offered for sale in Erie, Pennsylvania. The property is listed as 1,416 square feet and sits on a 0.12-acre lot. The current description emphasizes that the building is well maintained, and it is presented as a straightforward two-unit setup suitable for rental use.
The property is located at 363 E 38TH Street in Erie (16504). The listing describes the offering as being in a “great location,” though no additional specifics about nearby anchors, frontage, or access details are provided.
For tenants and buyers, the most practical use case is an owner-occupied arrangement or a pure rental strategy, since the property contains two separate units. An owner-occupant can potentially live in one unit while renting the other, aligning with the way the property is marketed. Because the listing focuses on a maintained, functional two-unit structure, it may appeal to buyers seeking a small-scale residential income asset that can be managed on-site. Interested parties should confirm unit layouts, lease terms, and any operating expenses during their due diligence.
The property is located at 363 E 38TH Street in Erie (16504). The listing describes the offering as being in a “great location,” though no additional specifics about nearby anchors, frontage, or access details are provided.
For tenants and buyers, the most practical use case is an owner-occupied arrangement or a pure rental strategy, since the property contains two separate units. An owner-occupant can potentially live in one unit while renting the other, aligning with the way the property is marketed. Because the listing focuses on a maintained, functional two-unit structure, it may appeal to buyers seeking a small-scale residential income asset that can be managed on-site. Interested parties should confirm unit layouts, lease terms, and any operating expenses during their due diligence.
Key Highlights
- Two‑unit investment property with 3 bedrooms and 2 bathrooms (Bedroom 1, Bedroom 2, Bedroom 3; Bathroom 1, Bathroom 2).
- Built in 1952 with aluminum siding and a composition roof.
- Utilities include public water and public sewer.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $14.4k | $10.20 |
| − Vacancy | −$549 | −$0.39 |
| EGI | $13.9k | $9.81 |
| − OpEx | −$4.2k | −$2.94 |
| NOI | $9.7k | $6.87 |
1,416 SF · lease $10.20/SF/yr · vacancy 3.80% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two-unit income property offered for sale, suited for owner-occupants seeking on-site rental income.
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 investment property with 3 bedrooms and 2 bathrooms (Bedroom 1, Bedroom 2, Bedroom 3; Bathroom 1, Bathroom 2).; Built in 1952 with aluminum siding and a composition roof.; Utilities include public water and public sewer.
