Historic Inn in Wine
For Sale
Contact for pricing
51 and 55 E Main St, North East, PA 16428
Historic estate in the heart of wine country.
Property Size11,074 SF
Price / SF$69.98
Days on Market723
Property Features for 51 and 55 E Main St
General Information
Standard status
Active
Size
11,074 SF
Property subtype
Multifamily
Zoning
C-1
Investment Type
Owner/User
Building Details
Year Built
1832
Year Renovated
2024
Buildings
2
Stories
2
Units
2
Listing Agency:
Keller Williams Realty Erie
(610) 967-0538
Listed By:
Jim Barbour · License #PA RM426122
Source:
Crexi
Added: Aug 19, 2024
Changed: Aug 8
Last Checked: Aug 10 at 7:27AM
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 Keller Williams Realty Erie
Investment Insights
Based on property information with market context.
Located in the heart of Pennsylvania's wine country, the former Grape Arbor Inn in North East, Pennsylvania, consists of two historical buildings constructed in 1832. The estate is situated in a prime location within walking distance of restaurants and shopping, and is also located minutes away from Freeport Beach and the North East marina. The property features a blend of historic charm and contemporary comfort, with 10 bedrooms and 8.5 bathrooms, many of which are private suites. A spacious kitchen with a sunroom is suitable for culinary activities and gatherings. High ceilings and natural light create an open and warm atmosphere. Central air conditioning and forced air heat provide year-round comfort. Original features include stained glass windows, staircases, and fireplaces. The property offers possibilities as a private residence, a hospitality business, or an investment opportunity. The property size is 11,074 square feet.
Key Highlights
- Prime location in the heart of PA wine country, within walking distance of restaurants and shopping.
- 10 bedrooms and 8.5 bathrooms, many of which are private suites.
- Historical estate comprised of 2 buildings, built in 1832, with original features like stained glass windows and fireplaces.
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
$23,576
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
3.04%
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%
$471,520
$471.5K
Cap Rate 7%
$336,800
$336.8K
Cap Rate 9%
$261,956
$262.0K
Market Conditions
NOI Build-Up for 11,074 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
$110.3K $9.96/SF
− Vacancy
−$60.7K −$5.48/SF
EGI
$49.6K $4.48/SF
− OpEx
−$26.1K −$2.35/SF
NOI
$23.6K $2.13/SF
Area
Erie County, PA
Vacancy
55.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
52.50%
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%
$471,520
Cap Rate 7%
$336,800
Cap Rate 9%
$261,956
Alternative Uses
Best Use
Hotel Hospitality
$336.8K
$294.7K – $392.9K
NOI $23,576 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,316 @ 7.0% cap · market cap 24.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
398
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 16428, PA
12,524
Population
5,576
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
92%
High-School Grad
73.6 sq mi
ZIP Area
170
Density / Sq Mi
$77,103
Median Household Income
$40,625
Median Earnings
$758
Median Rent
$188,100
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Travelers Village — 59 W Main St, North East, PA 16428
- Grape Arbor Bed and Breakfast — 51 E Main St, North East, PA 16428
- The Elsie Greer House Bed & Breakfast — 45 Park St, North East, PA 16428
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Historic estate in the heart of wine country.
Where is this bed & breakfast located?
The property is located at 51 and 55 E Main St North East, PA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Prime location in the heart of PA wine country, within walking distance of restaurants and shopping.; 10 bedrooms and 8.5 bathrooms, many of which are private suites.; Historical estate comprised of 2 buildings, built in 1832, with original features like stained glass windows and fireplaces.
