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 Market10
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: Sep 10
Last Checked: Sep 10 at 3:11PM
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 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 = 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
$13,627
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
3.63%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
