Mixed-Use Building with Retail
502/506 STATE Street Erie, PA 16501
For Sale
$1,899,900
MULTI_FAMILY - Other - Erie, PA
Property Size15,948 SF
Lot Size0.15 Acres
Price / SF$119.13
Days on Market118
Property Features for 502/506 STATE Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
6
Rooms
Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 4, Bathroom 3, Bathroom 1
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
Forced Air, Natural Gas
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: Jul 24
Last Checked: Jul 28 at 12:06PM
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 mixed-use property at 502–506 State Street, Erie, PA 16501 was redeveloped in 2021 and is registered in the National Registry of Historic Buildings. The building contains six total units, with two established retail tenants on the first floor. The upper levels are described as move-in ready for office or residential use, with additional space noted as ready for build-out.
The listing describes the property as positioned in the heart of downtown Erie and highlights its character and street presence through the combination of first-floor retail and flexible upper-level space.
With a total size of 15,948 square feet, the building is presented as a turnkey option for an owner-operator or investor, with room for value-add through additional build-out opportunities.
The listing describes the property as positioned in the heart of downtown Erie and highlights its character and street presence through the combination of first-floor retail and flexible upper-level space.
With a total size of 15,948 square feet, the building is presented as a turnkey option for an owner-operator or investor, with room for value-add through additional build-out opportunities.
Key Highlights
- Six total units in a mixed‑use building in downtown Erie, with two established retail tenants on the first floor
- Redeveloped in 2021 with historic character plus modern updates
- Registered in the National Registry of Historic Buildings
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $185.6k | $11.64 |
| − Vacancy | −$7.4k | −$0.47 |
| EGI | $178.2k | $11.17 |
| − OpEx | −$80.2k | −$5.03 |
| NOI | $98.0k | $6.15 |
15,948 SF · lease $11.64/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Retail
$2.57M
$2.25M – $3.00M
NOI $179,846 @ 7.0% cap · market cap 9.47%
Second Best
Apartment 5plus
$1.40M
$1.23M – $1.63M
NOI $98,015 @ 7.0% cap · market cap 5.16%
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
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Downtown mixed-use building with six total units, including two ground-floor retail tenants and updated improvements.
Where is this apartment building 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: Six total units in a mixed‑use building in downtown Erie, with two established retail tenants on the first floor; Redeveloped in 2021 with historic character plus modern updates; Registered in the National Registry of Historic Buildings
