Well-Maintained Duplex Investment
For Sale
$155,000
363 E 38TH Street, Erie, PA 16504
MULTI_FAMILY - Other - Erie, PA
Property Size1,416 SF
Lot Size0.12 Acres
Price / SF$109.46
Days on Market70
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 1, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2
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
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
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: Aug 11
Last Checked: Aug 13 at 12:06AM
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 well-maintained duplex investment property is configured as a two-unit building. The property includes rooms for multiple bedrooms and two bathrooms, supported by forced-air heating with natural gas. Exterior materials include aluminum siding, and the roof is composition.
The property sits on a 0.12-acre lot and has a total property size of 1,416 square feet. Services include public water and public sewer.
Built in 1952, this duplex is set up for owner-occupied living or investment use, based on its two-unit structure.
The property sits on a 0.12-acre lot and has a total property size of 1,416 square feet. Services include public water and public sewer.
Built in 1952, this duplex is set up for owner-occupied living or investment use, based on its two-unit structure.
Key Highlights
- Two‑unit duplex structure
- 1,416 square feet total property size
- 0.12‑acre lot
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
Property Profile
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
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?
Duplex - Two-unit duplex with public water and sewer, forced-air natural gas heat, and aluminum siding built in 1952.
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 structure; 1,416 square feet total property size; 0.12‑acre lot
