Updated Two-Unit
For Sale
Contact for pricing
406 Raspberry Street, Erie, PA 16502
Fully occupied residential income property with refreshed interiors, separate utilities, and a divided basement.
Property Size1,840 SF
Price / SF$70.60
Days on Market13
Property Features for 406 Raspberry Street
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multifamily
Zoning
R-2
Occupancy
100%
Net Operating Income
$13,515
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1892
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Agresti Real Estate
(814) 449-7973
Listed By:
Jake Scheloske · License #PA RS.318016
Source:
Crexi
Added: Aug 1
Changed: Aug 4
Last Checked: Aug 12 at 1:20PM
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 Agresti Real Estate
Investment Insights
Based on property information with market context.
This 1,840-square-foot duplex, built in 1892, contains two residential units with distinct layouts. The first-floor apartment offers 2 bedrooms and 1 bath, while the second-floor residence includes 3 bedrooms and 1 bath. Both units feature updated luxury vinyl plank flooring and improved windows. The property is fully occupied and zoned R-2.
Separate utility services serve each apartment, and the basement is divided for added storage or operational separation. Tenants are responsible for their own utilities, landscaping, and snow removal. The configuration provides a clearly defined two-unit residential income property at 406 Raspberry Street in Erie, Pennsylvania.
Separate utility services serve each apartment, and the basement is divided for added storage or operational separation. Tenants are responsible for their own utilities, landscaping, and snow removal. The configuration provides a clearly defined two-unit residential income property at 406 Raspberry Street in Erie, Pennsylvania.
Key Highlights
- Two‑unit duplex totaling 1,840 square feet
- Unit mix includes 2 bedrooms and 1 bath on the first floor, plus 3 bedrooms and 1 bath upstairs
- Updated luxury vinyl plank flooring in both units
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
$11,308
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
8.71%
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%
$226,160
$226.2K
Cap Rate 7%
$161,543
$161.5K
Cap Rate 9%
$125,644
$125.6K
Market Conditions
NOI Build-Up for 1,840 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
$21.4K $11.64/SF
− Vacancy
−$857 −$0.47/SF
EGI
$20.6K $11.17/SF
− OpEx
−$9.3K −$5.03/SF
NOI
$11.3K $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%
$226,160
Cap Rate 7%
$161,543
Cap Rate 9%
$125,644
Alternative Uses
Best Use
Multifamily LT 5
$180.5K
$158.0K – $210.6K
NOI $12,638 @ 7.0% cap · market cap 9.73%
Second Best
Apartment 5plus
$161.5K
$141.4K – $188.5K
NOI $11,308 @ 7.0% cap · market cap 8.71%
Theoretical Best
Office A
$456.5K
$399.4K – $532.6K
NOI $31,954 @ 7.0% cap · market cap 24.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 16502, PA
15,435
Population
7,811
Households
2
Avg Household Size
34
Median Age
18%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
6,174
Density / Sq Mi
$34,649
Median Household Income
$27,342
Median Earnings
$831
Median Rent
$90,100
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 - Fully occupied residential income property with refreshed interiors, separate utilities, and a divided basement.
Where is this duplex located?
The property is located at 406 Raspberry Street Erie, PA.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,840 square feet; Unit mix includes 2 bedrooms and 1 bath on the first floor, plus 3 bedrooms and 1 bath upstairs; Updated luxury vinyl plank flooring in both units
