Revitalized Mixed-Use
For Sale
$1,899,900
502/506 STATE Street, Erie, PA 16501
ResidentialIncome, Erie, PA
Property Size15,948 SF
Lot Size0.15 Acres
Price / SF$119.13
Days on Market150
Property Features for 502/506 STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
C-3
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bathroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 6
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
On the Southwest corner of 5th and State Streets
Subdivision
2 - Erie Northwest
Standard status
Active
APN
17-040-002.0-104.00
Size
15,948 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
50431
Expense value
50000
Expense
SecurityDeposit
Expense freq.
One Time
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1858
Floors in Building
3
Building materials
Brick, Block
Roof type
Rubber
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Jake Scheloske · License #RS318016
(814) 449-7973
Added: Apr 2
Changed: Aug 28
Last Checked: Aug 29 at 1:06AM
MLS# 190226
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 15,948-square-foot mixed-use building at 502/506 State Street includes six total units and a two-level commercial and residential configuration. Two retail tenants occupy the first floor, while the upper levels provide move-in-ready areas suited to office or residential use. Additional space remains available for build-out. The property was redeveloped in 2021 and retains brick and block construction, with central air, forced-air natural gas heat, public water, public sewer, and a rubber roof.
Built in 1858, the property is registered in the National Registry of Historic Buildings and sits in downtown Erie. Its 0.1527-acre parcel supports a compact urban setting with retail at street level and adaptable space above.
Built in 1858, the property is registered in the National Registry of Historic Buildings and sits in downtown Erie. Its 0.1527-acre parcel supports a compact urban setting with retail at street level and adaptable space above.
Key Highlights
- 15,948 square feet across six total units
- Two retail tenants occupy the first floor
- Upper levels include move‑in‑ready office or residential space
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
$161,474
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
8.50%
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%
$3,229,480
$3.2M
Cap Rate 7%
$2,306,771
$2.3M
Cap Rate 9%
$1,794,156
$1.8M
Market Conditions
NOI Build-Up for 15,948 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
$287.1K $18.00/SF
− Vacancy
−$28.7K −$1.80/SF
EGI
$258.4K $16.20/SF
− OpEx
−$96.9K −$6.07/SF
NOI
$161.5K $10.13/SF
Area
Erie County, PA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,229,480
Cap Rate 7%
$2,306,771
Cap Rate 9%
$1,794,156
Alternative Uses
Best Use
Retail
$2.57M
$2.25M – $3.00M
NOI $179,846 @ 7.0% cap · market cap 9.47%
Second Best
Mixed Use
$2.31M
$2.02M – $2.69M
NOI $161,474 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $276,959 @ 7.0% cap · market cap 14.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,189
Businesses Nearby
Explore this area
Business Placement
Demographics for 16501, PA
2,241
Population
1,468
Households
1.5
Avg Household Size
48
Median Age
23%
College-Educated
85%
High-School Grad
0.7 sq mi
ZIP Area
3,201
Density / Sq Mi
$14,579
Median Household Income
$12,623
Median Earnings
$411
Median Rent
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Six-unit property combines first-floor retail with flexible upper-level office or residential space.
Where is this mixed-use property located?
The property is located at 502/506 STATE Street Erie, PA.
What is the asking price?
The asking price for this property is $1,899,900.
What are key features of this property?
This property features: 15,948 square feet across six total units; Two retail tenants occupy the first floor; Upper levels include move‑in‑ready office or residential space
