Two-House Duplex
For Sale
$157,500
550 E 9TH Street, Erie, PA 16503
ResidentialIncome, Erie, PA
Property Size2,034 SF
Lot Size0.12 Acres
Price / SF$77.43
Days on Market445
Property Features for 550 E 9TH Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-1
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 3
Elementary school district
City-Erie
Middle school district
City-Erie
High school district
City-Erie
Directions
From parade st head east on 9th st
Subdivision
1 - Erie Northeast
Standard status
Active
APN
15-020-026.0-242.00
Size
2,034 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1569
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
1897
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# 184268
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 duplex property comprises two frame houses situated on a 0.1175-acre lot. The front residence contains 3 bedrooms, while the rear residence provides 2 bedrooms. Combined building area totals 2,034 square feet. Both homes are fully occupied, and the property was built in 1897.
The property is located at 550 E 9TH Street in Erie, Pennsylvania, within ZIP Code 16503. Each residence is served by public water and public sewer. Heating is provided by natural gas and forced air, with window-unit cooling and composition roofing.
The property is one of seven holdings available as a package, with MLS numbers 184268, 184267, 184264, 184261, 184252, 184251, and 184250 associated with the offering.
The property is located at 550 E 9TH Street in Erie, Pennsylvania, within ZIP Code 16503. Each residence is served by public water and public sewer. Heating is provided by natural gas and forced air, with window-unit cooling and composition roofing.
The property is one of seven holdings available as a package, with MLS numbers 184268, 184267, 184264, 184261, 184252, 184251, and 184250 associated with the offering.
Key Highlights
- Two frame houses positioned on one 0.1175‑acre lot
- Front house includes 3 bedrooms; rear house includes 2 bedrooms
- Fully occupied residential income property
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
$13,971
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
8.87%
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%
$279,420
$279.4K
Cap Rate 7%
$199,586
$199.6K
Cap Rate 9%
$155,233
$155.2K
Market Conditions
NOI Build-Up for 2,034 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
$20.7K $10.20/SF
− Vacancy
−$788 −$0.39/SF
EGI
$20.0K $9.81/SF
− OpEx
−$6.0K −$2.94/SF
NOI
$14.0K $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%
$279,420
Cap Rate 7%
$199,586
Cap Rate 9%
$155,233
Alternative Uses
Best Use
Multifamily LT 5
$199.6K
$174.6K – $232.9K
NOI $13,971 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$178.6K
$156.3K – $208.4K
NOI $12,501 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$504.6K
$441.5K – $588.7K
NOI $35,323 @ 7.0% cap · market cap 22.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
696
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 - Fully occupied residential income property with separate front and rear houses on one lot.
Where is this duplex located?
The property is located at 550 E 9TH Street Erie, PA.
What is the asking price?
The asking price for this property is $157,500.
What are key features of this property?
This property features: Two frame houses positioned on one 0.1175‑acre lot; Front house includes 3 bedrooms; rear house includes 2 bedrooms; Fully occupied residential income property
