Duplex with Detached Two-Car
For Sale
$177,900
611 Smithson Ave, Erie, PA 16511
Two separate apartments include laundry hookups and secure basement storage for each unit.
Property Size1,752 SF
Price / SF$101.54
Days on Market15
Property Features for 611 Smithson Ave
General Information
Standard status
Active
Size
1,752 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,341
Amenities
laundry hookups
storage lockers
Listing Agency:
Agresti Real Estate
(814) 459-9400
Listed By:
Samuel Sweny · License #RS372690
(814) 923-7330
Source:
Exprealty
Added: Oct 13
Changed: Oct 25
Last Checked: Oct 26 at 6:54PM
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 Agresti Real Estate
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Investment Insights
Based on property information with market context.
This duplex contains two apartments within 1,752 square feet. Each unit has separate laundry hookups, with laundry chutes connecting the apartments to the basement. Secure storage lockers are also assigned to each unit.
A newer paved driveway provides off-street parking, and a detached two-car garage adds covered vehicle storage. The property is across from Elbow Tree Park on a quiet street in Lawrence Park.
Recent mechanical updates include newer boilers and hot water tanks. The layout offers two distinct units with separate laundry and storage provisions.
A newer paved driveway provides off-street parking, and a detached two-car garage adds covered vehicle storage. The property is across from Elbow Tree Park on a quiet street in Lawrence Park.
Recent mechanical updates include newer boilers and hot water tanks. The layout offers two distinct units with separate laundry and storage provisions.
Key Highlights
- Two‑apartment duplex with 1,752 square feet
- Detached two‑car garage and off‑street parking
- Newer paved driveway
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,034
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$240,680
$240.7K
Cap Rate 7%
$171,914
$171.9K
Cap Rate 9%
$133,711
$133.7K
Market Conditions
NOI Build-Up for 1,752 SF
Gross rent
$17.9K $10.20/SF
− Vacancy
−$679 −$0.39/SF
EGI
$17.2K $9.81/SF
− OpEx
−$5.2K −$2.94/SF
NOI
$12.0K $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 Rate 5%
$240,680
Cap Rate 7%
$171,914
Cap Rate 9%
$133,711
Alternative Uses
Best Use
Multifamily LT 5
$171.9K
$150.4K – $200.6K
NOI $12,034 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$153.8K
$134.6K – $179.5K
NOI $10,768 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$434.7K
$380.3K – $507.1K
NOI $30,426 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
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Business Placement
Demographics for 16511, PA
11,347
Population
4,861
Households
2.3
Avg Household Size
43
Median Age
32%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
1,533
Density / Sq Mi
$71,644
Median Household Income
$41,998
Median Earnings
$871
Median Rent
$162,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate apartments include laundry hookups and secure basement storage for each unit.
Where is this duplex located?
The property is located at 611 Smithson Ave Erie, PA.
What is the asking price?
The asking price for this property is $177,900.
What are key features of this property?
This property features: Two‑apartment duplex with 1,752 square feet; Detached two‑car garage and off‑street parking; Newer paved driveway
