2-Unit Corner-Lot
For Sale
$145,000
638 Olin Ave, Girard, PA 16417
Two separate apartments with individual driveways, public utilities, and a mix of private outdoor spaces.
Property Size1,929 SF
Price / SF$75.17
Days on Market20
Property Features for 638 Olin Ave
General Information
Standard status
Active
Size
1,929 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$2,850
Listing Agency:
SBRE - Sherry Bauer Real Estate Services
(814) 460-2000
Listed By:
Sherry Bauer · License #RM422666
(814) 460-2000
Source:
Exprealty
Added: Aug 4
Changed: Aug 20
Last Checked: Aug 22 at 10:18AM
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 SBRE - Sherry Bauer Real Estate Services
Investment Insights
Based on property information with market context.
This duplex property contains two apartments totaling 1,929 SF. The first-floor residence offers two bedrooms, one bathroom, and a patio, while the second-floor residence has one bedroom, one bathroom, and a deck. Each unit is served by its own driveway, supporting separate tenant access and parking arrangements.
The property occupies a 0.38± acre corner lot at 638 Olin Ave in Girard, PA. Building systems include gas forced-air heat and gas hot water tanks, with public utilities serving the property. The two-level configuration and distinct outdoor areas provide a straightforward residential income property layout.
The property occupies a 0.38± acre corner lot at 638 Olin Ave in Girard, PA. Building systems include gas forced-air heat and gas hot water tanks, with public utilities serving the property. The two-level configuration and distinct outdoor areas provide a straightforward residential income property layout.
Key Highlights
- Two apartments totaling 1,929 SF
- 1,058± SF first‑floor unit with 2 bedrooms, 1 bathroom, and patio
- 850± SF second‑floor unit with 1 bedroom, 1 bathroom, and deck
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
$13,250
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
9.14%
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%
$265,000
$265.0K
Cap Rate 7%
$189,286
$189.3K
Cap Rate 9%
$147,222
$147.2K
Market Conditions
NOI Build-Up for 1,929 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
$19.7K $10.20/SF
− Vacancy
−$748 −$0.39/SF
EGI
$18.9K $9.81/SF
− OpEx
−$5.7K −$2.94/SF
NOI
$13.2K $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%
$265,000
Cap Rate 7%
$189,286
Cap Rate 9%
$147,222
Alternative Uses
Best Use
Multifamily LT 5
$189.3K
$165.6K – $220.8K
NOI $13,250 @ 7.0% cap · market cap 9.14%
Second Best
Apartment 5plus
$169.4K
$148.2K – $197.6K
NOI $11,855 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$478.6K
$418.8K – $558.3K
NOI $33,500 @ 7.0% cap · market cap 23.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
256
Businesses Nearby
Explore this area
Business Placement
Demographics for 16417, PA
8,109
Population
4,165
Households
1.9
Avg Household Size
45
Median Age
30%
College-Educated
97%
High-School Grad
48.0 sq mi
ZIP Area
169
Density / Sq Mi
$80,410
Median Household Income
$44,722
Median Earnings
$666
Median Rent
$179,900
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 separate apartments with individual driveways, public utilities, and a mix of private outdoor spaces.
Where is this duplex located?
The property is located at 638 Olin Ave Girard, PA.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Two apartments totaling 1,929 SF; 1,058± SF first‑floor unit with 2 bedrooms, 1 bathroom, and patio; 850± SF second‑floor unit with 1 bedroom, 1 bathroom, and deck
