Renovated Two-Unit
For Sale
$230,000
519 8th St, Erie, PA 16503
Two updated apartments offer three bedrooms each, private outdoor space, and a two-car garage.
Property Size2,736 SF
Price / SF$84.06
Days on Market92
Property Features for 519 8th St
General Information
Standard status
Active
Size
2,736 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,790
Amenities
private backyard with stone pathway
Building Details
Buildings
1
Listing Agency:
Howard Hanna Erie Airport
(814) 450-1886
Listed By:
Sandra Jarecki
(814) 450-1886
Source:
Exprealty
Added: May 14
Changed: Aug 10
Last Checked: Aug 12 at 11:14AM
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 Howard Hanna Erie Airport
Investment Insights
Based on property information with market context.
This duplex at 519 8th St in Erie, PA contains two three-bedroom apartments within 2,736 square feet. Both units have recently renovated kitchens and bathrooms, along with new windows, flooring, fresh interior paint, and cabinetry with self-closing drawers. Recessed kitchen lighting and an upgraded electrical system add to the functional improvements while retaining select older architectural character.
The property also includes a private backyard with a stone pathway and a two-car garage. The two-unit configuration provides separate apartment space within a single residential income property, with each unit offering the same three-bedroom layout and updated finishes.
The property also includes a private backyard with a stone pathway and a two-car garage. The two-unit configuration provides separate apartment space within a single residential income property, with each unit offering the same three-bedroom layout and updated finishes.
Key Highlights
- Two three‑bedroom apartments within 2,736 SF
- Recently renovated kitchens and bathrooms in both units
- New windows, flooring, paint, and self‑closing cabinetry
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
$18,793
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
8.17%
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%
$375,860
$375.9K
Cap Rate 7%
$268,471
$268.5K
Cap Rate 9%
$208,811
$208.8K
Market Conditions
NOI Build-Up for 2,736 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
$27.9K $10.20/SF
− Vacancy
−$1.1K −$0.39/SF
EGI
$26.8K $9.81/SF
− OpEx
−$8.1K −$2.94/SF
NOI
$18.8K $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%
$375,860
Cap Rate 7%
$268,471
Cap Rate 9%
$208,811
Alternative Uses
Best Use
Multifamily LT 5
$268.5K
$234.9K – $313.2K
NOI $18,793 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$240.2K
$210.2K – $280.3K
NOI $16,815 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$678.8K
$593.9K – $791.9K
NOI $47,514 @ 7.0% cap · market cap 20.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,334
Businesses Nearby
Explore this area
Business Placement
Demographics for 16503, PA
15,328
Population
6,375
Households
2.4
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
2.4 sq mi
ZIP Area
6,387
Density / Sq Mi
$29,108
Median Household Income
$25,679
Median Earnings
$837
Median Rent
$55,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated apartments offer three bedrooms each, private outdoor space, and a two-car garage.
Where is this duplex located?
The property is located at 519 8th St Erie, PA.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two three‑bedroom apartments within 2,736 SF; Recently renovated kitchens and bathrooms in both units; New windows, flooring, paint, and self‑closing cabinetry
