Two-Unit Duplex with MU-2
New
For Sale
$375,000
4916 W RIDGE Road, Erie, PA 16506
ResidentialIncome, Erie, PA
Property Size1,984 SF
Lot Size1.12 Acres
Price / SF$189.01
Days on Market2
Property Features for 4916 W RIDGE Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
M-2
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 1
Parking
6
Parking features
Garage
Lot features
Flat, Irregular Lot
Elementary school district
Millcreek
Middle school district
Millcreek
High school district
Millcreek
Directions
On the north side of W Ridge Rd (route 20) right next to Curaleaf.
Subdivision
5 - Millcreek N of W26
Standard status
Active
APN
33-042-230.1-016.00
Size
1,984 SF
Lot size
1.12 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
3110
Expense value
10000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1945
Number of units
2
Building materials
AluminumSiding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Isaac Yurkewicz · License #RS333371
(814) 460-7538
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 6:06AM
MLS# 192970
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 1,984-square-foot duplex was built in 1945 and contains two residential units. The first-floor unit has undergone recent remodeling, and one tenant is currently in place. Exterior construction is aluminum siding beneath an asphalt roof, with natural gas forced-air heat and window-unit cooling. A garage provides on-site parking.
The property occupies 1.1246 acres at 4916 W Ridge Road in Millcreek Township, with public water and public sewer service. MU-2 zoning supports multifamily residential, retail, office, service, medical, commercial, and mixed-use applications. Its existing duplex configuration and larger parcel combine current residential use with zoning that accommodates additional development concepts.
The property occupies 1.1246 acres at 4916 W Ridge Road in Millcreek Township, with public water and public sewer service. MU-2 zoning supports multifamily residential, retail, office, service, medical, commercial, and mixed-use applications. Its existing duplex configuration and larger parcel combine current residential use with zoning that accommodates additional development concepts.
Key Highlights
- 1,984‑square‑foot duplex with two residential units
- 1.1246‑acre parcel in Millcreek Township
- MU‑2 zoning allows multifamily, retail, office, service, medical, commercial, and mixed‑use uses
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
Property Profile
Current Use
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
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 - The first-floor residence has recent remodeling, while the property includes a garage and public utilities.
Where is this duplex located?
The property is located at 4916 W RIDGE Road 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: 1,984‑square‑foot duplex with two residential units; 1.1246‑acre parcel in Millcreek Township; MU‑2 zoning allows multifamily, retail, office, service, medical, commercial, and mixed‑use uses
