Two-Unit Frame
For Sale
$147,000
520 E 2ND Street, Erie, PA 16507
ResidentialIncome, Erie, PA
Property Size1,496 SF
Lot Size0.06 Acres
Price / SF$98.26
Days on Market445
Property Features for 520 E 2ND Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-2
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 1, Bedroom 5
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
from Parade St head east until you reach the property
Subdivision
1 - Erie Northeast
Standard status
Active
APN
14-010-054.0-108.00
Size
1,496 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1079
Expense value
2000
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
1917
Floors in Building
2
Number of units
2
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Dan Cruz · License #RS357852
(814) 460-0742
Added: Jun 12, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:06PM
MLS# 184250
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 1,496-square-foot duplex contains two separate residences, each arranged with two bedrooms and one bathroom. Both units are currently operated as Airbnb rentals, providing an existing short-term rental configuration. The frame-built property dates to 1917 and includes forced-air, natural-gas heating along with window-unit cooling.
The 0.062-acre property is served by public water and public sewer. A composition roof completes the primary building improvements. The property is located at 520 E 2ND Street in Erie, Pennsylvania, and may be purchased as part of a seven-property package.
The 0.062-acre property is served by public water and public sewer. A composition roof completes the primary building improvements. The property is located at 520 E 2ND Street in Erie, Pennsylvania, and may be purchased as part of a seven-property package.
Key Highlights
- Two‑unit duplex with 1,496 square feet of building area
- Each unit includes 2 bedrooms and 1 bathroom
- Both units currently operate as Airbnb rentals
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
$10,276
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
6.99%
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%
$205,520
$205.5K
Cap Rate 7%
$146,800
$146.8K
Cap Rate 9%
$114,178
$114.2K
Market Conditions
NOI Build-Up for 1,496 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
$15.3K $10.20/SF
− Vacancy
−$580 −$0.39/SF
EGI
$14.7K $9.81/SF
− OpEx
−$4.4K −$2.94/SF
NOI
$10.3K $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%
$205,520
Cap Rate 7%
$146,800
Cap Rate 9%
$114,178
Alternative Uses
Best Use
Multifamily LT 5
$146.8K
$128.5K – $171.3K
NOI $10,276 @ 7.0% cap · market cap 6.99%
Second Best
Apartment 5plus
$131.3K
$114.9K – $153.2K
NOI $9,194 @ 7.0% cap · market cap 6.25%
Theoretical Best
Office A
$371.1K
$324.8K – $433.0K
NOI $25,980 @ 7.0% cap · market cap 17.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,232
Businesses Nearby
Explore this area
Business Placement
Demographics for 16507, PA
9,429
Population
4,149
Households
2.3
Avg Household Size
31
Median Age
20%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
4,490
Density / Sq Mi
$34,474
Median Household Income
$20,833
Median Earnings
$1,016
Median Rent
$66,300
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 - Each residence offers two bedrooms and one bathroom, with both units currently operated as Airbnb rentals.
Where is this duplex located?
The property is located at 520 E 2ND Street Erie, PA.
What is the asking price?
The asking price for this property is $147,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,496 square feet of building area; Each unit includes 2 bedrooms and 1 bathroom; Both units currently operate as Airbnb rentals
