Remodeled Two-Unit
For Sale
$375,000
4916 W Ridge Rd, Erie, PA 16506
Income-producing residential property with a remodeled first-floor unit and MU-2 zoning supporting broader future use options.
Property Size1,984 SF
Price / SF$189.01
Days on Market56
Property Features for 4916 W Ridge Rd
General Information
Standard status
Active
Size
1,984 SF
Property subtype
Residential Income
Zoning
MU-2
Additional Details
Road Access
Yes
Land Use
residential
Taxes and HOA fees
Annual Taxes
$3,110
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Isaac Yurkewicz · License #RS333371
(814) 460-7538
Source:
Exprealty
Added: Sep 2
Changed: Oct 25
Last Checked: Oct 26 at 8:26PM
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
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Investment Insights
Based on property information with market context.
This duplex contains two residential rental units within a 1,984-square-foot property. The first-floor residence has undergone recent remodeling, while one tenant is currently in place with guaranteed monthly payments. The second-floor unit is also part of the existing two-unit configuration.
Located at 4916 W Ridge Rd in Millcreek Township, the property sits along the West Ridge Road corridor and includes over an acre of land. MU-2 zoning, identified as Millcreek Township’s most permissive designation, supports multifamily residential, retail, office, service, medical, commercial, and mixed-use development uses. The combination of an operating residential setup and flexible zoning provides both an existing rental configuration and a redevelopment-oriented land component.
Located at 4916 W Ridge Rd in Millcreek Township, the property sits along the West Ridge Road corridor and includes over an acre of land. MU-2 zoning, identified as Millcreek Township’s most permissive designation, supports multifamily residential, retail, office, service, medical, commercial, and mixed-use development uses. The combination of an operating residential setup and flexible zoning provides both an existing rental configuration and a redevelopment-oriented land component.
Key Highlights
- Two‑unit residential rental property at 4916 W Ridge Rd
- 1,984‑square‑foot property with over an acre of land
- First‑floor unit includes recent remodeling
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,627
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$272,540
$272.5K
Cap Rate 7%
$194,671
$194.7K
Cap Rate 9%
$151,411
$151.4K
Market Conditions
NOI Build-Up for 1,984 SF
Gross rent
$20.2K $10.20/SF
− Vacancy
−$769 −$0.39/SF
EGI
$19.5K $9.81/SF
− OpEx
−$5.8K −$2.94/SF
NOI
$13.6K $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 Rate 5%
$272,540
Cap Rate 7%
$194,671
Cap Rate 9%
$151,411
Alternative Uses
Best Use
Multifamily LT 5
$194.7K
$170.3K – $227.1K
NOI $13,627 @ 7.0% cap · market cap 3.63%
Second Best
Apartment 5plus
$174.2K
$152.4K – $203.2K
NOI $12,194 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$492.2K
$430.7K – $574.3K
NOI $34,455 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
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Business Placement
Demographics for 16506, PA
23,918
Population
10,309
Households
2.3
Avg Household Size
44
Median Age
39%
College-Educated
96%
High-School Grad
13.6 sq mi
ZIP Area
1,759
Density / Sq Mi
$84,021
Median Household Income
$47,823
Median Earnings
$1,176
Median Rent
$224,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Income-producing residential property with a remodeled first-floor unit and MU-2 zoning supporting broader future use options.
Where is this duplex located?
The property is located at 4916 W Ridge Rd Erie, PA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑unit residential rental property at 4916 W Ridge Rd; 1,984‑square‑foot property with over an acre of land; First‑floor unit includes recent remodeling
