Updated Two-Unit
For Sale
$129,900
406 RASPBERRY Street, Erie, PA 16502
ResidentialIncome, Erie, PA
Property Size1,840 SF
Lot Size0.08 Acres
Price / SF$70.60
Days on Market165
Property Features for 406 RASPBERRY Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1
Lot features
Flat
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
W. 6th St., north on Raspberry St.
Subdivision
2 - Erie Northwest
Standard status
Active
APN
17-040-035.0-207.00
Size
1,840 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
2125
Expense value
2500
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1892
Floors in Building
2
Number of units
2
Building materials
VinylSiding
Roof type
Composition
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Mar 19
Changed: Aug 30
Last Checked: Aug 30 at 9:06PM
MLS# 189997
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 1,840-square-foot duplex on a 0.075-acre lot contains two residential units. The first-floor apartment has 2 bedrooms and 1 bathroom, while the second-floor unit offers 3 bedrooms and 1 bathroom. Both apartments include luxury vinyl plank flooring and updated windows. Separate utilities serve each unit, and the basement is divided for individual use.
The property was built in 1892 and features vinyl siding, a composition roof, forced-air natural gas heat, public water, and public sewer. The building is fully occupied, with tenants responsible for utilities, landscaping, and snow removal. Located at 406 Raspberry Street in Erie, Pennsylvania, the duplex provides a compact two-unit configuration with distinct residential layouts.
The property was built in 1892 and features vinyl siding, a composition roof, forced-air natural gas heat, public water, and public sewer. The building is fully occupied, with tenants responsible for utilities, landscaping, and snow removal. Located at 406 Raspberry Street in Erie, Pennsylvania, the duplex provides a compact two-unit configuration with distinct residential layouts.
Key Highlights
- 1,840‑square‑foot duplex on a 0.075‑acre lot
- Two units: 2‑bedroom first‑floor apartment and 3‑bedroom second‑floor apartment
- Both units feature luxury vinyl plank flooring and updated windows
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
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
514
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 - Separate utilities, durable flooring, and tenant-managed exterior maintenance support a straightforward residential income property.
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: 1,840‑square‑foot duplex on a 0.075‑acre lot; Two units: 2‑bedroom first‑floor apartment and 3‑bedroom second‑floor apartment; Both units feature luxury vinyl plank flooring and updated windows
